OCBC now lets you hold Malaysian ringgit in Singapore. We found out if the OCBC Global Savings Account is worth using

What happened?

Singaporeans who travel frequently to Malaysia now have another way to manage their Malaysian ringgit.

From 23 October 2026, OCBC customers can hold Malaysian ringgit, or MYR, directly in the OCBC Global Savings Account and Premier Global Savings Account.

OCBC says it is the first non-Malaysian bank to allow customers to hold ringgit in a Singapore-based personal savings account. 

Customers can hold up to MYR50,000, convert SGD into MYR ahead of their spending needs, and earn interest on their MYR balances.

For Singaporeans who travel regularly to Johor Bahru or elsewhere in Malaysia, this could be a useful alternative to converting ringgit only when you need to spend it.

Here is what you need to know about the OCBC Global Savings Account.

The OCBC Global Savings Account lets you hold 11 currencies

The OCBC Global Savings Account is a multi-currency savings account that allows customers to hold and manage 11 currencies within the same account.

With MYR now added, you can convert Singapore dollars into ringgit and keep the money in your account until you need it.

This can be useful if, for example, you think the SGD/MYR exchange rate is attractive and want to convert some ringgit ahead of your next Malaysia trip.

Rather than converting only when you make a transaction, you can lock in the exchange rate earlier.

OCBC Global Savings Account MYR balances can earn up to 1% p.a.

Customers who maintain an average daily MYR balance of at least MYR5,000 can earn:

• 1% p.a. until 30 June 2027
• 0.5% p.a. thereafter

This is one feature that differentiates the account from many multi-currency wallets, where foreign currency balances typically do not earn interest.

However, we would not convert SGD into MYR purely for the interest rate.

Currency movements can easily outweigh the interest earned. The account may therefore make more sense if you already expect to spend ringgit in the future.

Hold up to MYR50,000 with OCBC Global Savings Account 

You can hold up to MYR50,000 in your OCBC Global Savings Account at any point in time.

This should be more than sufficient for most customers using the account for travel and everyday spending in Malaysia.

Spend or withdraw MYR directly from your OCBC Global Savings Account

Once you have MYR in your Global Savings Account, you can use your linked OCBC debit card to spend in Malaysia. You can also use the card through Apple Pay or Google Pay.

If you have sufficient MYR in the account, the transaction will be deducted directly from your MYR balance without foreign currency transaction fees.

You can also withdraw MYR from ATMs in Malaysia using your linked OCBC debit card. Withdrawals from OCBC ATMs in Malaysia do not incur foreign exchange conversion charges, administrative fees or third-party operator fees.

For non-bank operated ATMs, an additional service charge may be imposed by the ATM operator.

This means you can convert MYR when you find the exchange rate attractive, then use the funds for future spending or cash withdrawals in Malaysia.

Convert and hold MYR ahead of your spending needs with the OCBC Global Savings Account

The OCBC Global Savings Account allows you to convert SGD into MYR in advance, rather than only when you make a payment in Malaysia.

The exchange rate is shown in the OCBC app before you confirm the conversion. OCBC says customers can convert SGD into MYR without hidden fees or high mark ups.

This means you can lock in an exchange rate at the point of conversion, then use the MYR later for spending or cash withdrawals.

However, the rate offered by OCBC may differ from the mid market exchange rate, as the exchange rate can include a spread. 

It is therefore worth comparing the amount of MYR you would receive with other banks, money changers and multi currency wallets before converting a large amount.

The exchange rate may also move after you convert. If the ringgit weakens, the SGD value of your MYR holdings will fall.

As such, the account may be more relevant for MYR that you already expect to spend in Malaysia, rather than for seeking additional returns from currency movements.

OCBC Global Savings Account vs Premier Global Savings Account

Both the OCBC Global Savings Account and Premier Global Savings Account allow customers to hold MYR, convert SGD into MYR, earn interest on eligible MYR balances, and spend directly from their MYR balance using a linked OCBC debit card.

