--- title: Can Singapore SME Owners Use OCBC's New Ringgit Account for Business in Malaysia? description: OCBC's new ringgit account is a personal product. What it does and does not do for Singapore SME owners paying suppliers, staff and travel costs in Malaysia. image: https://www.thefinancialcoconut.com/hubfs/business-colleagues-pay-at-outdoor-cafe-with-serve-2026-09-25-00-04-11-utc-jpg.jpeg --- [Skip to content](https://www.thefinancialcoconut.com/blog/ocbc-ringgit-account-singapore-business-owners#main-content) [![Full\_COlour](https://www.thefinancialcoconut.com/hs-fs/hubfs/Full_COlour.png?width=456&height=80&name=Full_COlour.png)](https://www.thefinancialcoconut.com/) - [Retirement Marketspace](https://retirementmarketspace.thefinancialcoconut.com/) - [Events](https://www.thefinancialcoconut.com/events) Show submenu for Events - [For Investors](https://tfcmysterymeetup.com/) - [For Business Owners & Creators](https://ipcreatorunite.peatix.com/) - [For Salaried Workers](https://www.thefinancialcoconut.com/thought-leadership-series) - [TFC Events](https://www.thefinancialcoconut.com/events) - [Shows](https://www.thefinancialcoconut.com/tfc-shows) Show submenu for Shows - [Wise and Shine](https://www.thefinancialcoconut.com/wise-and-shine) - [The Business Show](https://www.thefinancialcoconut.com/tfc-business-show) - [Chills with TFC](https://www.thefinancialcoconut.com/chills-with-tfc) - [Blog](https://www.thefinancialcoconut.com/blog) Show submenu for Blog - [Work Smart](https://www.thefinancialcoconut.com/worksmart) - [Invest](https://www.thefinancialcoconut.com/invest) - [Retire Well](https://www.thefinancialcoconut.com/retire-well) - [Business](https://www.thefinancialcoconut.com/business) Open main navigation Close main navigation - [Retirement Marketspace](https://retirementmarketspace.thefinancialcoconut.com/) - [Events](https://www.thefinancialcoconut.com/events) Show submenu for Events - [For Investors](https://tfcmysterymeetup.com/) - [For Business Owners & Creators](https://ipcreatorunite.peatix.com/) - [For Salaried Workers](https://www.thefinancialcoconut.com/thought-leadership-series) - [TFC Events](https://www.thefinancialcoconut.com/events) - [Shows](https://www.thefinancialcoconut.com/tfc-shows) Show submenu for Shows - [Wise and Shine](https://www.thefinancialcoconut.com/wise-and-shine) - [The Business Show](https://www.thefinancialcoconut.com/tfc-business-show) - [Chills with TFC](https://www.thefinancialcoconut.com/chills-with-tfc) - [Blog](https://www.thefinancialcoconut.com/blog) Show submenu for Blog - [Work Smart](https://www.thefinancialcoconut.com/worksmart) - [Invest](https://www.thefinancialcoconut.com/invest) - [Retire Well](https://www.thefinancialcoconut.com/retire-well) - [Business](https://www.thefinancialcoconut.com/business) - [Contact us](https://www.thefinancialcoconut.com/contact-us) [Contact us](https://www.thefinancialcoconut.com/contact-us) Oct 21, 2026, 5:53:58 PM # Can Singapore SME Owners Use OCBC's New Ringgit Account for Business in Malaysia? ![Picture of The Financial Coconut](https://www.thefinancialcoconut.com/hs-fs/hubfs/Square%20(2)-3.png?width=50&name=Square%20(2)-3.png) [The Financial Coconut](https://www.thefinancialcoconut.com/blog/author/the-financial-coconut) Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://www.thefinancialcoconut.com/blog/ocbc-ringgit-account-singapore-business-owners) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://www.thefinancialcoconut.com/blog/ocbc-ringgit-account-singapore-business-owners) [envelope icon](mailto:?body=https://www.thefinancialcoconut.com/blog/ocbc-ringgit-account-singapore-business-owners) [Share this page](https://twitter.com/intent/tweet?url=https://www.thefinancialcoconut.com/blog/ocbc-ringgit-account-singapore-business-owners) [![Follow The Financial Coconut](https://no-cache.hubspot.com/cta/default/46975693/interactive-182431637553.png)](https://cta-service-cms2.hubspot.com/web-interactives/public/v1/track/redirect?encryptedPayload=AVxigLL2CjCe42iR2RH2MpVX0Ej%2BKJQ%2F3A0Z7pXnUs35To%2Bo6nbKcpBVq9I98X5NUungVEwfs5YCKuM%2FaP97VxIITkTlihT57%2F%2F4XDW9rT3VR4MatSLDi%2BMU5mbQqihfX3LRRz83ij8K19OiD8UXy8sdct4t0Q%3D%3D&webInteractiveContentId=182431637553&portalId=46975693)   **TL;DR** - From 23 October 2026, OCBC Global Savings Account holders can hold