For a long time, there has been a myth about changing currencies – foreign rates would always be better in their host countries.
After all, you might think money changers there would love to have your Singapore Dollars – especially in Malaysia – no?
With our curious minds, we set out to some popular joints in Johor Bahru on 1 May (Sunday) to check things out.
Myth busted. The common money changers across the Causeway were buying in Singapore Dollars way higher than most money changers that were selling Ringgit in Singapore.
Here, take a look:
This is what we've gotten from Singaporean money changers on 30 Apr. Do note that Forex markets were closed on 30 Apr and 1 May :
Over to the Malaysian side.
Max Money Sdn Bhd, Johor Bahru Customs:
Akbar Money Changer Sdn Bhd, Johor Bahru Customs:
Norshekeen Shd Bhd, Johor Bahru right before Komtar JBCC:
Abmann (M) Shd Bhd, Johor Bahru, Komtar JBCC:
Going a bit further, Smart Blend Shd Bhd, KSL Mall Johor Bahru:
There you have it. Going all the way to Johor Bahru isn't worth your effort. You'll probably save more by changing your money in Singapore.
Need help deciphering the rates when you're holding Singapore Dollars? We'll do the magic for you here