I Found 3 Best Ways to Exchange SGD to MYR in 2024

Summary

This 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.

Outlines

00:00

💼 Alternative Currency Exchange Apps for Singapore to Malaysian Ringgit

The speaker, having lived in Malaysia for 10 months, discusses the necessity of cashless payment methods despite the wide acceptance of credit cards. They highlight that while apps like YouTrip and Trust are popular, they are not the focus of this video. Instead, the speaker intends to cover less-discussed apps, such as IChange, which offers competitive exchange rates and the ability to store Malaysian Ringgit. The IChange Wallet comes with a Mastercard for contactless payment but has limitations compared to the past, such as the inability to top up e-wallets like Touch 'n Go. The speaker also mentions a referral code for IChange and transitions to discuss Webull Singapore as a trading platform with low commissions and advanced tools for US options trading, offering various rewards for new users.

05:03

📱 Exploring Wallet Apps and Bank Transfers for Currency Conversion

The script continues with a discussion on the Amaze Wallet from Instarem, which offers good conversion rates and the ability to hold Malaysian Ringgit, making it suitable for users who wish to store the currency. Unlike IChange, Amaze Wallet allows top-ups to e-wallets like Touch 'n Go. However, there is a new development where Amaze charges fees for topping up the wallet, and the speaker suggests using PayNow to avoid these fees. The speaker also covers CIMB Singapore's bank transfer service to Malaysian Ringgit, emphasizing its competitive exchange rates and the convenience of instant transfers. They provide a step-by-step guide on how to open a CIMB Malaysia account from Singapore without a work permit or residence visa, highlighting the ease of using the CIMB mobile app for direct payments to Malaysian merchants via QR codes. The summary concludes with a brief overview of the three discussed strategies, emphasizing their applicability specifically for Malaysia.

Keywords

💡Singapore dollars

Singapore dollars (SGD) is the official currency of Singapore. In the context of the video, it is the currency that the viewer wants to exchange for Malaysian Ringgit (MYR). The script discusses various methods for exchanging SGD to MYR, which is central to the video's theme of financial transactions between Singapore and Malaysia.

💡Malaysian Ringgit

Malaysian Ringgit (MYR) is the currency of Malaysia. The video's main theme revolves around the best ways to exchange Singapore dollars for Malaysian Ringgit, which is essential for individuals living in or frequently visiting Malaysia, as illustrated by the script's discussion of different apps and services facilitating this exchange.

💡e-wallets

E-wallets are digital tools that allow users to store and make payments using electronic currency. The script mentions e-wallets as a common method of cashless payment in Malaysia, with specific apps like Touch 'n Go and Grab being discussed as platforms where users can store MYR for transactions.

💡cashless payment

Cashless payment refers to financial transactions conducted electronically without the use of physical cash. The video emphasizes the prevalence of cashless payments in Malaysia and the importance of finding convenient ways to convert and use digital currencies, as evidenced by the discussion of e-wallets and digital currency exchanges.

💡IChange

IChange is one of the apps mentioned in the script that offers currency exchange services, specifically for exchanging Singapore dollars to Malaysian Ringgit. It is highlighted for its competitive exchange rates and the ability to store MYR, as well as providing a Mastercard for cashless transactions.

💡Mastercard

Mastercard is a globally recognized credit card brand. In the script, it is mentioned in relation to the IChange Wallet, which comes with its own Mastercard debit card that can be used for cashless payments at merchants that accept Mastercard, enhancing the convenience of using digital currency.

💡Instarem Amaze

Instarem Amaze, also known as Amaze Wallet in the script, is another digital wallet service that allows users to hold and convert currencies, including Singapore dollars to Malaysian Ringgit. It is noted for its close-to-spot exchange rates and the ability to top up e-wallets like Touch 'n Go.

💡CIMB

CIMB is a Malaysian bank with a Singaporean branch, CIMB SG. The script discusses the bank's competitive exchange rates for converting Singapore dollars to Malaysian Ringgit and the convenience of using CIMB's mobile app for instant transfers and payments in Malaysia.

