What's in this SGD to MYR exchange rate review?
To calculate other SGD/MYR amounts try our home-page Convert SGD to MYR quick converter.
Comparing Retail Exchange Rates
The total cost for 'Retail' exchange rates you receive from your bank or foreign exchange provider consists of the margin from the 'Wholesale' rate (interbank mid-rate) plus any fixed or percentage fees.
These margins and fees can vary significantly for International Money Transfers, Travel Money and prepaid multi-currency Travel Card transactions. Also the exchange rate margin will also vary depending on the currency pair and total amount.
Malaysian Ringgit (MYR) Country Guides
 Malaysia (MYR) |
Singapore Dollar and Malaysian Ringgit Forecasts
When determining the best time to make a foreign exchange transaction, in this case the SGD vs MYR, you should pay attention to the recent market trends for both currencies.
Singapore Dollar (SGD)
At the end of March, Singapore's central bank eased its monetary policy, as widely expected, with the city-state's bellwether economy bracing for a deep recession due to the coronavirus pandemic.
The MAS said it would adopt a zero percent per annum rate of appreciation of the policy band starting at the prevailing level, currently slightly below the mid-point of the policy band.
The markets viewed this annoucement as showing the MAS has kept some fire-power in reserve and could intervene again to lower the SGD.
NAB told Bloomberg TV that it sees a recovery in Asian currencies in the 2nd half of the year if the coronavirus comes under control.
Overall, it was a mixed 2019 for the Singapore dollar, with small gains (<2 percent) against the euro and Australian dollar, but small losses against the US dollar and pound.
Read more in the article SGD Forecasts.
Malaysian Ringgit (MYR)
The Malaysian ringgit is up around 2.5% against the US dollar for 2020 (in August) and is gaining favour from bank commentators such as HSBC due to the attraction of the carry trade - the ability to earn higher interest when holding MYR versus other major currencies.
Read more in the article MYR Forecasts.
How to get Best SGD to MYR Exchange Rates
All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate).
The transaction margin you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for travel money and possibly over 5% to 6% when sending money. The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
Our real-time foreign transfer and travel money/cards comparison calculators make shopping around easy and help you calculate how much you can save.
What is a good SGD to MYR exchange rate?
This is always a difficult question as exchange rates are influenced by many factors, so a good method to consider the Singapore Dollar vs Malaysian Ringgit current value is to look the SGD/MYR historic rate and change over a range of periods.
The following table looks at the change in the SGD to MYR exchange rate over periods from the previous week back to the last 10 years.
| SGD/MYR rate | Change | Period |
|---|---|---|
| 31 Jul 2020 : 3.0841 | 1.1% ▼ | 1 Week |
| 08 Jul 2020 : 3.0689 | 0.6% ▼ | 30 Days |
| 09 May 2020 : 3.0679 | 0.6% ▼ | 90 Days |
| 08 Aug 2019 : 3.0276 | 0.7% ▲ | 1 Year |
| 09 Aug 2015 : 2.8333 | 7.7% ▲ | 5 Years |
| 10 Aug 2010 : 2.3256 | 31.2% ▲ | 10 Years |
When is the best time to exchange SGD to MYR?
Getting a good market rate is all about timing to help with this you can use BER Smart Alerts to make the most of currency movements.
Rather than requiring you to set a target rate, our rate alerts work differently. We check for daily high/lows and changes (up/down) over a range of periods up to 90 days rather than requiring you to set target rates.