As SGD$1 Hits RM3:15, it’s the Highest in 5 Years & 1 Person Even Reportedly Bought RM100K

Thinking of making your way to Malaysia soon, especially with the approaching resumption of cross-border public bus services?

There’s never a better time than now to exchange your Singapore dollars for Malaysian ringgit.

As SGD$1 Hits RM3:15, it’s the Highest in 5 Years & 1 Person Even Reportedly Bought RM100K

According to Shin Min Daily News, several enterprising individuals in Singapore took the opportunity to exchange Singapore dollars for Malaysian Ringgit on 21 Apr 2022.


Advertisements
 

That was the day when the Ringgit to SGD exchange rate hit the highest in 5 years at SGD 1 to RM3.15.

At the time of writing, a quick search on Google revealed that the current exchange rate is still at 1 SGD to 3.15 MYR.

Just take note that with this piece of news, you probably wouldn’t be the only one looking to profit or pay less for your trip to JB; queues at money changers would probably be massive.

Best Business Since Borders Reopened

The co-owner of Crante Money Changer in People’s Park Complex, Miss Huang, said that the exchange rate rose from 3.07 on 7 Apr to 3.10 on 14 Apr 2022.


Advertisements
 

The main reason, she said, isn’t because of the MYR dropping; it’s mainly due to the Monetary Authority of Singapore’s (MAS) adjustments to the Singapore dollar.

According to Huang, one person even acquired 100,000 ringgit.

All in all, the volume exchanged at her money changer on 21 Apr 2022 amounted to 400,000 MYR, the best business day since the borders reopened.

Don’t Expect To Find 3.15 Easily

Now, while the exchange rate is from 1 SGD to 3.15 MYR, don’t expect to find that exchange rate at money changers in Singapore easily.

For example, the money changer at Clifford Gems & Money Exchange in Raffles City Shopping Centre said their exchange rate on 21 Apr 2022 was 3.115 MYR.

While there was a 10% increase in customers on that day itself, the shop reported that some are still withholding their money, anticipating that the exchange rate will rise even further.

Not Near Pre-COVID-19 Demand

According to Huang, the demand for MYR has yet to reach the pre-COVID-19 level.

Currently, her business is only at 40% of the pre-COVID-19 level.


Advertisements
 

She estimated that business might continue improving, hitting 50% during the May-June period.

However, in order for the business to reach 100%, it’s likely that they’ll have to rely on China’s reopening as Chinese nationals accounted for 30% of the business before the pandemic.

Read Also:

Feature Image: SOUTHERNTraveler / Shutterstock.com