I have the amount of saving in my Malaysian bank account RM15,000 in one monthly fixed deposit.
I have RM5,000 ringgit in savings account in the savings accounts.
I have a Singapore Credit Card with SGD6,000 in debt( owing the bank SGD6,000).
I have another Singapore Credit Card from another Singapore bank with SGD0 in debt( that means unused) with RM SGD 6,000 limit for both cards.
At the end of the month, I transfer SGD3,000 from the unused Singapore Credit Card to pay the other SGD Singapore Credit Card with SGD6,000 in debt. The SGD amount becomes SGD3,000 after payment of the Credit Card debt.
Both Singapore Credit Cards now have SGD3,000 in debt.
The RM5,000 in savings is changed to SGD1694 dollars. This is transferred to pay the credit card debt in Singapore of SGD3000 of 1 Singapore Credit Card bank and the amount at the end of the month is SGD1,306 in debt.
In other words, there are 2 Singapore Credit Cards with SGD1,306 in debt and another SGD3,000 in debt.
I have RM15,000 in Malaysian Fixed Deposit, Ready to pay the SGD6,000 actually at th4e start of the month. The total amount is actually RM17,700 from my savings account.
At the end of the month, my salary of SGD1,000 comes in and I pay the SGD Credit Card of SGD1,306 in debt and the remaining amount is SGD306 in debt and the other is SGD3,000 debt.
I now have 2 options , 1) to pay SGD 3,000 from the Singapore Credit Card to complete
the SGD3,000 in debt of the other credit card, in other words 1 SGD Credit
card would be SGD3,306 in debt and the other SGD0 in debt.
2) to transfer SGD3,000 to my Malaysia savings account from my Singapore
SGD306 in debt Credit Card, the amount would be RM8850 without bank
charges from Malaysia and Singapore and conversion charges.
By going with option 1) , I have in my account in Malaysia, RM15,000 and savings of RM2,300 ringgit and in Singapore a Credit Card debt of SGD3,306 and the other Credit Card in Singapore SGD0 dollars.
In summary , I have RM17,300 and SGD3,306 in debt at the end of the month.
At the start of the month, it was RM20,000 and SGD6,000 in debt.
I have made an amount of
1) RM17,700 -RM9752.70 = RM7947.30 with complete payment of my SGD Credit Cards debt at the end of the month.
2) of which at the beginning of the month, the debt was SGD6,000 from both Credit Cards and savings of RM 20,000.
RM20000 - RM17700 = RM2,300
This is the savings remaining at the start of the month.
Total I have made = RM 7947.70-RM2,300
= RM5647.30.
This includes the 1 month salary at the end of the month of SGD1000.
RM5,647.30 - RM2,950 = RM2,697.30 .
This is the gross amount of profit for 1 month RM2,697.30 without any Singapore Credit Card debt at the end of the month.
By option 2) By transferring SGD3,000 to my Malaysian bank account the total in my bank account in savings becomes
RM2,300 + RM8,850 =. RM11,150.
The Malaysian Fixed Deposit of RM15,000 and Malaysian savings account of RM11,150.
RM15,000 + RM11,150 = RM26, 150.
This amount converted to Singapore dollars is SGD 8864.40.
Total Singapore Credit Card debt is SGD3,306 + SGD3,000 = SGD 6,306.
Net Profit at the end of the month is SGD8864.40 -SGD6,306 = SGD 2558.40 .
The amount of net profit is SGD2258.40 without any Singapore Credit Card debt at the end of the month with my 1 month salary of SGD1,000.
Notice: This is written with conversion of RM 2.95 to 1 Singapore Dollar and with both ways of conversion of Singapore and Malaysian dollars, RM2.95= $1 or $1=RM2.95.
Any errors on this written mathematical calculation is not intended or done on purpose. This is not to be followed without any professional or expert guidance from the banks or bank officers of Malaysia and Singapore and with Government consent of Malaysia and Singapore.
Any errors on this page is not intended. Please be careful of mistakes and errors in calculations.
Written by Mr. Chan Junt Hoong MIET MIEEE BEng CEng, Engineering Consultant.
http://engineeringandcomputerworks.com
http://engineeeringcomputerworks.com
Office: Engineering and Computer Works .
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