OCBC introduces Ringgit savings as cross-border banking grows

OCBC has become the first non-Malaysian lender to allow customers to hold Malaysian ringgit within Singapore-based personal savings accounts. Starting 23 October, holders of Global Savings and Premier Global Savings accounts can convert Singapore dollars into ringgit, holding up to RM50,000 in interest-earning balances. The bank also enables ringgit withdrawals at OCBC ATMs in Malaysia without foreign exchange conversion or administrative fees.

The move follows a trend of increasing cross-border banking activity. A report by Citi Wealth and RFI Global indicates that Malaysia’s affluent segment accounts for 36% of cross-border banking customers in Singapore, while Indonesia accounts for 41%. OCBC noted that Malaysia is the most popular overseas spending destination for its customers, representing one in three overseas transactions.

Additionally, OCBC reported that Global Savings Account openings rose by more than 25% between July and September, following the tightening of monetary policy in Singapore.