OCBC Becomes First Non-Malaysian Bank to Offer Ringgit Savings in Singapore

The new offering from OCBC enables Singapore-based customers to manage Malaysian ringgit directly within their multi-currency savings accounts. This includes the ability to earn interest on balances and use a linked debit card for transactions and withdrawals in Malaysia without incurring foreign currency fees. This facility aims to simplify cross-border financial activity for frequent travelers between the two countries.

OCBC's introduction of ringgit accounts appears to be a direct response to observed customer behavior. The bank reported a 25 percent compound annual growth in the value of transactions made by its customers across the Causeway since 2022. Malaysia accounts for one in three overseas transactions by OCBC's customers, making it their most popular international spending destination, particularly for dining and shopping.

Tan Siew Lee, Head of Group Wealth Management at OCBC, highlighted that the feature allows consumers to lock in favorable exchange rates ahead of time and protect against future currency swings. The bank anticipates that the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link will further increase cross-border travel and spending, suggesting a proactive strategy to meet future customer needs.