OCBC says Singapore customers can hold ringgit in savings accounts from October 23

OCBC said on October 21 that customers with two of its Singapore savings accounts will be able to hold Malaysian ringgit from October 23, giving frequent visitors to Malaysia a way to keep money for spending there. Channel News Asia (CNA) reported that the change applies to the OCBC Global Savings Account and Premier Global Savings Account; the launch is still forthcoming.

Customers will be able to convert Singapore dollars into ringgit and hold up to RM50,000 in a Singapore-based personal savings account, according to CNA. They can spend the balance with an OCBC debit card or withdraw ringgit at ATMs in Malaysia. OCBC said there is no minimum balance.

Interest rates and conversion terms

The Global Savings Account is already a multi-currency savings account. OCBC’s product page says customers can use an OCBC debit card to withdraw foreign currency at overseas ATMs, placing the planned ringgit option within an existing account rather than a newly announced account type.

Why the ringgit option matters

CNA reported OCBC’s claim that it would be the first non-Malaysian bank to let customers hold ringgit in a Singapore-based savings account. Ringgit can already be held in multi-currency e-wallets offered by YouTrip and Wise, CNA said, but those services do not pay interest on cash balances. OCBC described the ringgit as a tightly controlled currency, with limited opportunities for individuals to keep it in bank accounts outside Malaysia.

OCBC group wealth management head Tan Siew Lee said many Singaporeans travel to Malaysia for work and leisure and watch exchange rates closely. ‘A small difference in exchange rates may seem insignificant, but over dozens of trips and years of spending, the savings can add up quickly,’ she said, according to CNA. The bank also expects the Johor Bahru–Singapore Rapid Transit System Link to increase cross-border travel and spending in Malaysia.