UOB Foreign Currency Account: Current account and fixed deposit guide

If you want to open a foreign currency account for yourself or your business, UOB Malaysia¹ may be able to help. To support the large numbers of Malaysians who choose to hold foreign currencies as an investment, or who run SMEs and enterprises trading overseas, there are several different UOB foreign currency accounts to choose from.

This guide covers the details of UOB’s foreign currency savings, investment and trade accounts. We'll also introduce the Wise account, a handy companion to make your money go further with low, transparent fees.

What UOB foreign currency accounts are there?

UOB has several different foreign currency accounts which are targeted at Malaysian citizens, residents and even non-residents who want to save, invest or do business overseas and across foreign currencies. Many accounts from UOB are offered as both conventional and Islamic banking products, for broad appeal.

It’s helpful to note that there’s no advertised UOB multi currency account, and accounts don’t offer a linked debit card. This means they're not as useful for travel purposes as they may be for growing a nest egg - but they’re offered with a good range of currencies and few fees to worry about.

Let’s explore the core foreign currency account options from UOB to help you decide if one might meet your specific needs.

UOB Investment Foreign Currency Account

The UOB Investment Foreign Currency Account² is a savings account. There is no lock in period on this account which means you can add funds when you choose to and withdraw them when you’re ready without facing penalties.

This account is available to both resident and non resident customers subject to having the correct ID and other documents. Business applications are accepted as well as individuals.

The account is offered in the following currencies:

• Australian dollar (AUD)
• Canadian dollar (CAD0
• Chinese yuan (CNY)
• Euro (EUR)
• Hong Kong dollar (HKD)
• Japanese yen (JPY)
• New Zealand dollar (NXD)
• Singapore dollar (SGD)
• Swiss franc (CHF)
• Sterling pound (GBP)
• US dollar (USD)

There’s no minimum amount you can add to an account. Depending on the currency you hold, you will start to earn interest once your balance achieves a certain threshold. This is 2,000 USD if you’re saving in US dollars, and 3,000 USD if you’re saving in Australian dollars for example³.

UOB does not specify online the payment and withdrawal options which are available to you. These may change from time to time. When you contact the bank to discuss the account opening process, it’s worth asking how you can deposit money, and what withdrawal and payment options are available to you. You may be able to transfer in MYR to convert to your chosen foreign currency, for example, or deposit cash. Fees may apply if currency conversion is required, which can be included in the exchange rate used. More on that later.

UOB Trade Foreign Currency Account

UOB also offers foreign currency account options to Malaysian business owners, partnerships, clubs, societies and sole proprietors. There are investment accounts and time deposit account options, as well as the UOB Trade Foreign Currency Account⁴ which is intended to help businesses which trade internationally from Malaysia.

The Trade Foreign Currency Account is available in the following currencies:

• US dollar (USD)
• Australian dollar (AUD)
• Hong Kong dollar (HKD)
• Sterling pound (GBP)
• Euro (EUR)
• New Zealand dollar (NZD)
• Singapore dollar (SGD)

The available application process and the documents you need depend on your entity type and registration. In some cases you can apply online for this account, to get everything set up as conveniently as possible.

UOB Foreign Currency Time Deposit

If you are happy to leave your foreign currency deposit for a longer time without making withdrawals, you can do so with a UOB Foreign Currency Time Deposit account⁵. You can choose your preferred tenure from 1 month to 12 months, and earn a higher rate of interest compared to standard savings account products, as long as you do not make withdrawals. Penalties apply if you withdraw your funds early.

You can open a UOB foreign currency fixed deposit in the following currencies:

• Australian dollar (AUD)
• Canadian dollar (CAD)
• Chinese yuan (CNY)
• Euro (EUR)
• Hong Kong dollar (HKD)
• Japanese yen (JPY)
• New Zealand dollar (NXD)
• Singapore dollar (SGD)
• Swiss franc (CHF)
• Sterling pound (GBP)
• US dollar (USD)

This account is available for individual and business customers, and both residents and non-residents.

UOB foreign currency account exchange rate

The UOB foreign currency rate⁶ is set by the bank and can change frequently depending on movements on global currency markets. You’ll be able to see the rate which applies if one is needed when you make a withdrawal or send a payment.

It’s helpful to know that the UOB foreign currency account exchange rate may not be the same as the rate you find for your currency pair on Google, which is usually the mid-market rate. Instead a fee may be added to the mid-market rate which varies by currency and can mean your currency conversion costs you more than you’re expecting.

Fees and charges

UOB foreign currency accounts do not list any standard or ongoing fees⁷. However, it's a good idea to check the exact costs which may be associated with your account when you sign up for it.

Service fees may apply to your account, depending on how you transact. For example, it’s pretty standard to find there are fees for incoming and outgoing international payments and remittances⁸, which may apply if you need to add or withdraw funds.

There are also costs if you have a foreign currency fixed deposit account and need to withdraw your money before the end of the term. In this case you are likely to lose any interest you may have already accrued, and penalty or handling fees may also apply. Double check you have all the details which apply to your preferred UOB foreign currency account before you sign up.

How to open a UOB foreign currency account

To open a UOB foreign currency account as a personal customer you will need to discuss your requirements directly with the bank. You can do this by registering your interest online using the ‘talk to us’ form - or by making an appointment at your local branch and going along in person to open your account.

If you’re a Malaysian citizen with a locally registered business you may be able to open your foreign currency business account online using your MyKad and business documents. Once you’ve found the account type you prefer you’ll be all time to hit ‘Apply now’ and review the documents required according to your business type, and whether or not online account opening is an option for you.

Eligibility requirements

The UON personal foreign currency accounts we've reviewed in this guide are available to individuals who are aged above 18 years, and can be opened by both resident and non-resident customers.

As part of the application process you must provide UOB with the following:

• Identity Card or Passport
• Proof of address like a utility bill or a letter from your employer
• Proof of your employment or study if you are a foreign resident in Malaysia with an employment or study pass

Additional eligibility requirements apply for business accounts, which vary depending on your entity type.

Manage foreign currencies with low fees and the mid-market rate with the Wise account

Make seamless foreign currency payments and transactions with low fees and the mid-market rate with Wise.

The Wise account is an easy way to hold and exchange 40+ currencies, including MYR, USD, GBP, and more. All you need to do is create a free account to get started.

With Wise, you can exchange currencies at the mid-market rate each time, with low, transparent conversion fees from 0.77% and absolutely no markups. Plus, you can order a linked Wise card for convenient spending without any foreign transaction fees, and up to 2 free ATM withdrawals to the value of 1,000 MYR when you're overseas. You'll even get 8+ local account details to get paid conveniently to your Wise account in MYR and a selection of other major global currencies.

Sending money or making payments abroad? Wise also offers fast, low cost transfers to 140+ countries - you can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

Get the most out of every ringgit and save more when you use Wise.

🚀 Get Started with Wise

1. UOB Malaysia
2. UOB Investment Foreign Currency Account
3. UOB terms and conditions
4. UOB Trade Foreign Currency Account
5. UOB Foreign Currency Time Deposit
6. UOB forex rate
7. UOB fees
8. UOB remittance fees