💡DuitNow

DuitNow is a real-time payment system in Malaysia that allows for instant fund transfers. The script mentions using the CIMB mobile app to pay via DuitNow to cashless QR merchants, which is an example of a cashless payment method facilitated by the bank's services.

💡referral codes

Referral codes are unique identifiers used to track referrals for services or apps. The script provides referral codes for YouTrip and Trust, and also mentions a referral code for IChange (CHONG268), which can be used by new users to receive a bonus upon meeting certain conditions.

💡Webull Singapore

Webull Singapore is a trading platform mentioned in the script for its services related to US options trading. It is highlighted for its low commissions, advanced trading tools, and user-friendly interface, which are attractive features for potential users interested in options trading.

Highlights

The video discusses the best ways to exchange Singapore dollars for Malaysian Ringgit, with a focus on lesser-known apps and methods.

Credit cards are widely accepted in Malaysia, but cashless payment codes and cash are still commonly relied upon.

YouTrip and Trust apps are not the focus due to their coverage by others and inability to hold Malaysian currency.

IChange Wallet offers competitive exchange rates and the ability to store Malaysian Ringgit, along with a Mastercard for spending.

IChange Wallet's Mastercard can no longer be used to top up e-wallets like Touch 'n Go, limiting its usage.

A referral code for IChange offers a $5 wallet credit for new users.

Webull Singapore is highlighted for its low commissions and advanced trading tools for US options.

Amaze Wallet by Instarem offers close-to-spot rates for currency conversion and the ability to top up e-wallets.

Amaze Wallet's top-up fees make PayNow the preferred method to avoid additional costs.

CIMB Singapore offers a competitive exchange rate and the convenience of instant bank transfers.

Opening a CIMB Malaysia account from Singapore is possible without a work permit or resident visa.

CIMB mobile app allows for direct payments to Malaysian merchants using QR codes, eliminating the need for e-wallets.

The strategies discussed are specifically tailored for use in Malaysia and may not apply to other countries.

The video offers to share strategies for optimizing travel spending for holidays abroad.

Joining the HoneyMoneySG Telegram group provides access to over 16,000 members for credit card strategies and travel spending optimization.

The video provides referral codes for YouTrip and Trust, despite not being the main focus.

Webull's welcome promo offers cash vouchers and interest boosters for new users meeting specific trading and funding criteria.

Transcripts

So last year, I made this video about the three  best ways to exchange your Singapore dollars to  

Malaysian Ringgit. But you know what is different  now? I’ve been living in Malaysia for the past  

10 months, and I found that even though credit  cards are widely accepted, at least where I stay,  

most of the time I still have to rely on cashless  payment codes from e-wallets or even cash.

And I’m sure for those of you who are watching  this video and those who regularly go to Johor  

Bahru for your weekend escapes, be it for  shopping, dining, massage, and whatever,  

you are looking for the best ways at the best  rate to exchange your Singapore dollars to  

Malaysian Ringgit. I visited so many social media  channels; all they talk about is YouTrip, Trust,  

even Wise. But today, I'm not going to talk about  these apps because all these have been covered  

by a lot of other people already. I’ll talk about  those apps that are less covered by other people.

But of course, I'm not saying they're not good.  It’s just that if you want to sign up for YouTrip  

and Trust, I still have the referral codes, which  I'll put in the description. But the fact is,  

I'm not using YouTrip or Trust for my Malaysia  spending right now. Also, the fact that YouTrip  

and Trust cannot hold Malaysian currency inside  them makes it different from what I’m going to  

discuss today. But to be clear, even though you  cannot hold Malaysian Ringgit in YouTrip or Trust,  

you can still use this card at merchants which  accept credit or debit cards because it will  

just automatically convert your Singapore dollar  to Malaysian Ringgit to pay at the same day’s  

exchange rate. I'm not saying you cannot  use it; it’s just that it’s not favorable.

And if you want to learn about more  credit card strategies and the best way  

to optimize your travel spending,  be it in Singapore or overseas,  

then join us with over 16,000 members  in the HoneyMoneySG Telegram group.

