Maybank extends ringgit account access to Singapore companies
Eligible businesses can arrange currency conversions before Malaysian payments fall due. The account has no monthly fee or minimum balance.
Maybank has made its Malaysia Ringgit Current Account available to qualifying Singapore-based businesses, The Business Times reported. The offering enables companies to keep ringgit in Singapore and use it for authorised transactions involving Malaysia.
Businesses can prepare for future payments by converting balances from Singapore dollar or foreign-currency accounts held with Maybank. Rather than exchanging currency each time a payment falls due, they can retain ringgit purchased beforehand, an arrangement the bank describes as anticipatory foreign exchange.
Authorised uses cover supplier payments for Malaysian goods and services, eligible ringgit receipts, Malaysian asset purchases and sales, and eligible dividend and interest receipts. Supporting documentation may be requested by Maybank before a transaction is processed.
The account pays no interest. Customers need not make an opening deposit, maintain a minimum balance or pay a monthly account charge. Neither remittance commission nor commission in lieu of exchange is charged.
For transfers destined for Maybank Malaysia, processing fees and agent-bank charges are waived until further notice. Payments routed to other Malaysian banks carry an agent-bank charge of RM22 per transaction and may also attract processing fees.
Eligibility is restricted to non-financial corporations registered outside Malaysia with an existing Singapore dollar corporate current account at Maybank. Companies must submit applications through their relationship managers; the bank decides whether to approve them.
Branch or assisted processes are required for account opening and transactions. Balance viewing is available through Maybank2E and the bank’s Business Internet Banking service. Ringgit accounts held at Maybank Singapore cannot be used for third-party transfers between one another.
Maybank attributed the offering to expanding economic activity between Malaysia and Singapore, citing the Johor-Singapore Special Economic Zone. The governments formalised their agreement in January 2025.
