OCBC adds ringgit to Singapore accounts

What happened

OCBC was one of Singapore's top Google searches after the bank confirmed that customers can hold Malaysian ringgit in their Singapore savings accounts from 23 October 2026. The bank announced the change on 21 October. It covers the OCBC Global Savings Account and the Premier Global Savings Account, and OCBC says it is the first non-Malaysian bank to offer ringgit in a Singapore-based personal savings account.

The details

According to OCBC's announcement, customers can convert Singapore dollars into ringgit and keep up to MYR 50,000 in the account. Ringgit balances earn interest, a point OCBC uses to set the account apart from digital multi-currency wallets. With ringgit added, the account supports 11 currencies. The bank says a linked OCBC debit card can be used for payments in Malaysia without foreign currency transaction fees, and that ringgit can be withdrawn at OCBC ATMs in Malaysia without conversion or administrative charges. MissLobang, a Singapore consumer site, adds that machines run by non-bank operators may charge their own fees.

Why the ringgit is different

The ringgit is a tightly controlled, non-internationalised currency, which OCBC says has limited the chance to hold it in bank accounts outside Malaysia. MissLobang notes that ordinary consumers have found it nearly impossible to do so, and presents the new account as an alternative to buying ringgit from a moneychanger in Johor Bahru. OCBC's Head of Group Wealth Management, Tan Siew Lee, described Singaporeans as "savvy and rate conscious" and said the account lets customers lock in exchange rates in advance and plan travel costs with more certainty.

The numbers behind the move

OCBC says Malaysia is its customers' most popular overseas spending destination, accounting for about one in three of their overseas transactions, and that the value of those transactions has grown at a compound annual rate of 25% since 2022. Dining and shopping are the largest categories. The bank also reports that Global Savings Account openings rose more than 25% between July and September 2026, after Singapore tightened monetary policy in July and the Singapore dollar strengthened. It expects the upcoming Johor Bahru–Singapore RTS Link to add to cross-border travel.

Why it matters for payments

The launch shows how much of everyday cross-border money comes down to timing: when you convert, and at what rate. Holding a currency before a trip is not the same as a remittance or an international money transfer, where money goes to someone else's bank account and is converted on the way. In both cases the useful habit is the same: check the exchange rate and the fee before you confirm, not after the money has moved. People who use a money transfer app for family or work payments face that question every time they send.

What to watch next

Watch whether other Singapore banks follow with ringgit accounts, how the conditions develop after launch, and whether the opening of the RTS Link changes how often people travel between Johor Bahru and Singapore. As MissLobang points out, ringgit held in the account still moves with the exchange rate until it is used, so the account fixes the rate at conversion, not the currency's value.

What it means for Odix Pay users

Odix Pay is a payment app, not a bank, and it does not convert currencies inside the app: your balance stays in the currency you added. Conversion happens when you send money to a bank account in another country, and the app shows the exchange rate and the fee before you confirm. To get paid by bank transfer, you can use a personal euro IBAN in your own name and receive SEPA euro transfers. Availability depends on your country, and fees are shown in the app. More stories in the Odix Pay newsroom.