up to RM50,000 and earn interest. It is a personal savings account, not a business account. - Use it for your own cross-border travel and spending. Do not run company payments, supplier invoices or staff pay through it. - For business flows, a bank telegraphic transfer in ringgit, the PayNow-DuitNow link for small payments and the cross-border QR link are the tools that fit. Only partly. OCBC's new ringgit feature, live from 23 October 2026, sits inside its personal Global Savings Account, caps balances at RM50,000 and is built for travel and everyday spending. It suits a founder's own JB trips. It is not a treasury tool for paying Malaysian suppliers, contractors or staff, and OCBC has not announced a business equivalent. ![](https://www.thefinancialcoconut.com/hs-fs/hubfs/OCBC%20MYR-png-1.png?width=1920&height=1080&name=OCBC%20MYR-png-1.png) ## What does the OCBC ringgit account actually do? Account holders can convert Singapore dollars to ringgit in the app, hold up to RM50,000, spend it with a linked OCBC debit card at no foreign currency transaction fee, and withdraw cash at Malaysian ATMs without an FX conversion charge. According to OCBC's media FAQ, balances averaging RM5,000 a day earn 1% p.a. until 30 June 2027, then 0.5%. OCBC says it is the first non-Malaysian bank to offer ringgit in a Singapore-based savings account. That claim holds because the ringgit is a non-internationalised currency and Bank Negara Malaysia does not recognise offshore trading of it, which is why business multi-currency accounts in Singapore have stopped at the usual majors. ![](https://www.thefinancialcoconut.com/hs-fs/hubfs/professional-businessman-making-a-phone-call-again-2026-10-08-16-15-18-utc-jpg.jpeg?width=6000&height=3375&name=professional-businessman-making-a-phone-call-again-2026-10-08-16-15-18-utc-jpg.jpeg) ## Why it is not a business account Three reasons an SME owner should keep this out of the company's books. 1. **It is personal.** The product is opened under your own name. Running supplier payments or staff reimbursements through a personal account mixes company and personal money, which your accountant and your auditor will both dislike. 2. **The cap is small.** RM50,000 is about S$15,700 at the current rate of roughly 3.19 ringgit per dollar. That covers a few months of a founder's JB spending. It does not cover a quarter of supplier invoices. 3. **The business product does not match.** OCBC's Singapore business multi-currency account lists 13 currencies and, according to a June 2026 review, the ringgit is not one of them. Check with your relationship manager, but do not assume the personal launch has changed the business side. ![](https://www.thefinancialcoconut.com/hs-fs/hubfs/OCBC%20MYR%20transfer-png.png?width=1200&height=675&name=OCBC%20MYR%20transfer-png.png) ## Where it does fit for a founder Plenty of Singapore businesses now spend real time across the Causeway. As Invest Sabah's Kevin George Ukang put it on [The Business Show](https://www.thefinancialcoconut.com/blog/thebusinessshow-62), when Singapore SMEs look outward, "Most stop at Johor." Site visits, supplier meetings, franchise scouting and trade shows all involve ringgit spending that is yours, not the company's, until you claim it back. For that, the account is useful: - Convert ahead of a trip when the rate looks good, then spend from the ringgit balance rather than paying a card FX mark-up on every meal - Keep a float for repeat JB visits so you stop queueing at money changers - Claim expenses against a clean debit card record in ringgit, which makes reimbursement simpler than mixed-currency statements Treat it as your own travel wallet with interest. The rate discipline still matters: SGD/MYR has traded between 3.16 and 3.22 over the past 90 days, so a large float converted at the wrong moment loses more than the interest earns. One more housekeeping point. If you do claim ringgit spending back from the company, record the SGD cost at the rate you actually converted at, not the rate on the day of the receipt. Your finance person will thank you, and it keeps the expense claim tied to a real bank record rather than a guess. ![](https://www.thefinancialcoconut.com/hs-fs/hubfs/OCBC%20is%20first%20non-Malaysian%20bank%20to%20offer%20MYR%20in%20Singapore-based%20savings%20account_2-jpg-1.jpeg?width=5702&height=3801&name=OCBC%20is%20first%20non-Malaysian%20bank%20to%20offer%20MYR%20in%20Singapore-based%20savings%20account_2-jpg-1.jpeg) ## How