The Johor-Singapore Causeway records some of the highest traffic movements in the world. Every day, around 300,000 Malaysians cross the one-kilometre bridge into Singapore. On the other hand,, Singaporeans make up a significant bulk of foreign visitors in Malaysia.
Aside from geographical reasons, the high crossovers between these two neighbouring countries could be due to the currency difference. The exchange rate of Singapore Dollar (SGD) to Malaysian Ringgit (MYR) as of 26 June 2025 is around SGD1 to MYR3.31.
The location proximity between the two countries allows Malaysians who want to earn currency gains to cross the border. For example, a Malaysian who earns SGD3,200 gets to take back home around MYR10,592 in Malaysia to spend.
People living in Singapore could drive across the Causeway for around 30 minutes from the Woodlands checkpoint to Johor Bahru to stretch their money, shopping for goods or just spending their day here.
If you’re planning to travel to Malaysia from Singapore, it may come in handy to know where you should convert your money for the best rates, especially when you do it often.
Understanding How Currency Exchange Works
The price of a currency is changing every day as it is being traded on the market. The price is derived based on the supply and demand for it at a given moment and is kept standard around the world.
Money changers would take the price and adjust it a little so they would earn profit on the transaction. For example, the rate of converting SGD to MYR is 3.29. This means that you can buy MYR3.29 for SGD1.
The money changer would then adjust the rate according to how much fees they would want to charge. If they would like to charge 5 cents on each dollar, then they would adjust the rate to 3.24, which means that you can buy MYR 3.24 with SGD1. After all, money changers are just like any other business that needs to make a profit.
There are several places where you can exchange your money including money changers shopping malls, hotels, airports or banks. Money changers at shopping malls, hotels, train stations and airports all offer different rates. In shopping malls, sometimes we see long lines of queue formed outside certain money changers while it’s all quiet for other changers. This is perhaps because the money changer with a long line offers a better rate.
You can change your money at the bank but there will be a fee. It’s important to do your research and compare which place lets you change your money cheaper, especially if you plan to buy larger ticket items when in Malaysia.
Where To Get The Best Rates: Should You Convert Your SGD Before Leaving Singapore Or In Malaysia?
SGD is a strong currency hence, converting SGD into MYR in Malaysia could get you a good rate as it’s widely traded.
In addition, cheaper operating costs for money changers in Malaysia compared to those in Singapore means that there’s a possibility they would charge a lower fee on transactions, making it more affordable to exchange SGD into MYR in Malaysia.
List Of Money Changers And Rates Offered
| Money Changers In Singapore | SGD:MYR |
| Fiat Money Changer | 1:3.29 |
| Haratan Servicing | 1:3.29 |
| Capital Forex | 1:3.28 |
| Eng Loke Money Changer | 1:3.28 |
| Fairfield Exchange | 1:3.28 |
| Firman Shah International Exchange | 1:3.28 |
| Golden Horse Prize | 1:3.28 |
| Humayun’s Money Changer | 1:3.28 |
| Ishwarya Money Changer | 1:3.28 |
| Jamserah Jas Money Changer | 1:3.28 |
| JL Union Garments Enterprises | 1:3.28 |
| Nijam Exchange | 1:3.28 |
| Rahim Money Changer | 1:3.28 |
| Rosemin Store Money Changer | 1:3.28 |
| Shafeek Exchange | 1:3.28 |
| Shara Exchange | 1:3.28 |
| Silver River Money Changer | 1:3.28 |
| Transend (Bugis) | 1:3.28 |
| Transend (Choa Chu Kang) | 1:3.28 |
| Transend(Pasir Ris) | 1:3.28 |
| Transend (Paya Lebar) | 1:3.28 |
| Vision Exchange Money Changer (Tampines) | 1:3.28 |
| Vision Exchange Money Changer (Ubi Avenue) | 1:3.28 |
| ZeroEx Money Changer (Choa Chu Kang Bus Interchange) | 1:3.28 |
| ZeroEx Money Changer (Woodlands) | 1:3.28 |
| Kaka Money Changer | 1:3.27 |
| Money Changers In Malaysia | SGD:MYR |
| Max Money, Mid Valley Megamall, KL | 1:3.29 |
| E-Globex Money Changer, KL | 1:3.28 |
| Max Money, Gelang Patah, Johor | 1: 3.28 |
| Max Money, Senai, Johor | 1: 3.28 |
| Merchantrade Asia, Paradigm Mall, Johor | 1:3.28 |
| AntaraDuit Agensi, Jalan Tun Razak, KL | 1:3.26 |
| AntaraDuit Agensi, Shah Alam, Selangor | 1:3.26 |
| E-Globex, Ipoh, Perak | 1:3.26 |
| Suria Muhabat, Gurney Mall, Penang | 1:3.26 |
| Suria Muhabat, Queensbay Mall, Penang | 1:3.26 |
| AntaraDuit Agensi, Avenue K Mall, KL | 1:3.24 |
| Merchantrade Asia, Damansara City Mall, KL | 1:3.22 |
| Merchantrade Asia, Da Men Mall, KL | 1:3.22 |
| Merchantrade Asia, Pavilion Bukit Bintang, KL | 1:3.22 |
| Merchantrade Asia, Giant Senawang, N. Sembilan | 1:3.19 |
| Merchantrade Asia, Imago Kota Kinabalu, Sabah | 1:3.08 |
As we can see from the table above, Max Money in Mid Valley Megamall, KL offer the most favourable rate at 3.29.
Some money changers in Mid Valley Megamall including popular money changer Max Money often have long lines as they are known to offer favourable rates.
Meanwhile, the exchange rates offered by money changers in Singapore hover between 3.29 and 3.28 mostly.
As mentioned, locations seem to influence the exchange rates. The rates offered by two money changers located in Johor such as Max Money and Merchantrade Asia tend to be on the higher side at 3.28. This is probably due to the higher demand for SGD in the state that is closest to Singapore.
Verdict: It’s All About How Convenient It Will Be For You And Where You Will Be Headed
Due to low operational cost, Malaysian money changers could possibly charge a lower fee on transactions than Singapore money changers who have a higher overhead cost. However, converting your money early on means that you have more time to survey the rates and get it out of the way.
Otherwise, you may need to spend your day scrambling and finding a money changer that offers a good rate in Malaysia. In Sabah, where the rates are not so favourable, you might consider doing your research online and change your money beforehand when there’s a good rate.
In addition, it’s always good to prepare some MYR beforehand so your pockets are not empty when you arrive in Malaysia.
Featured Image Credit: Suria Muhabat
This article was originally published on 14 December 2023 and updated to reflect the latest information.
