OCBC lets customers hold ringgit in Singapore accounts
OCBC Bank has introduced a feature allowing Singapore-based customers to hold Malaysian ringgit in their multi-currency savings accounts. This initiative aims to cater to the high volume of cross-border travel and financial activity between Singapore and Malaysia.
Why it matters
The move provides a rare opportunity for retail customers to manage a non-internationalized currency outside of its home country, reflecting increased regional economic integration.
OCBC customers can hold up to RM50,000 in their Singapore-based savings accounts.
Listen SINGAPORE – OCBC customers here will be able to hold Malaysian ringgit and earn interest on cash balances in their multi-currency accounts from Oct 23. The bank said on Oct 21 that it will be the first non-Malaysian bank to let customers hold ringgit in Singapore-based personal savings accounts.
Those who have the OCBC global savings account and premier global savings account will be able to convert Singapore dollars into ringgit at competitive exchange rates and hold up to RM50,000 (S$15,700), the bank said.
This brings the number of currencies supported by OCBC’s multi-currency savings accounts to 11, including US dollar, euro, Japanese yen, Hong Kong dollar and British pound.
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