Here’s Why You’re Seeing More People Changing Ringgits in S’pore

If you think your bladder has been trained enough to withstand the excruciatingly long traffic jams on the causeway, this is yet another test for your patience. 

Moneychangers all across Singapore have seen long lines. The entry to enter our neighbour’s lands has increasingly become difficult at all points despite the awesome exchange rate that leaves our eyes popping out in dollar signs. Here’s why. 

Collecting Personal Information

According to Malaysia’s Bank Negara, starting from 6 Feb 2024, all customers who intend to exchange their cash at moneychangers in Malaysia are required to share their personal information. 

Like the annoying pop-ups you see on shady sites asking for your e-mail, many people are understandably reluctant. However, instead of the fear of getting spam and promotional e-mails, customers at money-changers were concerned that their data would be misused. 

Customers now have to provide the tellers at money-changers with their full name, identification card number and date of birth. Meanwhile, foreigners, including Singaporeans, need to show them their passports. 

Yes, unlike last time, even if you want to change S$50 in Johor, be prepared to give them your passports. 

Of course, our Malaysian friends are smart – they would rather join us in the queue at our local moneychangers to get around this new law. 

It’s no surprise that even some have taken to social media platforms to express this sentiment.

Not Something New

Amidst the backlash, frustrations and inconsistency, K. Raman, chief executive officer (CEO) of the Malaysian Association of Money Services Business (MAMSB) suggested that this practice isn’t something new. 

He said that those who converted more than RM3,000 were already required to disclose details, and the Bank Negara had been in talks with the MAMSB about this law since last year. 

What’s the Priority?

Mr Raman explained that this law’s main purpose is to protect the credibility and integrity of the financial institutions in Malaysia. The increased surveillance of transactions and cash flow can potentially lower the chances of terrorism, money laundering and fraud from taking place.

However, from the POV of the folks on the ground, especially those who always travel between Singapore and Malaysia for work, there is a greater worry about what their personal data will be used for. 

Some shared that they don’t trust the authorities with their information, and they believe that there will be a rise in money-related scams. Money changers can also potentially sell the information to data miners, or use them for unknown reasons. 

Unfortunately, the uncles and aunties working at the moneychangers shared with the Star Malaysia that they have been losing business. They no longer see their loyal customers and because of that, they might not be able to sustain a living. 

Others have complained about long processing time, especially when the customer’s names and IC numbers are long. It’s worse when the tellers have poor eyesight. A usual two-minute transaction for RM100 can now take 20 minutes.

Exercising Patience

It all seems oddly familiar – as though the Malaysian authorities are carrying a water-filled ice-cube tray, but the more you try to be careful, the more the water spills out everywhere. 

(Just me? Okay, I see.) 

Looking at the problems so far, especially the Malaysian tellers who might have to lose their jobs and are on the brunt end of customers’ frustrations, it begs the question: Is this a case of fixing something that didn’t need to be fixed?

This is added on by existing mistrust with the authorities, with money-related scandals like 1MDB and immigration bribery. Ultimately, no matter the inconvenience, remember to exercise kindness with the uncles and aunties at the money changers – or any other worker in the service industry!