I Found 3 Best Ways to Exchange SGD to MYR in 2024
Summary
TLDRThis video explores alternative methods for exchanging Singapore dollars to Malaysian Ringgit, focusing on lesser-known apps and services. The host, having lived in Malaysia for 10 months, highlights the prevalence of cash and e-wallets. He discusses IChange Wallet for its instant conversion and storage capabilities, Webull Singapore for its low commissions on US options trading, Amaze Wallet for its competitive exchange rates and e-wallet top-up feature, and CIMB's bank transfer for a safe and instant option. The video caters to those seeking the best rates and strategies for their currency exchange needs in Malaysia.
Takeaways
- 😀 The video discusses alternative methods for exchanging Singapore dollars to Malaysian Ringgit, focusing on less covered options.
- 🏦 IChange Wallet is highlighted for its competitive exchange rates and the ability to store Malaysian Ringgit, along with a Mastercard for cashless payments.
- 📱 IChange Wallet's Mastercard can be used for contactless payments via Apple Pay and Google Pay, but it can no longer top up e-wallets like Touch ‘n Go.
- 💼 Webull Singapore is promoted for its low commissions, advanced trading tools, and user-friendly interface, with various rewards for new and existing users.
- 💰 Amaze Wallet offers good conversion rates and the ability to hold Malaysian Ringgit, which can be used to top up e-wallets like Touch ‘n Go.
- 📊 Amaze Wallet's conversion rates are close to the spot rate, even during weekends, and it is suggested to top up via PayNow to avoid fees.
- 🏦 CIMB Singapore offers a competitive exchange rate for Singapore dollars to Malaysian Ringgit with instant bank transfers, emphasizing bank safety.
- 🔑 Opening a CIMB Malaysia account is possible without a work permit or residence visa, and it allows for direct payments to Malaysian merchants via QR codes.
- 📈 The video suggests strategies for optimizing travel spending in Malaysia, but notes that these may not be applicable for other countries.
- 👥 The speaker invites viewers to join the HoneyMoneySG Telegram group for more strategies on credit card usage and travel spending.
- 🔗 Referral codes and links are provided for IChange, Webull, and Instarem Amaze for viewers to take advantage of welcome rewards and promotions.
Q & A
What was the main topic of the video last year?
-The main topic of the video last year was the three best ways to exchange Singapore dollars to Malaysian Ringgit.
Why does the speaker mention that they rely on cashless payment codes and cash even though credit cards are widely accepted?
-The speaker mentions this because in their experience living in Malaysia, they found that despite credit cards being accepted, there are still situations where cashless payment codes from e-wallets or cash are necessary.
What is the purpose of the video script provided?
-The purpose of the video script is to discuss alternative methods for exchanging Singapore dollars to Malaysian Ringgit, focusing on less covered apps and options, and providing insights based on the speaker's personal experience in Malaysia.
Why does the speaker state they are not using YouTrip or Trust for their Malaysia spending currently?
-The speaker is not using YouTrip or Trust because these apps cannot hold Malaysian currency, which is a key feature for the speaker's spending needs in Malaysia.
What is the main advantage of IChange Wallet mentioned in the script?
-The main advantage of IChange Wallet is that it allows users to store Malaysian currency and comes with its own Mastercard for both physical and contactless payments.
What is the downside of the IChange Wallet's Mastercard compared to the previous year?
-The downside is that the IChange Wallet's Mastercard can no longer be used to top up Touch ‘n Go e-wallet or any other e-wallet apps in Malaysia, limiting its usage to merchants that accept Mastercard.
What is the incentive for new users of IChange mentioned in the script?
-New users of IChange can use the referral code CHONG268 to get $5 of wallet credit when they fulfill the requirements of IChange.
What are the three reasons given to choose Webull Singapore for trading US options?
-The three reasons are: 1) low commissions with a promo that reimburses all options trading commissions for a minimum of 100 options contracts monthly, 2) advanced tools for smarter trades including comprehensive charting and real-time data, and 3) a user-friendly interface suitable for both beginners and professionals.
What is the main difference between IChange Wallet and Amaze Wallet when it comes to e-wallet top-ups?
-The main difference is that Amaze Wallet allows users to top up e-wallets like Touch ‘n Go, while IChange Wallet does not and requires the use of the Mastercard for payments.
What is the process for opening a CIMB Malaysia account from Singapore?
-The process involves booking a physical appointment via the CIMB website, presenting necessary documents such as NRIC and passport at the Rafols Place CIMB branch during the appointment, and waiting up to 2 weeks for the CIMB Malaysia account to be set up.
What is the advantage of using CIMB for Singapore dollars to Malaysian Ringgit transfers?
-The advantage is that CIMB offers competitive exchange rates with a small spread, instant bank-to-bank transfers, and the ability to pay directly to Malaysian merchants using the CIMB mobile app and QR codes.
What is the speaker's recommendation for avoiding fees when using the Amaze Wallet?
-The speaker recommends topping up the Amaze Wallet through PayNow to avoid fees that are incurred when topping up from a credit or debit card.
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