SINGAPORE: When Niki Lee and her boyfriend decided to rent an apartment in Johor Bahru in October 2023, one Singapore dollar could buy RM3.45. At its peak, this reached RM3.55.
Today, it buys around RM3.10 and some analysts say the exchange rate could reach RM3 per Singapore dollar.
For Singaporeans who live, work or regularly pass by on the other side of the Causeway, the change has been gradual but real. However, most say the impact on their daily lives remains manageable and the data suggests they have not changed their spending habits.
Ms Lee, a 31-year-old financial adviser, told CNA that the stronger ringgit has added about S$200 (US$160) a month to what she and her boyfriend spend on rent, a car loan and daily expenses in Johor, which now total around S$5,700, or about S$1,860.
She was disappointed when the ringgit began to appreciate, but said she was not too worried. The Singapore dollar remains strong and spending adjustments have had more to do with budgeting than the exchange rate.
Educational consultant Samuel Ho, 30, visits Johor Bahru about once a month and spends RM600 each time on transport, food, karaoke and massages for himself and his girlfriend.
He estimated that the stronger ringgit has added about S$12 to each outing – not much, but enough to cover two Grab rides in Malaysia, he said.
EXPENDITURE REMAINS STABLE
Data from multi-currency e-wallet providers suggests that cross-border spending has not slowed.
Revolut said conversions from Singapore dollars to ringgit increased steadily throughout 2025, with January 2026 seeing an increase of almost 42 per cent from a year earlier.
“Our data shows no evidence so far that Singapore consumers have materially pulled back on ringgit-related spending following the currency’s appreciation,” a spokesperson said.
“Cross-border activity has remained resilient and users continue to convert funds for travel and shopping in Malaysia.”
YouTrip COO Kelvin Lam said transaction volumes and average transaction amounts have increased compared to previous years. He noted that RM3.30 per Singapore dollar appears to be the “magic number”, a point at which Singapore users move quickly to lock in the exchange rate.
“The data shows that the stronger ringgit has not stopped Singaporeans from crossing the Causeway, but has simply made them strategic,” he said.
Some users appear to be converting even when the rates are not in their favor, driven by concerns that the exchange rate could worsen before their next trip.
“In a classic display of ‘fear of missing out’, riders are setting current fares – even if they seem lousy – because they fear even lousier fares when they actually travel,” Mr Lam said.
“Although the MYR is stronger, Singaporeans are still attracted to Malaysia,” he added.