OCBC to let customers hold Malaysian ringgit in Singapore savings accounts from Oct 23
Customers can earn interest on ringgit cash balances - a feature that sets it apart from other multi-currency digital wallets.
From October 23, OCBC customers in Singapore will have the ability to hold Malaysian ringgit and earn interest on their cash balances within multi-currency accounts. This marks the first time a non-Malaysian bank will offer ringgit in Singapore-based personal savings accounts. Customers with the OCBC global savings account or premier global savings account can convert Singapore dollars to ringgit at competitive exchange rates and hold up to RM50,000 (S$15,670) in these accounts.
This addition brings the total number of supported currencies to 11, including the US dollar, euro, Japanese yen, Hong Kong dollar, and the pound.
The feature distinguishes OCBC’s multi-currency savings accounts from digital wallets, as the Malaysian Ringgit (MYR) is tightly controlled and internationalised currency with limited opportunities for individuals to hold in bank accounts outside Malaysia. Currently, Singapore customers seeking to manage both Singapore dollars and ringgit in a single account can use Malaysian bank Maybank’s Global Access Account-i, which also supports other foreign currencies.
OCBC’s focus on competitive exchange rates comes as Singapore consumers become more aware of safeguarding their finances when the Singapore dollar strengthens. Following a monetary tightening in July 2026, the Singapore dollar experienced a surge, resulting in a more than 25% increase in OCBC global savings account openings between July and September.
Head of group wealth management, Tan Siew Lee, mentioned that many Singaporeans frequently cross the border for work, leisure, and everyday expenses. The inclusion of ringgit in OCBC’s global savings account caters to this growing trend.
Cross-border transactions between Singapore and Malaysia are on the rise, with spending by Singapore residents through the Causeway increasing by a compound annual growth rate of 25% since 2022. Malaysia is the most popular overseas spending destination for OCBC customers, accounting for one in three transactions. Dining and shopping are the top spending categories. The upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link is expected to further boost cross-border travel and consumer spending.
OCBC customers can exchange currencies before travel or making payments, eliminating foreign currency transaction fees when using a linked OCBC debit card. In Malaysia, customers can withdraw ringgit from OCBC ATMs without foreign exchange conversion charges, administrative fees, or third-party operator fees.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
