Standard Chartered Foreign Currency Account: Savings account and fixed deposit guide

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Standard Chartered Malaysia¹ offers a broad range of accounts and other financial services, including options for customers who want to manage their money in foreign currencies. You can open a Standard Chartered foreign currency account to save and invest, in a selection of different currencies. While accounts have varying features and benefits, they don't come with a debit card - which means they’re more useful for paying bills and making transfers, rather than for frequent travelers.

Read on for your full guide to the Standard Chartered foreign currency account options, features and fees.

What Standard Chartered foreign currency accounts are there?

There are two different types of Standard Chartered foreign currency accounts² - a savings account which allows you to withdraw and add funds as you wish, and a fixed term solution which has restrictions on when you can withdraw without penalties.

Both are offered in a broad selection of foreign currencies, with a focus on customers who want to invest, save and diversify their assets. Residents and non-residents can apply for Standard Chartered foreign currency accounts without any specific restrictions.

There’s no advertised Standard Chartered multi currency account - foreign currency accounts are intended to hold one currency each, although you may be able to open multiple accounts if you choose to. To benefit from the Standard Chartered foreign currency fixed deposit rates you’ll first need to have a standard savings account in a foreign currency.

These Standard Chartered foreign currency accounts do not offer a linked debit card which means they’re not really intended for travel use. The customer niche Standard Chartered targets is more likely to be wealthy individuals and people saving in foreign currencies to pay international education or medical fees for example. While you can send payments from your foreign currency account by telegraphic transfer, you won’t be able to get cash from an ATM or shop online with your account, which can be a drawback if you’re looking for a more flexible way to manage your money across foreign currencies.

Standard Chartered Foreign Currency Savings Account

You can open a Standard Chartered Foreign Currency Savings Account to hold any of the following currencies:

• USD
• AUD
• NZD
• EUR
• GBP
• SGD
• JPY
• HKD
• CAD
• CNY
• CHF

There’s a minimum opening deposit of 1,000 USD or the equivalent in your chosen currency, and fees apply when you make transfers out of the account.

Standard Chartered investment and overdraft clients can also open a wealth foreign currency account in USD, AUD, NZD, EUR, GBP, SGD, HKD, JPY or CNY/CNH. This account is slightly different - if you invest with Standard Chartered already the team will talk you through your account options when you discuss your foreign currency needs with them.

Interest rates on these foreign currency accounts are not published as they can change according to market conditions. You’re advised to visit a branch to request the latest interest rate information for your specific account type.

Standard Chartered Foreign Currency Fixed Deposit

If you’re happy to leave your foreign currency funds untouched for longer you can open a fixed term deposit account in USD, AUD, NZD, EUR, GBP, SGD, JPY, HKD, CAD or CHF.

In this case, your funds are held for a set amount of time, from 1 week to 12 months. If you choose to withdraw your money prior to this term ending you will lose interest and may need to pay a penalty fee. There's a minimum deposit amount of 10,000 USD or the equivalent in another currency to open this account.

Standard Chartered foreign currency account exchange rate

If you need to convert between currencies, to send a telegraphic transfer or to deposit to your foreign currency account for example, the Standard Chartered foreign currency rate will apply.

The exchange rate used by Standard Chartered might include a markup - which is a fee added to the mid-market exchange rate you might see on Google or using a foreign exchange calculator. Markups can vary depending on the currency, so the only way to check if a markup is used for your specific currency pairs is to compare the rate you’re offered by Standard Chartered against the mid-market exchange rate which you can get from Google.

Exchange rate markups are very commonly used, and cover the costs of the bank, as well as their revenue. However, they can make it tricky to calculate the costs of your currency conversion or overseas payment, and they can mean you’re paying more than you expect on your foreign currency transactions.

Fees and charges

There are a few Standard Chartered Account fees which may apply depending on the account you select. There are also minimum balance requirements which you’ll need to be aware of before you apply for an account. Here’s a summary of the most common costs you may encounter with these account types.

Standard Chartered Foreign Currency Savings Account Fees

*Correct at time of research - 1st September 2025

Standard Chartered Foreign Currency Fixed Deposit Fees

*Correct at time of research - 1st September 2025

How to open a Standard Chartered foreign currency account

To open a Standard Chartered foreign currency account you must register your interest by completing an online form, and await a call back. You need to enter your full name, contact information and the area of Malaysia in which you reside, to arrange a call back and if necessary an appointment at a branch to open your account.

If you do decide to open an account you’re likely to have to go along to your local branch to show your ID documents and get your account set up. When you speak to your relationship manager you can ask what documents are required, so you’ll know you have everything you need when you attend the appointment.

Eligibility requirements

Standard Chartered Malaysia does not list any general account opening requirements for foreign currency products. You’ll need to be able to present your ID card or passport, and pay the minimum opening deposit to qualify for an account. You must open a savings account before you can open a time deposit account, or you could open both at the same time if you prefer.

If you hope to open a specific wealth foreign currency account you will need to discuss your needs with a member of the bank staff to check your eligibility and get your application processed.