OCBC to let Singapore customers hold ringgit in savings accounts from Oct 23

In a statement, the bank said customers can convert Singapore dollars into MYR at competitive exchange rates without any hidden fees or high mark-ups through their OCBC Global Savings Account and Premier Global Savings Account. — TODAY pic

First Published: Thursday, 22 Oct 2026 9:32 AM MYT

SINGAPORE, Oct 22 — Oversea-Chinese Banking Corporation Ltd (OCBC) yesterday announced the addition of Malaysian ringgit (MYR) to its multi-currency savings accounts beginning October 23, 2026, making it the first non-Malaysian bank to enable customers to hold the currency in a Singapore-based personal savings account.

In a statement, the bank said customers can convert Singapore dollars into MYR at competitive exchange rates without any hidden fees or high mark-ups through their OCBC Global Savings Account and Premier Global Savings Account.

They can hold up to RM50,000 and subsequently earn interest on their ringgit cash balances.

“As MYR is a tightly controlled non-internationalised currency, opportunities for individuals to hold the currency in bank accounts outside Malaysia are limited. 

“The addition of MYR now further strengthens OCBC’s multi-currency savings account, which allows customers to hold and manage 11 currencies within a single account,” it said on Wednesday.

According to OCBC, Malaysia is its customers’ most popular overseas spending destination, accounting for one in three overseas transactions, with dining and shopping as the two largest spending categories.

The upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link is expected to further drive cross-border travel and consumer spending across the causeway, it added.

OCBC head of group wealth management, Tan Siew Lee said the launch of ringgit on OCBC’s Global Savings Account will be particularly powerful for many Singaporeans who make frequent cross-border trips to Malaysia.

“It gives them the ability to lock in favourable exchange rates ahead of time, hold ringgit in a regulated Singapore deposit account, earn interest on cash balances, protect against future currency swings, and enjoy greater certainty over their travel spending.

“This means that they no longer have to choose between favourable exchange rates and growing their savings. Instead, they can now do both,” she said. — Bernama