The Singapore Dollar (SGD) rose to an exchange rate of 3.50 against the Malaysian Ringgit (MYR) yesterday (October 24), and is currently at 3.4957 today (October 25).
This increase in the currency rate has led Malaysians alike to crowd to their respective banking services in order to exchange their SGD so that they can get more MYR.
According to a report by Sin Chew Daily, people have been experiencing a queue of almost 2,000 people upon attempting to exchange their SGD to MYR.
A netizen shared that they tried to exchange their MYR through CIMB Bank but were informed they were in a queue, with 1,907 people ahead of them. Though, they didn’t have to wait long as it only took an estimated 4 minutes.
“It’s so funny that after the Singapore Dollar broke through 3.50 to the Malaysian Ringgit, there was a queue of about 2,000 people to exchange money online,” they said, adding that the exchange rate at that time was 3.492.
They managed to exchange SGD1,000 for RM3,493.60, with an exchange rate of 3.4936.
Many others are also attempting to exchange their SGD for MYR, so if you are one of them, do expect some congestion on online banking platforms.
What do you think about this? Do feel free to share your thoughts in the comment section.