Singapore, 21 October 2026 – OCBC today announced that it will add Malaysian ringgit (MYR) to its multi-currency savings accounts, becoming the first non-Malaysian bank to enable customers to hold the currency in a Singapore-based personal savings account. From 23 October 2026, customers of the OCBC Global Savings Account and Premier Global Savings Account will be able to convert Singapore dollars into MYR at competitive exchange rates without any hidden fees or high mark-ups, and hold up to MYR 50,000 ($12,250). In addition, customers can earn interest on their Malaysian ringgit cash balances, a feature not available on digital multi-currency wallets. As MYR is a tightly controlled non-internationalised currency, opportunities for individuals to hold the currency in bank accounts outside Malaysia are limited. Strengthened multi-currency offering for rate-conscious consumers 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. 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 MYR from all OCBC ATMs in Malaysia without incurring foreign exchange (FX) conversion charges, administrative fees or third-party operator fees. Consumers are increasingly conscious about FX movements and exchanging currencies when the Singapore dollar (SGD) strengthens. This was evident after the tightening of Singapore’s monetary policy in July 2026, when the SGD strengthened and the number of Global Savings Account openings climbed by more than 25% between July and September 2026. Recent OCBC data also highlights consumers’ propensity to lock in favourable exchange rates. In January 2026, following a weakening of the Japanese yen against the Singapore dollar, customers built up their yen balances while rates were advantageous to them. This drove yen conversions to their highest monthly level in more than a year – 30% higher than the average monthly conversions seen in 2025. Rising spending by Singapore residents across the Causeway OCBC’s strengthened multi-currency savings account arrives as spending by Singapore residents across the Causeway continues to increase. The value of transactions by OCBC customers there has grown 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. The upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link is expected to further drive cross-border travel and consumer spending across the Causeway. Tan Siew Lee, Head of Group Wealth Management, OCBC, said: "Singaporeans are savvy and rate conscious. They keep a close eye on FX because they want to get the most value from every dollar they exchange. A small difference in exchange rates may seem insignificant, but over dozens of trips and years of spending, the savings can add up quickly. “Many Singaporeans make frequent cross-border trips to Malaysia for work, leisure and everyday spending. The launch of ringgit on OCBC's Global Savings Account will be particularly powerful for such consumers. 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.” Re-disseminated by The Asian Banker
