OCBC to Allow Ringgit Holdings in Savings Accounts
The new feature helps travelers to Malaysia avoid foreign transaction and ATM fees starting October 23.
Updated on Oct. 21, 2026 in Banking
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Starting 23 October, OCBC will allow customers in Singapore to hold up to RM50,000 in Malaysian ringgit within their savings accounts. The new feature enables users to convert currency, earn interest on balances, and spend in Malaysia without incurring typical foreign transaction fees.
Why it matters
This move simplifies budgeting for frequent cross-border travelers by eliminating administrative and conversion charges on everyday spending. It addresses the growing volume of transactions across the Causeway, which have increased at a compound annual rate of 25 percent since 2022.
Customers can now hold up to RM50,000 in ringgit within their accounts, which support 11 total currencies. This change serves a segment where Malaysia accounts for one in three overseas transactions.
The players
OCBC
A Singapore-based bank providing savings, lending, and multi-currency account services to individual consumers.
The details
Account holders convert Singapore dollars into ringgit using their Global Savings Account or Premier Global Savings Account. Once converted, the funds can be accessed through a linked debit card for direct spending or via ATM withdrawals in Malaysia. By holding the currency directly, users avoid the fees typically associated with foreign currency transactions and cross-border ATM use.
Timeline
23 October 2026: Service launches for holding Malaysian ringgit.
Since 2022: Transaction value across the Causeway grew at a 25 percent annual rate.
Money Landscape
This development follows a significant trend of increased financial integration between the two neighboring economies. It positions the bank to capture greater volume as infrastructure like the Johor Bahru-Singapore Rapid Transit System Link aims to boost cross-border movement.
Travelers who frequent Malaysia can now avoid conversion and administrative fees by pre-converting funds within their existing savings accounts. You should review your current multi-currency account terms to understand interest yields and check if your travel habits warrant maintaining a ringgit balance.
The takeaway
Directly holding the foreign currency you frequently spend can provide significant savings on hidden conversion fees during cross-border travel. Check your bank's current multi-currency account features to see if you can reduce your exposure to foreign transaction charges before your next trip.
Further reading
For more on managing currency in your accounts, visit our Banking section.
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