On October 24, the Singapore Dollar (SGD) achieved an impressive exchange rate of 3.50 against the Malaysian Ringgit (MYR).
Currently as of October 25, it remains strong at 3.4957.
This significant surge in the currency rate has prompted Malaysians to flock to their local banks and financial institutions to convert their SGD into MYR.
The lengths of the lines at Malaysian banks have been noticeably affected by the recent increase in the currency exchange rate, which definitely attracted the attention of many.
Reports from Sin Chew Daily indicate that individuals have been facing formidable queues, with nearly 2,000 people lining up to exchange their SGD for MYR.
One netizen shared their experience of attempting to exchange MYR at CIMB Bank, where they were shocked to discover 1,907 people already in the queue ahead of them.
However, the wait time was surprisingly short, estimated at just four minutes.
“It’s rather amusing that as the SGD broke through the 3.50 mark against the MYR, there was a massive online queue of about 2,000 people looking to exchange their money,” they noted, highlighting that the exchange rate at that time stood at 3.492.
Ultimately, they succeeded in exchanging SGD1,000 for RM3,493.60, enjoying an exchange rate of 3.4936.
Given the increased interest in exchanging SGD for MYR, it’s advisable for those considering the same to anticipate some congestion on online banking platforms.
