Wednesday, April 23, 2014

Tips : Money Changers at Jalan Masjid India, Kuala Lumpur.

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To the people, who want to go abroad, you will want to find where do you want to exchange Ringgit Malaysia to the currency/ies which been used in the country/ies. 

Somebody will change money at the banks, but banks' rate are quite high, which will not give advantage to us. Normally, range of buying rate and selling rate or spread is between 5% to 10%. Banks' rate only will give us advantage if we use credit card atoversea (usually price stated in credit card statement is cheaper than if we buy in cash), which use market rate without spread.

Another people just change their money at the country they visited. This matter will have pro and con. The pro, if we change at border area of the country eg at border towns at southern Thailand, the Baht Thailand that we get are more, sometime, spread rate at less than 1%!!! The con is, this only applicable for that border currencies not other country currencies. Basic formula is further distance from border, higher the spread.

For in Kuala Lumpur, usual place to change currency is at Jalan Masjid India. Not only locals, who want to travel to abroad, change their money, but also foreigners. Main area is just beside Masjid India anda Wisma Yakin, not far from Mydin supermarket, which at  Malayan Mansion and Selangor Mansion.

At Malayan Mansion, there are 3 money changers:

1. Berkath Money Changers Sdn Bhd; (business closed - updated as 15 October 2015)

2. ARS Sdn Bhd;

Updated on 21st January 2015:
ARS Sdn Bhd at Masjid India was renovated to be Skyxchange Sdn Bhd money changer with bigger space (has taken jeweller shop and previous space has taken by a cloth shop).

3. HM Ghazali Ahmad Sdn Bhd.

There is also a money changer not far from those three, just across the street, at Selangor Mansion, the name of the money changer is:

Warisan Ringgit Sdn Bhd.

Updated on 21st January 2015:
Warisan Ringgit Sdn Bhd at Masjid India was renovated to be Skyxchange Sdn Bhd money changer. Even though been replaced by Skyxchange, but exchange rate are differ. Example on 21st January 2015, selling rate for every Rp1 million (Indonesian Rupiah) are RM286 (at Warisan Ringgit) and RM288 (at ARS).

Four of these money changers very near from eachother. The exchange rate display are very easy to look at, ease us to make comparison from one to another.There a need to make comparison, because each money changer have some currency better rate than others.

As example, at 23th April 2014, I wanted to buy The Filipinos' Peso (PHP or ₱) and American Dolar (USD or US$) and want to check Thailand Baht  (THB atau ฿). ₱ for my journey to Manila. US$ & ฿ for journey to Ranong, Thailand & Kawthoung, Myanmar. Rate for ₱ & US$,   HM Ghazali Ahmad Sdn Bhd gave the best rate for selling rate (if we want to buy, we need to look at selling rate), which ₱100 = RM 7.60 & US$1.00 = RM3.26. For ฿, Berkath Money Changer Sdn Bhd gave the best rate for selling rate ฿100 = RM10.22.

I changed at many other places, but Jalan Masjid India area has given the best rate ever. Some people said rate at KL Sentral and Chow Kit are better, but for me, at KL Sentral, money changers displayed higher rate, and need to ask or negotiate the price and Chow Kit best for Rupiah (Rp) only.

Please do not forget to get the receipt for every exchange. Every money changer in Malaysia must give receipt to the customer for every transaction has made, as to comply with Money Services Business Act 2011 (Act 731).

Perhaps this sharing will give benefit to all readers.

Thank you.

(updated at 29 Ogos 2014)

Now, it have two more money changer at Jalan Masjid India. One of them situated at ex Mydin building (after Maybank junction). It is a direct branch of UAE Exchange (M) Sdn Bhd.

Another one actually not so new. Situated inside of Semua House shopping complex. The location is when you reach at main entrance, turn on your right, then you can find three small booth, in the middle is the money changer. The company name is Saruwan Sdn Bhd. Business closed - updated as 15 October 2015)

But both of these money changer, the exchange rate is not competitive from other which at Malayan/Selangor Mansion area.

Also, if at that time, you are at Sogo or ex Globe Silk Store (Jalan Tuanku Abdul Rahman) area and to lazy to go Masjid India area, there are also have money changers. 

At ex Globe Silk Store (main road of Jalan Tuanku Abdul Rahman), beside main enterence (now is Sara Hughes store) is Access Smartstreet Sdn Bhd. 

Next, at Sogo KL shopping complex, on LG floor, opposite of Sogo's supermarket, not far from customer service counters and in between of Dunking Doughtnut & Pure Pharmacy is S.B.B Interchange Sdn Bhd.

Thank you.

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