Some money changers in Singapore see business boom despite strengthening ringgit

The exchange rate for Malaysian ringgit has dipped recently, but that hasn't stopped money changers in Singapore from raking it in.

Over the weekend, the ringgit was trading at between RM3.28 and RM3.30 per Singapore dollar, reported Shin Min Daily News.

Money changers at Chinatown and Raffles Place were selling ringgit at a rate of 3.29 to 3.295. 

As of Monday (Sept 2), the exchange rate is RM3.31 to S$1.

Huang Suzhen, a partner of Crante Money Changer at People's Park, told the Chinese daily that she did not notice a drop in business despite the stronger ringgit. 

She attributed it to Malaysia's National Day (Aug 31) as well as the September school holidays. 

"People will start exchanging money closer to the holiday period. I started stocking up on ringgit last Wednesday and Thursday, and I managed to sell 30 per cent more ringgit than usual," she said.

"I'm selling about RM30,000 to RM 40,000 every day." 

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Haleem, who runs City Money Changer at The Arcade in Raffles Place, observed a similar pattern in demand for ringgit over the past week. 

"Those who need to exchange money will continue to do so. The continued jams at the checkpoints show that many people are still travelling in and out of Malaysia. 

"There were fewer customers during the lunar seventh month, but the crowds are starting to return," he said. 

Despite an increasing number of people who are opting to use electronic wallets while overseas, Haleem said it hasn't affected his business much as there is still a need for them to carry cash. 

In February, the ringgit plunged to a 26-year-low at RM3.573 against the Singapore dollar. 

To revive the currency, Malaysian authorities began encouraging state-linked firms to repatriate their foreign investment income and convert it into ringgit more consistently, Bloomberg reported in May. 

READ ALSO: Malaysia shines as foreign investors return, peers stumble

claudiatan@asiaone.com