Short Changed by Money Changers

[USJ27Resident]

It is no secret that our ringgit is getting stronger but the strange thing is that why is our money changers not giving us whats due....

When the ringgit was pegged to the USD, we had at least manage to buy our USD at 3.82 and sell the excess at 3.78 which was effectively a 4 sen loss/difference.

Now with the free float of the ringgit, it seems that the moneychangers have gotten from bad to worst... not only has the exchange rates not reflect the true value but the difference between buy/sell has widen to 10sen. It may not seem much but imagine if you have to go thru a few thousand ringgit... it adds up!!!

The other thing that bothers is the lack of documentation for the transactions done... imagine the possibility of money laundering! Even India and Indonesia requires generated receipts for all transactions..

Btw, do y'all know any moneychanger that is reliable in USJ - please share/recommend... thanks

[Diana]

Its terrible. the last time i changed in BU only got 3.5!!.. Most favourable I've seen is in KL which was what u said.. 3.7 (maybe the tourist thing..) dunno abt USJ.. sorry..

[pucman]

Why don't you go to public bank ?

[alexhay]

go to sg wang...behind famous amos...if i am not mistaken is at the 2nd floor..that guy gives a very good rate..

[Rocky19]

Usj27,

the best rates you can get is the 2 money changers in Mid Valley, they are almost next to each other with 1/2 units separating them. They are at the lowest level(same level as Carrefour), next to the escalators. Check out which one has better rates before you change any money.

[rabbiteeth84]

yes go to the midvalley, same flooor as carrefour, with money changer side by side one. my dad say they offer the best rate.

[USJ27Resident]

The other thing that bothers is the lack of documentation for the transactions done... imagine the possibility of money laundering! Even India and Indonesia requires generated receipts for all transactions..

Thanks for the recommendation but seems some of the fellas are willing to buy USDs but they don't wanna sell the USDs... as most of their stocks are from a higher cost.

On this highlighted issue... whats your view

[evecyanide]

Since this is a money changer thread, anyone knows if it's better to buy Thai Bhat here in KL or should I wait till I get to Phuket to change some Bahts?

[kress]

Since this is a money changer thread, anyone knows if it's better to buy Thai Bhat here in KL or should I wait till I get to Phuket to change some Bahts?

when i went to thailand, i got a better deal from the money changers there.

[burntan]

It is no secret that our ringgit is getting stronger but the strange thing is that why is our money changers not giving us whats due....

When the ringgit was pegged to the USD, we had at least manage to buy our USD at 3.82 and sell the excess at 3.78 which was effectively a 4 sen loss/difference.

Now with the free float of the ringgit, it seems that the moneychangers have gotten from bad to worst... not only has the exchange rates not reflect the true value but the difference between buy/sell has widen to 10sen. It may not seem much but imagine if you have to go thru a few thousand ringgit... it adds up!!!

The other thing that bothers is the lack of documentation for the transactions done... imagine the possibility of money laundering! Even India and Indonesia requires generated receipts for all transactions..

Btw, do y'all know any moneychanger that is reliable in USJ - please share/recommend... thanks

When last time RM is stabil at 3.8, the 4 sens between selling and buying price is profitable, but since now the RM to USD is changing daily if not hourly, they as a merchant will face higher risk, therefore it is wise to widen the selling and buying price marging.

[evecyanide]

when i went to thailand, i got a better deal from the money changers there.

Got it. Thanks dude. I'll just change enough for the taxi ride to the hotel. The rest I'll do it in Phuket itself.

[pucman]

Does anybody know whether I should buy australian dollar in malaysia or buy in australia ? Which has a better deal ?

If in malaysia, which money changer offer the best rate ?

[janelim]

Usually i get my foreign currencies from the money changer at Giant,USJ.
Contact No: 03-5631 1820 Mr Bala or Mr Lee
Its nearer and convenient, unless i want a bigger sum.
Lately someone told me at Midvalley, near the carrefour area, that guy offers a better rate.

[robertec]

If you do a lot of travelling it is best to stick to anyone particular money changer. I am sure that if you are a regular, the money changer will give you better rates.

Also try to look for money changers that have “good business” those located at popular tourist shopping centres etc… they give better rates to locals. (probably made enough already from the tourists)

Try
Spectrum Cellular Corp @ Sunway Paramid
Tel: 03 74922256 ask for Yusof

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[rabbiteeth84]

my dad is a money changer, i can give good rate. just pm me....