SGD to MYR - where to change

Further to my post on the best place to exchange currency, I decided to put my recommendation to test for my trip to Penang, as I need to change my Singapore dollar to Malaysian Ringgit. The penang laksa still lingers in my mind, but thats another story.

Essentially, there are 4 places to change your SGD to MYR

1. Money changers in town/neighbourhood.
2. At the airport 
3. At the destination airport 
4. Credit Card rate

My recommendation

My take is still as previously mentioned, 

If you have a substantial amount: 

Know your target rate and go to your preferred local currency exchange stall.

If you just need a small amount (eg. less than $500): 

Change at the airport. Why? The time you spend making a trip to and finding the best rate at your local currency exchange hotspot will not really justify your savings.

In fact, my experience this time further reinforced my recommendation.

• I went to Mustafa and got a rate of 2.45 MYR to 1 SGD.
• I could get 2.45 MYR from one of the currency exchange shop in my neighbourhood. (Mustafa might not be the best place for MYR it seems...)
• Airport rate was 2.41
• Destination airport rate was 2.40 (worst)
• Yet to receive my credit card bill

I had only $500 to change and I changed at the airport this time. My loss was a total of 0.04 * 500 = 20MYR , in which converted back to SGD, its around S$8, or 1.6% loss.

Personally, the time and convenience i could save with the $8 loss is something i consider not such a bad deal. I would not need to make a trip down to town, save the hassle of running around shops to compare rate and the elk. What about you?

Hope this was useful to you!

EUFASS