According to Shin Min Daily News, the Singapore dollar against the ringgit reached 3.1511 recently, the highest it has ever reached in the last 5 years.
Although the rate has dropped slightly it is still considered a good time to change if your going into soon.
How much difference does it make?
As of April 22, rates found at most money changers were between 3.1 and 3.15 ringgit.
- S$1,000 would be equivalent to RM3,100
- S$10,000 would be equivalent to RM31,000
- S$100,000 would be equivalent to RM310,000
Compared to the rates on April 12, the rates were 3.07
- S$1,000 would be equivalent to RM3,070
- S$10,000 would be equivalent to RM30,700
- S$100,000 would be equivalent to RM307,000
If you are not making changes at a substantial amount you probably won’t feel much of a difference.
But for business owners who often transact in both currency, they will feel the difference.