Guide To Multi-Currency Accounts And Wallets In Malaysia

It is becoming common for more households in Malaysia to hold foreign currencies along with the Malaysian ringgit (MYR). This comes as more of us are going abroad, whether for work, travel or studies. Similarly, e-commerce has also been gaining strong adoption among shoppers seeking new experiences with international sites. 

While a regular savings account allows us to transact in the local currency, we could use a multi-currency account or wallet to hold and transact more conveniently in other foreign currencies including MYR. These accounts offer highly competitive exchange rates and usually come with a multi-currency debit card. This allows us to withdraw cash from authorised overseas ATMs with no conversion fees. 

With a multi-currency account, we no longer need to hold large amounts of foreign currencies in physical cash when we travel. Here are some of the multi-currency accounts and wallets that are available in Malaysia:     

Read Also: 6 Savings Accounts In Malaysia To Credit Your Salary  

#1 RHB Multi Currency Account 

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RHB Multi Currency Account has one of the most diversified and largest portfolios of foreign currencies.  

Currency Exchange: You can hold up to 32 currencies in your RHB Multi Currency Account including Japanese Yen (JPY), Sterling Pound (GBP), Singapore Dollar (SGD), Australia Dollar (AUD), New Zealand Dollar (NZD), Euro (EUR), US Dollar (USD), Swiss Franc (CHF), Hong Kong Dollar (HKD), Canadian Dollar (CAD), Saudi Riyal (SAR), South Africa Rand (ZAR), Thai Baht (THB), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), Arab Emirates Dirham (AED), Chinese Renminbi (CNY), Indonesian Rupiah (IDR), Brunei Dollar (BND), Qatar Riyal (QAR), Philippine Peso (PHP), Bangladeshi Taka (BDT), Pakistani Rupee (PKR), Jordanian Dinar (JOD), Cambodian Riel (KHR), Bahraini Dinar (BHD), Indian Rupee (INR), Vietnamese Dong (VND), Turkish Lira (TRY), Mexican Peso (MXN) and Polish Zloty (PLN).  

Foreign Spending: When you open a RHB Multi Currency Account, you will be issued a RHB Multi Currency Visa Debit Card, which you can use to withdraw cash from ATMs worldwide. There will be no fees for retail and withdrawal transactions overseas in the 32 currencies mentioned.  

Remittance: You can send Foreign Telegraphic Transfer (FTT) from your Multi Currency Account for a fee of USD10. Other fees such as agent bank charges, may also apply. 

RHB Multi Currency Account also allows you to trade precious metals, such as gold and silver, at market prices. The account also comes with Perbadanan Insurans Deposit Malaysia (PIDM) protection, which means up to RM250,000 of your deposit is insured. 

#2 HLB Pay&Save Account 

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For avid savers, Hong Leong Bank’s Pay&Save Account offers customers an attractive savings interest rate of 2.25% per annum.  

Currency Exchange: The Pay&Save account lets you keep up to 12 major currencies including Australian Dollar (AUD), Chinese Renminbi (CNH), Euro (EUR), Hong Kong Dollar (HKD), Japanese Yen (JPY), New Zealand Dollar (NZD), Pound Sterling (GBP), Saudi Arabian Riyal (SAR), Singapore Dollar (SGD), Thai Baht (THB), US Dollar (USD) and Canadian Dollar (CAD). 

Foreign Spending: You can make payments with your HLB debit card. You may also make withdrawals at any Visa PLUS or Mastercard Cirrus ATM for a fee of RM12 or 2% of the withdrawal amount, whichever is higher. Make sure to enable your card for overseas spending and withdrawals. 

HLB Pay&Save Account is protected by PIDM. It also offers account holders opportunities to earn bonus interest up to 0.90% per annum through extra transactions like spending and investing. 

#3 HSBC Everyday Global Account 

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HSBC also offers a multi-currency account, Everyday Global Account, with no minimum balance required, that is suitable for students who may require the account for specific transactions such as paying tuition fees. 

Currency Exchange: You can store up to 11 currencies in your Everyday Global Account including Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Great Britain Pound Sterling (GBP), Hong Kong Dollar (HKD), Japanese Yen (JPY), Ringgit Malaysia (RM), New Zealand Dollar (NZD), Saudi Riyal (SAR), Singapore Dollar (SGD), United States Dollar (USD). 

Foreign Spending: You can transact with the Everyday Global multi-currency debit card on your overseas spending without any additional charges. There are also no charges for ATM withdrawals. 

Remittance: You may send Telegraphic Transfer from your account, though charges will apply.      

The HSBC Everyday Global Account is also protected by PIDM for up to RM250,000. 

#4 Wise 

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Aside from multi-currency bank accounts, there are digital wallets that let you transact in multiple currencies as well, one of which is Wise. 

Currency Exchange: You can keep more than 50 currencies with Wise. You can hold up to RM20,000 worth of the sum of all currencies in your account.   

Foreign Spending: You can use the Wise Visa Card to spend and make withdrawals overseas in more than 150 currencies. For ATM withdrawals, the first 2 withdrawals totalling RM1,000 a month are free of charge. Withdrawals after that come with a fee of RM5 + 1.75% each time. 

Remittance: You can transfer money overseas with Wise. The fee varies depending on the amount of money you’re transferring, your payment method and the exchange rate from MYR to the currency you desire. You will be charged a fixed fee of RM1.80 to RM2.40. In addition, you will also be charged a variable fee ranging between 0.5% and 0.6% of the transfer amount.  

Do note that you will need to make a one-time payment of RM13.70 when registering for your card.  

#5 Merchantrade Money 

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First introduced in 2018, Merchantrade Money is backed by money exchange services provider Merchantrade Asia. 

Currency Exchange: Buy and store up to 20 currencies with Merchantrade Money including Malaysian Ringgit (MYR), United States Dollar (USD), Singapore Dollar (SGD), Great Britain Pound Sterling (GBP), Australian Dollar (AUD), Indonesian Rupiah (IDR), Euro (EUR), Thai Baht (THB), Japanese Yen (YEN), Saudi Riyal (SAR), Chinese Renminbi (CNY), Taiwanese Dollar (TWD), Hong Kong Dollar (HKD), Korean Won (KRW), Indian Rupee (INR), Philippine Peso (PHP), Canadian Dollar (CAD), New Zealand Dollar (NZD), Arab Emirates Dirham (AED), Swiss Franc (CHF) and Vietnamese Dong (VND). 

Foreign Spending: You can use the Merchantrade Money VISA Prepaid Card to make payments and withdraw cash from ATMs. Cash withdrawals will incur a fee of RM1 to RM10, depending on where you withdraw from.   

Remittance: You can remit money online to over 200 countries.   

There are several fees involved when registering for Merchantrade Money including a card issuance fee of RM10, an annual fee of RM10 and a refundable deposit of RM20.    

Read Also: Best Ways To Transfer Money From Singapore To Malaysia: 7 Remittance Services You Can Use 

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