OCBC has become the first non-Malaysian bank to let customers hold Malaysian ringgit (MYR) in a Singapore-based personal savings account, as cross-border spending between Singapore and Malaysia continues to climb.
From 23 October 2026, customers of the OCBC Global Savings Account and Premier Global Savings Account will be able to convert Singapore dollars into ringgit at competitive exchange rates, hold up to MYR50,000, and earn interest on their ringgit balances – a feature the bank says is not available on digital multi-currency wallets.
Singapore residents are spending more in Malaysia
The move comes as spending by Singapore residents across the Causeway continues to rise. OCBC said the value of transactions by its customers in Malaysia has grown at a compound annual growth rate of 25 per cent since 2022, with Malaysia now accounting for one in three of customers’ overseas transactions – more than any other destination. Dining and shopping are the two largest spending categories.
The bank expects the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link to further drive cross-border travel and spending.
Locking in exchange rates ahead of travel
The addition of ringgit extends OCBC’s multi-currency savings account, which already lets customers hold and manage 11 currencies in a single account. Customers can convert currencies ahead of travel, spend with a linked OCBC debit card without foreign currency transaction fees, and withdraw ringgit from OCBC ATMs in Malaysia without incurring foreign exchange conversion, administrative or third-party operator charges.
OCBC said consumers have become more attentive to currency movements since Singapore tightened its monetary policy in July 2026, which strengthened the Singapore dollar. Global Savings Account openings climbed by more than 25 per cent between July and September 2026. In a similar pattern, customers built up yen balances in January 2026 when the Japanese currency weakened against the Singapore dollar, driving yen conversions to their highest monthly level in more than a year – 30 per cent above the 2025 average.
“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,” said Tan Siew Lee, Head of Group Wealth Management at OCBC. “The launch of ringgit on OCBC’s Global Savings Account will be particularly powerful for frequent travellers 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.”
What customers get
- Hold up to MYR50,000 in a Global Savings Account or Premier Global Savings Account
- Earn interest of 1 per cent per annum on MYR balances, with no minimum balance required, until 30 June 2027 (0.5 per cent thereafter)
- Convert, spend and withdraw ringgit through a linked OCBC debit card, Apple Pay or Google Pay, without foreign exchange conversion fees at OCBC ATMs in Malaysia
As MYR is a tightly controlled, non-internationalised currency, opportunities for individuals to hold it in bank accounts outside Malaysia are limited, which OCBC said makes the new feature distinctive among Singapore banks.
