On the top right corner of this blog, you will see a text box indicating the latest exchange rates (from SGD to MYR) offered by the money changers in JB.
And if you are a Causeway Crusader like me, you will most likely find this info useful to you.
But unless you don't stay in JB, you will have noticed that since no more than a couple of years back, the following have taken place in the local money exchange scene:
1. All money changers (from Pelangi to Perling to Gelang Patah ) advertise the exact same exchange rate
2. All rates are rounded up to the nearest one unit i.e. no decimal points or sen value
It's no secret that these money changers will often give you a higher rate than what is indicated on the glass window (ever noticed even the numerical whiteboard looks the same?). I have encountered getting RM2.20 to RM2.50 more per SGD100 exchanged, although I have heard people getting as much as RM3 above the advertised rate.
I am sure some of you may have thought to yourselves "Where got so chun all ngam ngam ho the same?". Some of you may have even wondered if this is legal, isn't it some sort of collusion?
Here's a theory a little bird told me.
"A large syndicate actually controls and deals with all the money changers in JB. At the beginning of every day, this syndicate will set 2 rates - the advertised rate that all money changers will display, and the rate it will buy SGD from these money changers at the end of the day."
"It's a win-win situation for the 2 parties. The money changers work with guaranteed profit margins without being subjected to exchange rate fluctuations. The syndicate in turns get to do some...er.... dry cleaning with its liquid asset".
I have no way of verifying if the above is true or not, so please don't quote me on this.
Anyone else have any other conspiracy theories? Leave a comment, please.
And if you are a Causeway Crusader like me, you will most likely find this info useful to you.
But unless you don't stay in JB, you will have noticed that since no more than a couple of years back, the following have taken place in the local money exchange scene:
1. All money changers (from Pelangi to Perling to Gelang Patah ) advertise the exact same exchange rate
2. All rates are rounded up to the nearest one unit i.e. no decimal points or sen value
It's no secret that these money changers will often give you a higher rate than what is indicated on the glass window (ever noticed even the numerical whiteboard looks the same?). I have encountered getting RM2.20 to RM2.50 more per SGD100 exchanged, although I have heard people getting as much as RM3 above the advertised rate.
I am sure some of you may have thought to yourselves "Where got so chun all ngam ngam ho the same?". Some of you may have even wondered if this is legal, isn't it some sort of collusion?
Here's a theory a little bird told me.
"A large syndicate actually controls and deals with all the money changers in JB. At the beginning of every day, this syndicate will set 2 rates - the advertised rate that all money changers will display, and the rate it will buy SGD from these money changers at the end of the day."
"It's a win-win situation for the 2 parties. The money changers work with guaranteed profit margins without being subjected to exchange rate fluctuations. The syndicate in turns get to do some...er.... dry cleaning with its liquid asset".
I have no way of verifying if the above is true or not, so please don't quote me on this.
Anyone else have any other conspiracy theories? Leave a comment, please.
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