Wondering when’s a good time to visit Malaysia? If you’re planning on making the most of every Malaysian ringgit, you’ve come to the right page! 

The Malaysian ringgit has been depreciating against the Singapore dollar since the year 2023. The last time the ringgit reached an all-time low against the Singapore dollar (S$1 to 3.55 MYR) was on 9 Feb 2024. Today, as of 21 Feb 2024, according to Google’s rates at the time of writing, the Malaysian ringgit set yet another all-time low record against the SGD at S$1 to 3.57 MYR — the lowest it’s been since the 1998 Asian financial crisis.

So what does that mean for you? It’s no doubt time to head next door for a short getaway and get your retail therapy fix! Whether you’re looking to road trip across the causeway for midnight supper runs, or seize the moment to make the most of every ringgit, this guide’s for you.

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SGD vs Malaysian Ringgit: How’s It Going?

Fig A:

Image credits: Google

Fig B:

Image credits: Monetary Authority of Singapore

First of all, let’s break down both Fig A and Fig B. Fig A describes the general journey of the Malaysian ringgit from December 2005 up to February 2024 — showing that as of 21 February 2024, 1 MYR is exchangeable for 0.2811 SGD. Similarly, in Fig B, you’re looking at the monthly average of 1 SGD to 100 MYR in January — 28.34. While February’s average rates have yet to be released, you can clearly see that the average monthly rate has been continuously declining against the SGD since July. The Malaysian ringgit has remained weak across the year and is at an all-time low of 1 SGD to 3.57 MYR. But why is that?

What’s Up With The Malaysian Ringgit?

Image credits: Google

According to Bloomberg, the Malaysian ringgit has fallen 0.3% to its lowest level since the Asian financial crisis in 1998 to almost RM4.80 to US$1 and has already suffered a more than 4% drop in 2024.

The reason behind the MYR’s depreciation is due to the fall in oil prices following the release of data on inflation in the U.S. Other factors include the U.S. Federal Reserve’s stand to not lower its interest rates within the first quarter of 2024. Additionally, according to The Business Times, the ringgit is also being weighed down by weaker exports due to a slowdown in China, and Bank Negara Malaysia’s decision to pause interest rate hikes since July 2023.

Whatever the case is, we suggest planning your next trip to Malaysia to make use of these weakening rates while you still can!

So How Do I Use YouTrip To Enjoy The Best Malaysian Ringgit Rates?

In a nutshell, YouTrip works to “unpinch” your wallet — so you don’t need to worry about losing money from exchange rate margins. 

✅  Simply top up your desired amount of SGD and we’ll do all the work for you with Smart Exchange™!

✅  To check out the latest rates, use the Mastercard Calculator (remember to include ‘0’ under bank fees!) before you spend.

✅ And that’s it, you’re ready to start spending in Malaysia!

Save On The Best Malaysian Ringgit Rates With YouTrip!

And just like that, you’re ready to travel across the causeway and enjoy saving with the best rates! Whether it’s Malaysia or Japan, don’t forget to take your YouTrip card with you on your next holiday to make full use of our wholesale exchange rates (i.e. no pesky bank fees!). 

Sign up now with <YTBLOG5> to get FREE S$5 in your account and be sure to check out our YouTrip Perks page for exclusive offers and promotions too!

For more great tips and guides like this, join our Telegram(@YouTripSG)and subscribe to our free weekly newsletter here or down below! And while you’re at it, why not join the conversation with thousands of #YouTroopers in our very own Community Telegram Group @YouTripSquad? Get tips and tricks to everything YouTrip including exclusive invites to exciting events and experiences, & be part of the #YouTripSquad! 💜

Stay safe, and happy travels!

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_{*All currency conversion rates are accurate to the nearest 10 cents on 16 June 2022 SGT 3.30 PM. Bank card prices are calculated based on 3.25% foreign currency transaction fee.}