OCBC Business Account (2026): Fees, features, and alternatives

Key takeaways:

• OCBC Malaysia offers three main business account types: the OCBC eBiz Account, the MYR Business Current Account, and the OCBC Multi-Currency Account.

• All three have a low RM500 initial deposit and no monthly fee. A half-yearly RM10 service charge applies on the eBiz and MYR Business Current Accounts if the average balance falls below RM1,000.

• If your business handles cross-border payments or multi-currency collections, a fintech platform like Airwallex can offer broader currency coverage, more transparent FX, and lower fees than a traditional bank account.

If you're running a business in Malaysia and weighing up your banking options, an OCBC business account is one of the options.

This guide covers the three main account types from OCBC, what each one costs, and how to open one. We also discuss how OCBC compares to alternatives like Airwallex if your business has international payment needs.

What is an OCBC business account?

An OCBC business account is a dedicated bank account for SSM-registered businesses in Malaysia, separate from your personal finances. OCBC offers three distinct account types — the right one depends on your transaction volume, whether you deal in foreign currencies, and your business structure.

1. OCBC eBiz Account

The OCBC eBiz Account¹ is aimed at new or early-stage businesses that want a low-barrier way to get started. It's a 100% online application, comes with OCBC Velocity (business internet banking) at no monthly fee, and bundles in two complimentary OCBC OneToken digital security tokens.

You can also link an OCBC Business Debit Card to the account to manage everyday business spend.

OCBC eBiz Account-i (Shariah-compliant)

If you'd prefer a Shariah-compliant equivalent, OCBC Al-Amin offers the eBiz Account-i with the same RM500 initial deposit, the same waived OCBC Velocity monthly fee, and the same digital application flow. It's open to all Shariah-compliant businesses registered with SSM.

2. MYR Business Current Account

The MYR Business Current Account² is OCBC's everyday Ringgit account for businesses that need a more traditional current account — including those with more than two directors, which falls outside the eBiz Account's eligibility window.

It opens with the same low RM500 initial deposit and uses the same half-yearly RM10 service charge structure if your average monthly balance falls below RM1,000.

Worth knowing: OCBC Malaysia also offers two higher-tier MYR accounts for more established SMEs — Business Access (RM50,000 initial deposit) and Business Signature (RM250,000 initial deposit) — which include access to OCBC's Business Priority Service.

Shariah-compliant variants (Business Access-i and Business Signature-i) are also available.

3. OCBC Multi-Currency Account

If your business sends or receives payments in foreign currencies, the OCBC Multi-Currency Account³ lets you hold and transact in up to 10 currencies without converting them back to Malaysian Ringgit (MYR) each time.

Think of it like having separate wallets for different currencies — receive a payment in USD, hold it in USD, and use it to pay a USD invoice later, rather than converting twice and paying fees both ways.

The supported currencies are:

• US Dollar (USD), Euro (EUR), and British Pound (GBP)

• Australian Dollar (AUD), Canadian Dollar (CAD), and New Zealand Dollar (NZD)

• Japanese Yen (JPY), Chinese Yuan (CNY), Hong Kong Dollar (HKD), and Singapore Dollar (SGD)

Five of these — AUD, CNY, EUR, SGD, and USD — are auto-enabled at sign-up; the rest can be added during application or later. There's no set-up fee, but each currency carries its own initial deposit requirement (covered below).

For an in-depth look at this, read our guide to the OCBC multi-currency account.

OCBC business account fees

Fees vary quite a bit across OCBC's three account types, and some charges — like over-the-counter fees or foreign currency conversion costs — are easy to overlook until they show up on your statement.

The information in this table has been reviewed to be accurate as of 30 April 2026.

A few things worth watching out for:

• Over-the-counter fees: Branch transactions typically cost more than the same action done online via OCBC Velocity or the mobile app — so do it digitally where you can.

• Telegraphic transfer (TT) fees: OCBC Malaysia doesn't publish a unified TT fee schedule online. Expect a commission, a cable charge, and possibly an agent bank fee — confirm the exact figures with OCBC before sending a large transfer.

• Foreign currency conversion: When you send or receive international transfers, OCBC applies a bank spread on top of the mid-market rate. This is the gap between the rate OCBC buys and sells currency at, and it's where a lot of the cost sits.

