Exchange Rates

Hi.

Getting a bit confused by the current exhange rates quoted here in the UK and Malaysia, so I just wanted to ask a couple of questions.

(1) What is the current rate offered for travellers cheques in Malaysia at the moment?

(2) What is the best online site (ie Bank) to monitor the tourist rates?

We are travelling to Singapore and Malaysia this July/August and wanted to keep an eye on the exchange rates. Appears to be quite a difference between what we are offered here in the UK and what a bank would offer us in Malaysia.

Hope someone can help advise.

Regards.

Exchange Rates

Hi, the confusion could have arose as in the money market there is the selling and buying rate.

A bank in Malaysia, which could you use to monitor the FOREX rates is Maybank, however, wish to point out to you, the rates quoted by banks are usually for Telegraphic transfer/OD.

Furthermore, banks have differing buying rates for OD and TT.

Let%26#39;s say you have a TC of GBP100, that will buy you (without taking into account commission on TC)- RM664.90 (yesterday Central Bank quoted rates at noon). However, if I wanted to buy GBP100, I will need to buy it with RM681.40.

Your bank in UK will not be able to offer a very good rate-in fact the licensed money changer will offer even better rates than the banks.

Normally banks when dealing with money market, actually works upto 6 decimals points, as it involves million, whereas for many of use (though not when I am paying by BA or LoC in foreign currency- I need to work on 6 decimals also), but on normal transaction, not above four figures, two decimals place are used.

What I will suggest, is just have few TC as safety, then some RM currency or SGD currency, depending which is your first port of embarkation (do not change all GBP into RM/SGD, then changing back to RM/SGD whichever is the case, as you will lose (though marginally in the FOREX), then you can assess cash via ATM with your debit card.

Exchange Rates

Hi.

Thanks for the information, it%26#39;s been a great help. Appreciate your time.

You can check out maybank website:

maybank2u.com.my/business/treasury/foreign_e…

In this case, you should refer to Currency Notes Buying column as the bank wil tell you what much they are willing to buy from you the GBP for Ringgit.

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