RHB multi-currency account (Malaysia): Review & full guide (2026)

Key takeaways:

• RHB's multi-currency account supports 33 currencies with a linked Visa debit card, but FX markups and minimum deposits can make it more expensive for businesses that often transact internationally.

• You’ll need an existing RHB Ringgit current or savings account to open the multi-currency account, and only Malaysian citizens with MyKad can complete the application online.

• Airwallex also offers a multi-currency account in Malaysia, with competitive FX rates that cut your FX fees by up to 80% and faster international transfers than traditional banks.

Managing foreign currency balances is especially important for Malaysian businesses that pay overseas suppliers or receive payments in multiple currencies. RHB’s Multi-Currency Account is one option, but it’s not the only way to hold and spend foreign currencies.

In this guide, we’ll break down how RHB’s account works, where the fees and limitations show up, and how it compares with modern fintech solutions like Airwallex.

What is the RHB multi-currency account and how does it work?

RHB's multi-currency account is a bank account that lets you hold, convert, and spend 33 different foreign currencies without immediately converting them to Malaysian ringgit¹.

This means you can store USD, Euros, British pounds, and 30 other currencies all in one place, like having multiple currency wallets under a single account. When exchange rates work in your favour, you can convert between currencies online or at RHB branches.

The account comes in two main types. The Individual Export Proceeds Account is designed for individuals receiving foreign currency income, while the Individual Investment Account suits those making overseas investments or managing international expenses.

Here's what the account lets you do:

• Currency holding: Store multiple foreign currencies without converting them right away, protecting you from unfavourable exchange rates when you don't need to convert immediately.

• Instant conversion: Exchange currencies online through RHB's platform or visit branches when rates suit you, giving you control over conversion timing.

• Debit card spending: Use funds directly with a linked Visa debit card without conversion fees if you already hold that currency in your account.

What currencies and features does RHB’s multi-currency account offer?

RHB’s multi-currency account lets you hold and manage multiple foreign currencies within a single account. Below, we break down the supported currencies, how deposits work, and the features available for spending and withdrawals.

Supported currencies

RHB’s multi-currency account supports 33 foreign currencies across major global and regional markets. These currencies can be held in different deposit structures, explained in the next section.

The information in this table has been reviewed to be accurate as of 25 February 2026.

Interest and term deposit details

For each supported currency, RHB lets you choose between call deposits and term deposits, depending on how you plan to use the funds.

Call deposits keep your money accessible at any time. This option is suitable for funds you may need for day-to-day business payments, transfers, or cash flow management.

Term deposits lock your funds in for a fixed period, typically ranging from one week to one year. In return, they may offer higher interest rates, depending on the currency and the length of the term. Interest rates vary by currency and market conditions, so they can differ between major currencies (such as USD or EUR) and other currencies.

Debit card and ATM access

RHB’s multi-currency account comes with a linked Visa debit card, allowing you to spend directly from your foreign currency balances. If you’re travelling or making overseas payments, this can help you avoid unnecessary currency conversions, assuming you hold the currency you’re spending in.

The card can be used at ATMs worldwide, with fees depending on where you withdraw²:

• RHB ATMs (Malaysia): Free

• Other Malaysian banks (MEPS network): RM1 per withdrawal

• Overseas ATMs (Visa network): RM12 per withdrawal

What are RHB's multi-currency account rates and fees?

RHB’s fees include exchange rate margins, account requirements, and transaction-related charges, depending on how you use the account.

Exchange rate and currency conversion costs

When you convert currencies with RHB, the bank applies its own exchange rate rather than the mid-market rate you see on Google. This rate includes a margin for RHB, but the bank doesn't publicly disclose the exact markup.

For businesses that want clearer visibility on FX pricing, look for modern fintech platforms that publish transparent exchange rates. For example, Airwallex offers competitive and transparent rates of 0.4–0.6% above interbank, letting you save up to 80% on FX fees.

Account fees and minimum requirements

The RHB multi-currency account doesn't have an account opening fee, but there are certain minimum deposit requirements and associated fees you should be aware of:

The information in this table has been reviewed to be accurate as of 25 February 2026.

You don’t need to meet the minimum in every currency. However, the total value across all currencies must meet the required amount. For example, if you hold both USD and SGD in a call deposit, you don’t need to reach US$200 in each currency – as long as their combined value equals at least US$200.

Card, transfer and FX fees

When you spend in a currency that you don't hold in your account, RHB applies a 1% foreign transaction fee in addition to its exchange rate².

For international transfers, standard transfer fees may apply, and correspondent bank charges can also be incurred. These are fees charged by intermediary banks involved in processing cross-border payments, and they vary depending on the destination and currency.

How to apply for the RHB Multi-Currency account

The application process depends on your residency status and whether you already have an RHB account. Here’s a simple step-by-step overview of how to apply:

Step 1: Make sure you meet the basic requirements

Before applying, confirm that you:

• Are at least 18 years old

• Have the required identification documents

• Have an existing RHB Ringgit (MYR) current or savings account, which is required to open a multi-currency account.

If you don’t yet have an RHB Ringgit account, you’ll need to open one first.

Step 2: Choose your application method

You can apply online or at a physical branch:

• Online application: Malaysian citizens with a MyKad can apply through the RHB Mobile Banking app. Log in, select the Multi-Currency Account option, choose your preferred currencies, and complete the verification process.

• Branch application: Non-residents, joint applicants, and organisations will need to visit an RHB branch to apply for their account.

