OCBC adds Malaysian ringgit to Singapore-based multi-currency savings accounts
Singapore's second-largest bank OCBC on Wednesday (Oct 21) announced that it will add the Malaysian ringgit (MYR) to its multi-currency savings accounts, making it the first non-Malaysian bank here to hold the currency in a local personal savings account.The ringgit is a non-internationalised currency, making opportunities for individuals to hold the currency in bank accounts outside of Malaysia limited, OCBC pointed out.It added that with the ringgit's addition, its customers can convert currencies ahead of their travel or spending needs, and spend with a linked OCBC debit card without foreign currency transaction fees.They can also withdraw ringgit from all OCBC ATMs in Malaysia without incurring foreign exchange (FX) conversion charges, administrative fees or third-party operator fees.The lender cited its data findings, which showed that consumers tend to lock in favourable exchange rates."Consumers are increasingly conscious about FX movements and exchanging currencies when the Singapore dollar (SGD) strengthens."