What are the fees, rates, and other features of the OCBC Global Savings Account? Here’s a quick guide that includes everything you need to know about the OCBC multi-currency account.
In an increasingly interconnected world where people and transactions are going global, having multiple currencies in one place can prove useful. For Singaporeans, multi-currency accounts by banks and individual providers such as the OCBC Global Savings Account, are fast becoming mainstream for managing personal finance. We all know paying in foreign currencies with traditional credit cards subjects you to hidden fees and exchange rate markups, which doesn’t make financial sense to users at the end of the day.
With a multi-currency account, you get to enjoy benefits including better foreign exchange rates, convenient holding balance in multiple foreign currencies, and easy switching between currencies at any time. Some accounts even issue payment cards for more frictionless spending.
While there are several multi-currency account options currently available in the market, they differ in fees, charges, and requirements. It may be tough to identify which one works best for you and your needs, but that’s why we’ve come up with a guide to the various bank multi-currency accounts around.
We’ll take a closer look at OCBC Global Savings Account to help you make a more informed decision when choosing a multi-currency account. Do check out our other guides such as DBS Multi-Currency Account and UOB Mighty FX.
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OCBC Multi-Currency Account Options
OCBC offers account options for personal and business customers, but its Global Savings Account is its main multi-currency account option for personal banking customers. This account allows for transactions with any linked OCBC Debit Card in 10 foreign currencies (AUD, CAD, CNH, CHF, EUR, GBP, NZD, USD, JPY, HKD).
OCBC Multi-Currency Account | Account Eligibility | Account Fees | ATM Withdrawal |
OCBC Global Savings Account | Above 18 years of age Min. $5,000 initial deposit | – | Withdrawing AUD, CAD, CHF, EUR, GBP, NZD, USD, JPY, HKD at OCBC ATMs: No fees Withdrawing in other currencies or non-OCBC ATMs: Foreign exchange admin fees will apply More on OCBC’s ATM withdrawal fees here |
In addition, the OCBC Global Savings Account also allows you to earn 0.01% interest for the first S$100,000 for respective currencies AUD, NZD, and USD. As well as 0.01% interest for the first S$500,000 in CNH.
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How Can I Apply For OCBC Global Savings Account?
To open a multi-currency account as a personal customer, you need to be above 18 years old and have an existing OCBC current or savings account. You must also be a Singaporean, a Singapore permanent resident, or a foreigner with a valid pass.
You can apply for an account either online with the OCBC Mobile Banking app or at any OCBC bank branch with your identification document, the initial deposit and a relevant statement.
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Are There Any Fees Associated With OCBC Global Savings Account?
Other than the minimum initial deposit to the Global Savings Account, there aren’t any major fees associated with OCBC’s multi-currency products.
For ATM withdrawals at OCBC ATMs, if you withdraw AUD, CAD, EUR, GBP, NZD, USD or HKD in the country that the currency is denominated in, you will not incur any foreign exchange conversion fee. For instance, if you withdraw HKD at OCBC Wing Hang ATMs in Hong Kong and Macau, you won’t incur any foreign exchange conversion fee. Otherwise, foreign exchange conversion fees may apply for other currencies as well as at non-OCBC banks.
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How Do I Use The OCBC Global Savings Account?
You can link and use your existing OCBC Debit Card to make transactions in the 10 foreign currencies supported. Customers can make exchanges and keep track of their expenses through the online banking app.
Exchange rates will be determined by OCBC and may therefore be subjected to markups as compared to rates seen on Google or financial websites like xe.com.
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YouTrip vs OCBC Global Savings Account
Currencies Available | Exchange Rates | Multi-Currency Card | Overseas ATM Withdrawal Fee | |
YouTrip | Over 150 currencies 10 wallet currencies | Wholesale Exchange Rates | YouTrip Mastercard | Free monthly ATM withdrawals of up to S$400 A 2% fee applies thereafter |
OCBC Global Savings | AUD, CAD, CNH, CHF, EUR, GBP, NZD, USD, JPY, HKD | Determined by Bank | OCBC Debit Card | AUD, CAD, CHF, EUR, GBP, NZD, USD, JPY, HKD at OCBC ATMs: No fees Other currencies or non-OCBC ATMs: Foreign exchange admin fees will apply |
YouTrip is Singapore’s first multi-currency wallet with similar benefits to other multi-currency accounts offered by traditional banks but with no minimum account balances and fees. It only takes you 3 minutes or less to open and start using your account with us, and we provide you with your own YouTrip card so you can pay in over 150 currencies with no transaction fees or exchange rate markups!
With YouTrip, you can make in-app currency exchanges on 10 popular currencies anytime at the best, real-time Wholesale Exchange Rates. So whether you’re travelling or shopping on international online sites, you can pay with your YouTrip card in practically any currency, anywhere AND at the best rates. Plus, you’ll be able to send any of your wallet currencies to other YouTrip users with no fees!
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Get the best rates all day at zero fees!
As Singapore’s favourite multi-currency wallet, we aim to get those pesky fees out of the way and help you save on your travels. With the best foreign exchange rates, no longer will you have to deal with those long queues at money changers! So if you’re looking for a go-to travel card, sign up for your complimentary YouTrip card today with <YTBLOG5> and get FREE S$5 in your account! Then, head over to our YouTrip Perks page for exclusive offers and promotions — we promise you won’t regret it. For more great tips and articles like this, join our Telegram (@YouTripSG) and subscribe to our free weekly newsletter here or down below.
And while you’re at it, why not join the conversation with thousands of #YouTroopers in our very own Community Telegram Group @YouTripSquad? Get tips and tricks to everything YouTrip including exclusive invites to exciting events and experiences, & be part of the #YouTripSquad! 💜
Until next time, safe travels and happy adventures!
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