Let’s start with the first contender, which is  IChange. I briefly introduced IChange last year  

when they had one of the best exchange rates  for Singapore dollars to Malaysian Ringgit,  

especially for digital currency exchange. In  fact, if you compare IChange digital currency  

exchange rates to Google's spot rate, it is  fairly close; there isn’t much difference, and  

it is a very fast conversion, almost instant. You  just put in the amount that you want to convert,  

and it will convert within the next few seconds.  And the good thing about IChange Wallet is that  

you can store Malaysian currency. So if you  expect to hold a lot of Malaysian currency,  

then you can just convert one shot all  your Singapore dollars and hold it in  

Malaysian Ringgit. Of course, whether that’s  the right move or not, I’m not here to debate.

But another good thing about IChange is  that it comes with its own Mastercard,  

which means that you can use this Mastercard debit  card, whether physically or you can add it to your  

Apple Pay wallet and then use it contactlessly.  This card can also be added to Google Pay,  

so for those Android users, good news for you.  But one downside of this card compared to last  

year’s review is that this card can no longer  be used to top up Touch ‘n Go e-wallet or,  

in fact, any other kind of e-wallet apps  in Malaysia like Grab. So in order to use  

the IChange Wallet credit, you really have  to use the Mastercard and pay at merchants,  

and that is assuming your merchant  accepts Mastercard. So it’s much more  

limited usage compared to in the past  using the Touch ‘n Go e-wallet credit.

And if you're a new user to IChange, you may  use my referral code CHONG268 to get $5 of  

wallet credit when you fulfill the requirements  of IChange. And you know what other kind of good  

welcome rewards are there? It’s a sponsor for  today! If you're looking for the best trading  

platform for US options, here are three  good reasons to choose Webull Singapore:

Number one, low commissions. Webull is charging  55 US cents per options contract and zero platform  

fees for US options trading, one of the lowest  fees in the market. Especially since July, they  

launched an options trading promo that reimburses  all your options trading commissions if you trade  

a minimum of 100 options contracts monthly,  keeping more of your profits in your pocket.

Number two, advanced tools. Get comprehensive  charting, real-time data, and powerful analytics  

to make smarter trades. For example, under  the options tab, other than the options chain,  

you can see option statistics like volume  distribution and volume analysis. There is  

also a probability analysis that can estimate  the hypothetical prices at a given time. Plus,  

if you perform one US options trade, you  can get one month of free OPRA market data.

Number three, user-friendly. Perfect for both  beginners and pros, the intuitive interface  

makes trading straightforward and efficient. For  new Webull users, their welcome promo rewards  

fund a minimum of $2,000, complete three US buy  trades, and maintain it until 31st August 2024,  

and you can get $60 of cash vouchers. If you fund  a minimum of $10,000, complete five US buy trades,  

and maintain it until 31st August 2024, you can  get $400 worth of cash vouchers. And if you fund  

over $100,000, you can get a 1.8% per annum  USD Moneybull interest booster for 90 days,  

capped at $100,000. This reward could elevate  your USD Moneybull interest to up to 7%.

There is an options trading promo for both  new and existing users where if you trade  

a minimum of 100 US options contracts monthly,  you can get free commission on US options. Also,  

Webull does not charge platform fees.  Start trading options with Webull by  

using my exclusive link or scan the QR code  right here to get your Webull account today!

Moving on to the next contender, that is Amaze  Wallet. And I want to be very clear here,  

I’m not going to talk about the Amaze  linked credit card transaction because  

this is something different. It’s about the  Amaze Wallet conversion from Singapore dollars  

to Malaysian Ringgit. So I know that a lot of  you are already using the Instarem Amaze card,  

but what you may not know is that Amaze has  very good conversion rates from Singapore  

dollars to Malaysian Ringgit in the Instarem  app itself, and it is very close to the spot  

rate even during weekends. I’ve tested this  multiple times, and Instarem Amaze is one  

of those few multi-currency wallets that  can allow you to hold Malaysian Ringgit.