• Unsupported incoming currencies: Any incoming funds on the Multi-Currency Account that fall outside the 10 supported currencies — including MYR — are auto-converted to USD at OCBC's prevailing rate.

How to open an OCBC business account

The OCBC eBiz Account can be opened 100% online for eligible applicants, usually within 1–2 working days. The MYR Business Current Account and Multi-Currency Account typically require a follow-up from OCBC.

Eligibility and required documents

Before you apply, check whether your business qualifies:

• Business registration: Your business must be registered in Malaysia with the Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia, or SSM).

• Ownership requirements: The eBiz Account is restricted to businesses wholly owned by Malaysian or Singaporean citizens, with a sole proprietor or up to two directors/partners. Foreign-owned companies and businesses with more than two directors should consider the MYR Business Current Account instead — or, for cross-border operations, a fintech alternative like Airwallex (covered below).

• Identification: Directors and authorised signatories need their MyKad. Singaporean owners can verify via Singpass.

• SSM documents: You'll need your business registration number (BRN) and, for Sdn Bhd companies, your Constitution (formerly Memorandum and Articles of Association).

Step-by-step account opening process

1. Prepare your documents: Have your BRN, MyKad, and any company incorporation documents ready before you start.

2. Complete the online application: Fill in your business and personal details on the OCBC Malaysia website.

3. Sign and verify: Sign digitally or upload a specimen signature, then complete eKYC by scanning your MyKad and recording a selfie video.

4. Receive your account details: Eligible eBiz Account applicants typically get confirmation within 1–2 working days. Other account types take longer and may involve a relationship manager.

OCBC digital banking tools

All OCBC business accounts come with access to its digital banking suite, covering both desktop and mobile. These tools are where you'll handle most of your day-to-day banking.

OCBC Velocity

OCBC Velocity is OCBC's internet banking platform for businesses — think of it as the web-based control centre for your account. You access it on desktop, and it's where you'll handle anything that needs more detailed account management. Key features include:

• e-invoicing: Create and send invoices directly from the platform.

• Accounts payable management: Track and approve outgoing payments in one place.

• Cash flow monitoring: View balances and transaction history across accounts.

• Payroll management: Process staff salary payments without leaving the platform.

• Accounting software integration: Connect with tools like Xero for automated transaction syncing.

One thing to note: the same user can't be logged into Velocity and the mobile app at the same time, so you'll need to log out of one before using the other.

OCBC Malaysia Business Mobile Banking app

The OCBC Malaysia Business Mobile Banking app is the mobile companion to Velocity — built for on-the-go tasks rather than full account management. Key features include:

• Local and international transfers: Send payments to Malaysian and overseas accounts from your phone.

• DuitNow QR payments: DuitNow is Malaysia's national real-time payment system — the app lets you pay or collect via QR code instantly.

• Business insights: View expense summaries to get a quick read on your cash flow.

Some functions — like opening a subsequent account — are only available through Velocity on desktop, not the app.

Add-on collection and merchant tools

OCBC Malaysia also offers two collection tools that pair well with the eBiz and MYR Business Current Accounts:

• OCBC OneCollect: A mobile app for collecting QR-based payments, including DuitNow QR.

• OCBC Merchant Terminal: A physical point-of-sale terminal that accepts debit and credit cards, plus QR payments from networks like Mastercard, AMEX, ShopeePay, and Alipay.

Both are useful if you're a retail or F&B business that needs to take in-person payments.

Pros and cons of OCBC business accounts

Now that you’re more familiar with the three types of OCBC business accounts, here’s a quick summary of the pros and cons: 

Alternatives to the OCBC business account

OCBC is a solid choice for businesses focused on local operations in Malaysia. But if your business regularly sends or receives payments across borders, or needs to hold and convert multiple currencies, it's worth knowing what else is out there.

Here are three options to compare:

The information in this table has been reviewed to be accurate as of 30 April 2026.

Of the three, Airwallex is the strongest fit for most Malaysian businesses with any cross-border activity:

• Aspire’s currency reach and FX network are narrower than Airwallex's, so businesses tend to prefer Airwallex.

• Instarem is built primarily for cross-border B2B payments rather than full business banking — it’s lighter on multi-currency accounts, cards, and expense management than both Aspire and Airwallex.