The main difference is that the Premier Global Savings Account is for OCBC Premier Banking customers, while the Global Savings Account is available to regular OCBC customers.

For MYR specifically, OCBC has not indicated a different interest rate or holding limit between the two accounts. Both can hold up to MYR50,000, with MYR balances of at least MYR5,000 earning 1% p.a. until 30 June 2027.

As such, existing Premier Banking customers would generally use the Premier Global Savings Account, while other OCBC customers can use the Global Savings Account.

OCBC Global Savings Account may be useful for frequent Malaysia travellers

We think the account is likely to be most relevant for Singapore residents who travel to Malaysia regularly and already expect to spend ringgit.

For example, it may be useful if you:

• Travel frequently to Johor Bahru for dining, shopping or leisure
• Want to convert MYR when you think the exchange rate is favourable
• Prefer knowing your exchange rate before you travel
• Want to keep some MYR ready for future trips
• Want to earn some interest while waiting to spend your MYR

Malaysia is already the most popular overseas spending destination among OCBC customers, accounting for one in three overseas transactions. The value of transactions by OCBC customers in Malaysia has grown at a compound annual rate of 25% since 2022.

With the Johor Bahru-Singapore RTS Link expected to make cross-border travel even easier, the option to hold ringgit directly in Singapore could become increasingly useful.

OCBC Global Savings Account vs OCBC 360 Account: Which is better? 

The OCBC Global Savings Account serves a different purpose from the OCBC 360 Account.

The Global Savings Account is designed for holding foreign currencies such as MYR, while the OCBC 360 Account is an SGD savings account.

If you want to hold MYR, you will need to open a Global Savings Account. MYR cannot be held directly in your OCBC 360 Account.

There is also a difference in the interest you can earn. MYR balances of at least MYR5,000 in the Global Savings Account earn 1% p.a. until 30 June 2027. In comparison, the OCBC 360 Account can offer higher interest rates on SGD balances when you meet requirements such as salary crediting, saving and card spending.

As such, we would see the Global Savings Account mainly as a way to hold and spend foreign currencies, rather than as a replacement for the OCBC 360 Account for your SGD savings.

Existing OCBC 360 customers can open a separate Global Savings Account through the OCBC app and add MYR as one of their currencies.

How to open an OCBC Global Savings Account and add MYR

According to OCBC, you can set up the account through the OCBC app:

1. Log in to the OCBC app and select “Accounts”
2. Select “Global Savings Account"

3. Select MYR together with your preferred currencies
 

4. Complete the account opening

How to convert SGD into MYR with the OCBC Global Savings Account

After your Global Savings Account has been opened:

1. Log in to the OCBC app

2. Select “Pay & Transfer”, followed by “Local”

3. Select your Global Savings Account
 

4. Enter the amount of MYR you want to convert

5. The corresponding SGD amount will be displayed before you proceed.

6. The converted MYR will then appear in your Global Savings Account. 

What would Beansprout do?

The ability to hold MYR directly in a Singapore bank account makes the OCBC Global Savings Account more useful for Singaporeans who cross the Causeway regularly.

The main benefit is not necessarily the interest you can earn.

Rather, it gives you greater control over when you convert your SGD into MYR. If the exchange rate reaches a level you are comfortable with, you can convert some of the ringgit you expect to use in future and spend directly from that balance later.

For frequent Malaysia travellers, that combination of convenience, the ability to lock in an exchange rate ahead of time and interest on idle MYR balances could make the account worth considering.

To find out which savings account allows your money to work harder, check out our guide to the best savings account with highest interest rates in Singapore.

If you are deciding where to park your cash, you can also explore how the OCBC Global Savings Account fits into the broader Liquidity Pot within Beansprout's Four Pot of Wealth, alongside fixed deposits, Singapore T-bills and Singapore Savings Bonds and money market funds.

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