So assuming you want to store a lot of Malaysian  Ringgit, just convert it via Singapore dollars  

to Malaysian Ringgit in the Amaze app. And the  good thing about this Malaysian Ringgit currency  

is that it can be used to top up e-wallets like  Touch ‘n Go, so quite different from IChange,  

right? Even though both have very  good close-to-spot FX exchange rates,  

but Amaze Wallet allows you to top up e-wallets,  so that’s a main difference compared to IChange  

already. Then for the card, I think most of  you already know you can save it under your  

Google Pay wallet but not Apple Pay wallet. So for  Apple Pay users, you can use the physical card;  

just bring it around with you. For Android  people, you can either use the physical  

card or pay through your Google Pay on  your mobile phone; that works as well.

But I want to remind you of the recent  development of Amaze because right now,  

Amaze is going to charge you for topping up  the Amaze Wallet even, so there’s going to  

be top-up fees whether you top up from credit  card or debit card. So best to just pay out the  

top-up Amaze Wallet if you want to avoid all the  fees together. And you can use my Instarem Amaze  

referral link to sign up and apply the code  to get some rewards as a new user for Amaze.

Now let’s come to the final contender, and  that is through CIMB Singapore dollars to  

Malaysian Ringgit bank transfer. Now  you know CIMB is a Malaysian bank,  

but they do have a Singaporean bank branch as  well, CIMB SG, and I’m sure you have seen some  

of these credit cards from CIMB SG. But today  I will talk about the bank account, and if you  

look at the CIMB exchange rates between Singapore  dollars to Malaysian Ringgit, it is really quite  

competitive. There’s just a very small spread,  and you know it’s a bank-to-bank transfer,  

so it’s considered much safer than any other  third-party apps if you have more faith in banks.  

And from my experience, it is instant transfer as  well, so you can do it within the CIMB mobile app.

But the big question is, how do you get  the Malaysian bank account, right? In fact,  

you can sign up for both the CIMB Singapore  account and CIMB Malaysia account in one  

appointment. So what you have to do is to book  a physical appointment via the CIMB website and  

click on askEva. There will be some options for  you to book a physical appointment because you  

have to be physically present to present your IDs  and documents in order to set up your account in  

both countries. Then on your appointment date,  bring along your NRIC and passport and whatever  

documents to the Rafols Place CIMB branch during  your time slot. Then once you have completed all  

the administrative forms, wait up to 2 weeks  for the CIMB Malaysia account to be set up.

Okay, and the thing is you can only open the CIMB  Malaysia account from the Singaporean CIMB bank  

branch. You don’t go to Johor, Malaysia, and ask  to open because they will not be able to accept  

your application without a valid work permit  or resident visa. After your account is fully  

set up and activated, all you need to do is to  download the CIMB mobile app, and from the mobile  

app itself, you can already do instant transfers  once both your CIMB SG and CIMB MY accounts have  

been linked up. And now with a Malaysian bank  account, you just have to convert your Singapore  

dollars to Malaysian Ringgit, and then with your  CIMB mobile app, you can pay via DuitNow to all  

these cashless QR merchants. You don’t have to  top up TNG Wallet anymore; you can just use the  

CIMB mobile to pay directly to Malaysian merchants  with the QR code. So quite powerful, right? CIMB  

Singapore and Malaysia really offer very good  deals to Singaporeans to open a Malaysian bank  

account without a work permit or residence  visa, so that’s good news for some of you.

Wrapping up all three of my ideas:

Number one, IChange Wallet, but  you have to use the Mastercard.

Then number two is Instarem Amaze,  

where you use the Amaze Wallet and convert  Singapore dollars to Malaysian Ringgit,  

but make sure you top up through PayNow  instead of card; otherwise, there will be fees.

Then thirdly, there’s CIMB Singapore  dollars to Malaysian Ringgit transfer,  

and just make an appointment to go to the bank  branch to open your CIMB Malaysia account. And  

now you can just use your Malaysian Ringgit  freely within the country. But take note,  

all these strategies are really for  Malaysia only. If you go to other countries,  

I’m not sure if these strategies work, but if  you really want to know the best strategies  

for your overseas travel, like you want to  go for a two-week holiday, one-week holiday,  

then I can show you how I will plan and  strategize my travel strategies right here.