Staff Reporter
Published:
First non-Malaysian lender offers interest-bearing MYR balances of up to $12,250.4.
OCBC has announced that it will add the Malaysian ringgit (MYR) to its multi-currency savings accounts, making it the first non-Malaysian bank to allow customers to hold the currency in a Singapore-based personal savings account.
Starting from 23 October 2026, holders of the OCBC Global Savings Account and Premier Global Savings Account can convert Singapore dollars into ringgit at competitive exchange rates without hidden fees or mark-ups, holding up to $12,250.4 (S$15,653.6, MYR50,000).
Customers will also earn interest on their ringgit cash balances, a feature not offered by digital multi-currency wallets. Because the ringgit is a tightly controlled, non-internationalised currency, options for individuals to hold it in bank accounts outside Malaysia have previously been limited.
The addition brings the total number of currencies customers can manage within a single OCBC account to 11.
Account holders can convert funds ahead of travel, make purchases with a linked OCBC debit card without foreign currency transaction fees, and withdraw ringgit from any OCBC ATM in Malaysia without foreign exchange conversion charges, administrative fees, or third-party operator charges.
The move comes as Singapore residents increase their spending across the Causeway.
Transaction values by OCBC customers in Malaysia have grown at a compound annual growth rate of 25% since 2022. Malaysia accounts for one in three overseas transactions made by OCBC customers, with dining and shopping representing the two largest categories. The upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link is expected to increase cross-border travel and retail spending further.
OCBC data shows rising demand amongst consumers to lock in favourable exchange rates during currency fluctuations.
Following the tightening of Singapore’s monetary policy in July 2026, which strengthened the Singapore dollar, new Global Savings Account openings rose by over 25% between July and September 2026.
Earlier in January 2026, a weakening Japanese yen prompted customers to build up their yen balances, pushing monthly conversions 30% higher than the 2025 monthly average.
Tan Siew Lee, head of Group Wealth Management at OCBC, stated that the feature allows frequent travellers to lock in favourable exchange rates, hold ringgit in a regulated Singapore deposit account, and earn interest on their balances ahead of future spending.
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