Simplest Way to transfer money from Singapore to Malaysia
By: Pang Hao Jie
Tags: Transfer Money, Salary, Singapore, Malaysia, Conversion Rate

The exchange rate is pegged at 1SGD:3MYR currently, which attracts more and more Malaysians to work in Singapore. According to the United Nations Department of Economic and Social Affairs, there are around 950000 Malaysian are working in Singapore. However, some of us might have trouble sending back money to our family in Malaysia especially during this pandemic season. Since there are a lot of people who ask me how to transfer money back to Malaysia, I going to share how am I perform it and which method I suggested the most.

There are several methods are available for Malaysians to transfer their salaries back to Malaysia such as Transferwise or thru Bank. After trying out different methods, I found that transfer via CIMB bank is one of the most efficient and highest conversion rates among these methods. All you need to do is just a few clicks to perform the transaction. The conversion rate is much better to compare with others. For example, today CIMB offers a rate of 3.042 where the market rate is 3.05. (I unable to screenshot CIMB rate due to security issue)

To transfer money via CIMB, you need to ensure you have both CIMB account in Singapore and Malaysia. It is very easy to apply CIMB account in Singapore, all you need to do are:

How to apply CIMB Singapore account (Skip this if you already have CIMB SG account)

Step 1 — Apply online

You need to fill up your personal information here https://www.cimbbank.com.sg/en/personal/forms/accounts/cimb-fastsaver.html#!. You can easily complete the application by using MyInfo with Singpass.

Step 2 — Transfer and Activate

Your CIMB FastSaver account number will be issued instantly upon successful application. You will receive an email that guides you to activate your account. You need to activate your account by transferring a minimum initial deposit of S$1,000 via FAST.

Activation Email

Step 3 — Access Your Account

If you are not an existing CIMB Clicks Internet Banking user, CIMB will automatically sign you up. You will receive a 6-digit Activation Code via SMS within 1 business day after your account is activated, for you to perform your First-Time Login.

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Once you setup both accounts, you can easily transfer your money using the CIMB Click app or web application. Do note that the conversion rate is better during work hours, so make sure you only perform the transaction weekday from 9 am to 5 pm. You will realize there’s a difference within the conversion rate during non-working hours.

How to transfer using CIMB click

Step 1 — Login into your CIMB Click Singapore

You can either log in via mobile apps or their website — https://www.cimbclicks.com.sg/securitydevice.htm

Step 2 — Select Transfer

Step 3 — Select Transfer to CIMB Malaysia A/C

Step 4— Select My Account

Step 5 — Over this step, you will be able to review the current conversion rate offered by CIMB. The conversion rate will be auto-refresh within few minutes. Select the transfer amount, destination account, and extra simple information.

Step 6 — Done! The money will be instantly transferred back to your Malaysia account!

That’s all! Please give me a like if you think it is helpful. You can also contact me if you need any more guidance on this. =D