We'll unpack how Airwallex compares directly with OCBC in the next section.

Why Malaysian businesses choose Airwallex over OCBC

OCBC handles local Malaysian operations well, but its FX spreads, narrow currency range, and reliance on SWIFT for outbound transfers end up costing you more. That’s where Airwallex comes in.

FX rates and international transfer fees

• Airwallex customers save up to 80% on FX fees compared to traditional banks like OCBC, with competitive interbank rates on every transfer regardless of size.

• 94% of Airwallex’s transfers are routed through local payment rails instead of SWIFT, which means no transfer fees and faster settlement. OCBC defaults to SWIFT for most transfers (outside its limited Network Transfer and OCBC Flash corridors).

Multi-currency account features

• Airwallex Global Accounts support 20+ currencies with local bank details, so overseas customers pay you as a local instead of incurring SWIFT fees on their end. OCBC's Multi-Currency Account only supports 10 currencies.

• Any incoming currency outside OCBC's 10 supported ones is auto-converted to USD at OCBC's prevailing rate, with no control over timing. With Airwallex, you hold funds in their source currency and convert when the rate works for you.

Cards and team spend

• Airwallex Corporate Cards spend directly from your matching currency wallet, so paying an overseas vendor in their own currency doesn't trigger any FX fees. OCBC's Business Debit Card draws from your MYR account and applies a FX fee on overseas spend.

• Airwallex lets you issue unlimited multi-currency virtual and physical cards instantly. OCBC caps you at 12 Business Debit Cards per account, and each application requires a branch visit.

Frequently asked questions (FAQs)

Can foreign-owned companies open an OCBC business account in Malaysia?

The OCBC eBiz Account is restricted to businesses wholly owned by Malaysian or Singaporean citizens, with no more than two directors or partners. Foreign-owned businesses, or those with more than two directors, should consider the MYR Business Current Account or contact OCBC directly to confirm eligibility before applying.

What does the OCBC Multi-Currency Account cost?

OCBC Malaysia doesn't publish a monthly fee or FX margin for the Multi-Currency Account. What is disclosed is the initial deposit, which varies by currency — for example, USD/AUD/EUR 2,000, GBP 1,000, or JPY 200,000. For a full breakdown of monthly charges and FX spread, you'll need to request a callback or contact OCBC's Business Banking Commercial Service Centre.

Does the OCBC eBiz Account include free international transfers?

No. International transfers from the OCBC eBiz Account are subject to OCBC's standard telegraphic transfer (TT) charges, which typically include a commission, a cable charge, and possibly an agent bank fee. OCBC Malaysia doesn't publish a unified TT fee schedule online — confirm the exact figures with OCBC before sending a large transfer.

Is Airwallex a bank?

Airwallex is not a bank — it's a licensed financial technology platform. In Malaysia, Airwallex (Malaysia) Sdn. Bhd. is regulated by Bank Negara Malaysia as a licensed remittance business under the Money Services Business Act 2011, an e-money issuer, and a registered merchant acquirer under the Financial Services Act 2013.

Can you use Airwallex and an OCBC business account at the same time?

Yes — many businesses do. A common setup is to keep an OCBC account for local operations and payroll, while using Airwallex for international payments, multi-currency collections, and cross-border expense management.

What can you do on OCBC Velocity that you can't do on the mobile app?

OCBC Velocity is the desktop platform for comprehensive account management — including opening a subsequent account, processing payroll, and managing e-invoices. The mobile app handles on-the-go tasks like transfers and DuitNow QR payments, but some functions are only available through Velocity on desktop.

Sources: 

1. https://www.ocbc.com.my/business-banking/smes/accounts/ebiz

2. https://www.ocbc.com.my/business-banking/smes/accounts/myr-business-current-account

3. https://www.ocbc.com.my/personal-banking/premier-private-client/grow-your-wealth/wealth-account/multi-currency-current-account

4. https://www.instarem.com/en-my/business/ 

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Malaysia) Sdn. Bhd., a company incorporated under the laws of Malaysia with company registration number 201801007747 (1269761-X), is regulated as a licensed remittance business under the Money Services Business Act 2011 (Licence number 00743 with an expiry date of 3 August 2028, an E-Money Issuer and a registered merchant acquirer under the Financial Services Act 2013.