should a Singapore business actually pay in Malaysia? Match the tool to the payment. - **Supplier invoices and payroll:** a telegraphic transfer in ringgit through your business bank, which settles onshore via the bank's Malaysian partner. Ask for the all-in rate, not just the fee. - **Small payments to individuals:** the PayNow-DuitNow link lets you send to a Malaysian mobile number from a participating bank, but it is a person-to-person service with a S$1,000 daily cap on the Singapore side, so it suits a freelancer's one-off job, not a monthly retainer. - **Paying merchants in person:** the cross-border QR link lets Singapore bank app users scan DuitNow QR codes at Malaysian shops and eateries, settled in Singapore dollars. - **Setting up in Malaysia:** if you are registering an entity or a franchise there, you will need an onshore ringgit account anyway. Damien Yeo's warning on The Business Show about businesses tripping over Malaysia's Franchise Act 1998 applies to the banking side too: Malaysian rules, not Singapore convenience, govern what you can do once you are operating there. ![](https://www.thefinancialcoconut.com/hs-fs/hubfs/business-colleagues-pay-at-outdoor-cafe-with-serve-2026-09-25-00-04-11-utc-jpg.jpeg?width=3023&height=2018&name=business-colleagues-pay-at-outdoor-cafe-with-serve-2026-09-25-00-04-11-utc-jpg.jpeg) ## FAQ 1. **Can I use OCBC's ringgit account to pay Malaysian suppliers?** Not sensibly. It is a personal savings account capped at RM50,000. Use a business bank telegraphic transfer in ringgit for supplier payments. 2. **Does OCBC's business multi-currency account support ringgit?** As of a June 2026 review, no. It lists 13 currencies and the ringgit is not among them. Confirm with OCBC before relying on this. 3. **Is there a daily limit on PayNow to DuitNow transfers?** Yes. Singapore users can send up to S$1,000 a day in total, and the service is designed for transfers to individuals, not business invoicing. 4. **Should a founder keep a ringgit balance at all?** Only what you will spend across the Causeway in the next few months. Beyond that, you are carrying currency risk the business does not need. The OCBC ringgit account solves a founder's travel problem, not a company's payment problem. Keep it personal, keep it small, and move real business flows through business rails. For more candid conversations about building across the Causeway, follow [The Business Show](https://www.thefinancialcoconut.com/tfc-business-show), browse the [Business vertical](https://www.thefinancialcoconut.com/business), and join the community through the [TFC link hub](https://linkin.bio/thefinancialcoconut). ## References - OCBC, Media release: OCBC is the first non-Malaysian bank to offer ringgit in Singapore-based savings accounts (21 October 2026,) - OCBC, [Global Savings Account](https://www.ocbc.com/personal-banking/deposits/multi-currency-global-savings-account) - Aspire, [OCBC Multi-Currency Business Account review in 2026](https://aspireapp.com/en-sg/blog/ocbc-multi-currency-business-account-review) - RinggitPlus, [New Payment Linkage Between Malaysia, Singapore Allows Instant Cross-Border Money Transfers](https://ringgitplus.com/en/blog/personal-finance-news/new-payment-linkage-between-malaysia-singapore-allows-instant-cross-border-money-transfers.html) - Bank Negara Malaysia, [BNM Stance on Ringgit Currency Derivatives Products in Offshore Market](https://www.bnm.gov.my/-/bnm-stance-on-ringgit-currency-derivatives-products-in-offshore-market) - Wise, [Singapore dollars to Malaysian ringgits exchange rate](https://wise.com/gb/currency-converter/sgd-to-myr-rate) - Fintech News Singapore, [OCBC Becomes First Foreign Bank to Offer Ringgit Savings in Singapore](https://fintechnews.sg/139356/digital-banking-news-singapore/ocbc-ringgit-savings-account-singapore/) - The Financial Coconut, [Is Your Franchise Actually Illegal? \[TBS 59 ft Damien Yeo\]](https://shows.acast.com/the-financial-coconut-podcast/episodes/is-your-franchise-actually-illegal-tbs-59-ft-damien-yeo) Let us know what you think about this topic, and what do you want to hear next. 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