OCBC to allow Malaysian ringgit in Singapore savings accounts
OCBC is trending because it will become the first non-Malaysian bank to let customers keep ringgit in Singapore savings accounts. This allows users to lock in exchange rates and earn interest on their balances.
What happened
- 21 Oct 2026
OCBC announces the new ringgit holding feature [1], [2].
- 23 Oct 2026
The service officially launches for eligible account holders [1], [3].
What you need to know
Users can hold a maximum of RM50,000 in these accounts [1], [2].
Interest is 1% per year until June 30, 2027, then drops to 0.5% [2], [3].
Linked debit cards allow spending in Malaysia without foreign transaction fees [2], [3].
Ringgit can be withdrawn from OCBC ATMs in Malaysia without extra charges [1], [2].
It is not specified which specific 'competitive' exchange rates will be applied during conversion [1].
Background
The Malaysian ringgit is a tightly controlled currency, making it difficult for people to hold it in bank accounts outside of Malaysia [1], [2]. While some fintech apps allow this, traditional non-Malaysian banks have not offered it [1].
OCBC noted a rise in cross-border spending, with Malaysia being the top overseas destination for its clients [2]. The bank expects the new Johor Bahru-Singapore Rapid Transit System Link to further increase travel and spending [1], [3].
Questions people ask
Who can use this service?
Customers with an OCBC Global Savings Account or Premier Global Savings Account [1], [2].
Is there a minimum balance required?
No minimum balance is needed to hold ringgit [1], [3].
Where this came from
[1] channelnewsasia.com
OCBC to become first non-Malaysian bank to allow Singapore saving accounts to hold ringgit from Oct 23
Preview image from channelnewsasia.com
[2] straitstimes.com
OCBC customers can hold Malaysian ringgit in Singapore savings accounts from Oct 23
Preview image from straitstimes.com
[3] businesstimes.com.sg
OCBC to add ringgit to Singapore-based savings accounts from Oct 23
Preview image from businesstimes.com.sg
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