OCBC customers with a Global Savings Account or Premier Global Savings Account will be able to hold up to RM50,000 in Malaysian ringgit from Friday (23 October).
The bank announced the service on Wednesday (21 October). Customers will be able to convert Singapore dollars into ringgit, keep the money in their Singapore-based accounts and earn interest while waiting to spend it.
For those making regular JB trips, that means being able to exchange money ahead of a visit and use the ringgit balance when paying with a linked OCBC debit card.
Earn 1% Annual Interest Until June 2027
OCBC said the ringgit balances will earn interest at 1% a year until 30 June 2027, followed by 0.5% a year thereafter.
No minimum ringgit balance is required.
The RM50,000 holding limit is equivalent to approximately S$15,700, based on the conversion cited in CNA’s 21 October report. The Singapore-dollar equivalent will vary with exchange rates.
Customers will be able to spend their ringgit using a linked OCBC debit card without foreign currency transaction fees.
They can also withdraw ringgit at OCBC ATMs in Malaysia without foreign exchange conversion charges, administrative fees or third-party operator fees, the bank said.
That withdrawal arrangement specifically covers OCBC ATMs in Malaysia.
OCBC described its conversion rates as competitive. This is the bank’s assessment, rather than a guarantee that its rate will always beat other currency exchange options.
Malaysia Accounts for One in Three Overseas Transactions
OCBC said Malaysia is its customers’ most popular overseas spending destination, accounting for one in three overseas transactions. Dining and shopping are the two largest spending categories.
The value of its customers’ transactions across the Causeway has grown at a compound annual rate of 25% since 2022, according to the bank.
OCBC’s head of group wealth management, Tan Siew Lee, said the offering would let frequent travellers exchange money when rates suit them and earn interest on the ringgit they hold.
The bank said it will become the first non-Malaysian bank to offer ringgit holdings in Singapore-based personal savings accounts. Adding ringgit will bring its multi-currency offering to 11 currencies.
Holding ringgit does carry exchange-rate risk. OCBC’s account information notes that currency movements can affect the value of foreign currency deposits when converted back.
For customers planning to use the feature, the announced start date is Friday, 23 October.
