OCBC adds Malaysian ringgit to Singapore-based multi-currency savings accounts

Singapore's second-largest bank OCBC on Wednesday (Oct 21) announced that it will add the Malaysian ringgit (MYR) to its multi-currency savings accounts, making it the first non-Malaysian bank here to hold the currency in a local personal savings account.

The ringgit is a non-internationalised currency, making opportunities for individuals to hold the currency in bank accounts outside of Malaysia limited, OCBC pointed out.

It added that with the ringgit's addition, its customers can convert currencies ahead of their travel or spending needs, and spend with a linked OCBC debit card without foreign currency transaction fees.

They can also withdraw ringgit from all OCBC ATMs in Malaysia without incurring foreign exchange (FX) conversion charges, administrative fees or third-party operator fees.

The lender cited its data findings, which showed that consumers tend to lock in favourable exchange rates.

"Consumers are increasingly conscious about FX movements and exchanging currencies when the Singapore dollar (SGD) strengthens."

OCBC added that this was evident after the tightening of Singapore's monetary policy in July 2026, when Singapore dollar strengthened, and the number of global savings accounts climbed by more than 25 per cent in the three months that followed. 

Turning to the upcoming Johor Bahru-Singapore Rapid Transit (RTS) Link, the Singapore bank said its opening is expected to further drive cross-border travel and consumer spending across the Causeway.

It noted that spending by Singapore residents across the Causeway has already been growing at a compound annual growth rate of 25 per cent since 2022.

"Accounting for one in three overseas transactions, Malaysia is OCBC customers' most popular overseas spending destination, with dining and shopping as the two largest spending categories."

OCBC's head of group wealth management Tan Siew Lee pointed out that while a small difference in exchange rates may seem insignificant, the savings can add up quickly over dozens of trips and years of spending.

She added that OCBC's launch of ringgit on its global savings account means that its customers no longer have to choose between favourable exchange rates and growing their savings.

"They can now do both," Tan said.

The currency's addition to OCBC's global savings account and premier global savings account will begin on Oct 23, with customers earning an interest of 1 per cent on their balance till June 30 next year.

Thereafter, the interest rate per annum becomes 0.5 per cent. 

OCBC customers can hold up to RM50,000 in their global savings account at any point of time, the bank said.

[[nid:742355]]

[email protected]