facebookI saved some Ringgit Malaysia in Malaysia Bank and RM has been falling to 1: 3.5 and counting. - Seedly

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Anonymous

02 May 2024

Random

I saved some Ringgit Malaysia in Malaysia Bank and RM has been falling to 1: 3.5 and counting.

Since my family is in Singapore, I am planning to change the currency to SGD. But it sounds stupid the SGD will be so small. What's Your thought?

Discussion (11)

What are your thoughts?

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Go on day trips there to stretch your money

I assume your saving amount is sizeable.

And i send you have 2 key thoughs :

  1. You feel sad because it took you time to save the MYR and now it seems like the money is getting "smaller"
  2. You are worried that exchange rate will get worse

For point 1 - If you put the sadness aside , you will see that exchanging MYR SGD does not affect purchasing power. What you do with MYR or SGD is the same. Of course, it may seem that MYR can give you better bang for the buck (meaning you can spend so much lesser eg in food cost compared to SG ) but you must remember that international good prices (think apple phone, gaming notebook etc) still are around the same.

For point 2 - this is real. And this is the crux of your decision. I think you see the trend and sense things may not get better. Most will agree with this view.

Also just to push this discussion further : remember - each day you delay, each day you lose SGD interest on this amount.

Chris cctzjd

04 May 2024

Own time own target at Self Employed

What about Indonesian rupiah? Which bank accept rupiah as deposit?

It depends on the amount of money you have in MYR. If not alot, just keep in the bank there and spen...

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