Step 3: Submit your documents and complete verification

Make sure you have the necessary identification and supporting documents. Here's what you'll need to provide:

• Individuals: Malaysian citizens need their MyKad, whilst non-residents need a valid passport and proof of address.

• Organisations: Non-profits, clubs, societies, and sole proprietors can open accounts with appropriate registration documents.

• Required documents: IC or passport, an existing RHB current or savings account in Malaysian ringgit, and employer or education letters if you're a student or employed.

Step 4: Wait for approval and receive your debit card

Once approved, you can immediately start managing and converting currencies via online banking.

If you requested the Visa debit card, it'll arrive within up to 15 working days³. During this time, you can manage your balances online, but card payments and ATM withdrawals will only be available after the physical card is activated.

Pros and cons of the RHB Multi-Currency account

RHB’s Multi-Currency Account has strengths that may suit some Malaysian businesses, but it also has certain limitations. Here’s a quick overview:

Pros:

• Wide currency coverage: Supports 33 currencies, covering major global trading partners and several regional markets.

• Branch support nationwide: Useful if you prefer in-person assistance or need help with complex transactions.

Cons:

• No exchange rate transparency: Markups are not publicly disclosed, which can make it harder to estimate conversion costs in advance.

• Minimum deposit requirements: Call and term deposits require minimum balances (US$200 equivalent and US$2,000 equivalent), which ties up your working capital.

• Requires an existing RHB Ringgit account: You cannot open the multi-currency account as your first RHB product.

• Limited online opening: Digital application is restricted to eligible Malaysian citizens, while other applicants must visit a branch.

RHB vs Airwallex for multi-currency operations

If you're looking for a more modern approach to managing multiple currencies, Airwallex offers several advantages over traditional bank accounts like RHB. The key differences come down to exchange rates, global reach, speed, and overall costs.

Exchange rates and FX transparency

Airwallex offers foreign exchange with transparent pricing at 0.4–0.6% above interbank rates.

RHB applies its own exchange rate, which includes a margin above the mid-market rate. However, the exact markup isn't publicly disclosed, which makes it harder to estimate total conversion costs in advance.

Paying supplier and receiving payments

Airwallex is designed for businesses that operate across borders. With Global Accounts, you can receive funds with local bank details in 20+ currencies, making it easier for you to collect payments from overseas customers.

Airwallex also connects to local payment rails in 120+ countries. This means you can pay your suppliers without relying on traditional SWIFT routing, which translates into $0 SWIFT fees and faster settlement. 93% of transactions that go through Airwallex arrive on the same day, and 45% arrive instantly.

RHB, by contrast, operates as a traditional Malaysian bank. Whether you’re paying overseas suppliers or receiving money from customers abroad, international payments may take several days to process and can involve additional fees.

Airwallex: A modern fintech solution for managing currencies globally

Airwallex allows Malaysia-based businesses to easily manage foreign currencies on a single platform.

Once your account is set up, you can hold multiple currencies, convert funds at transparent exchange rates, and send international payments online. All FX rates and fees are shown upfront before you confirm a transaction, so you know the total cost in advance.

Here are the benefits of using Airwallex:

• Competitive FX pricing: Our FX rates let you save up to 80% compared to traditional banks.

• Faster international transfers: We connect to local rails in 120+ countries, so you can bypass SWIFT in these countries and settle faster.

• Broader payment infrastructure: With Airwallex, you can collect payments via 160+ local payment methods, including Malaysia-specific methods like DuitNow.

• Consolidated operations: You can manage currency conversion and international transfers in one system, rather than relying on multiple banking relationships.

Frequently asked questions (FAQs)

What is the minimum deposit required to open an RHB multi currency account?

You'll need the equivalent of US$200 (~RM777) for call deposits or US$2,000 (~RM7,775) for term deposits. These minimums apply to your total balance across all currencies, not per individual currency.

Can non-residents of Malaysia open an RHB foreign currency account?

Yes, both Malaysian residents and non-residents aged 18 and above are eligible. But online opening through the mobile app is currently limited to Malaysian citizens with MyKad – non-residents must visit a branch in person.

Does RHB charge the mid-market exchange rate for currency conversions?

No, RHB uses preferential exchange rates that include markups above the mid-market rate. The exact percentage of these markups isn't disclosed publicly, making it difficult to calculate the true cost of currency conversions before you commit. Airwallex offers transparent FX pricing, with exchange rates around 0.4%–0.6% above the interbank rate. Our customers save up to 80% on FX fees as compared to traditional banks.

How long do international transfers take with RHB compared to Airwallex?

RHB uses traditional correspondent banking, which typically takes several business days for international transfers. Airwallex connects to local rails in 120+ countries, which reduces reliance on SWIFT routing and results in faster settlement. 93% of our transactions arrive on the same day, and 45% of them arrive instantly. 

What foreign transaction fees apply when using the RHB multi currency debit card?

RHB charges a 1% foreign transaction fee when you spend in currencies you don't currently hold in your account. This fee applies on top of any exchange rate markup used for the conversion.

Which multi-currency account is better for Malaysian businesses?

Airwallex’s multi-currency account is a good option for Malaysian businesses, because it is designed specifically for cross-border payments, multi-currency management, and global collections. You can hold multiple currencies, convert funds with competitive FX pricing that lets you save up to 80% on FX fees, and send international payments through a single platform.

Sources:

1. https://www.rhbgroup.com/personal/deposits/multi-currency-account/overview/index.html

2. https://www.rhbgroup.com/others/service-charges/index.html

3. https://www.rhbgroup.com/others/faq/multi-currency-account-i/multi-currency-account-i-online-account-opening/index.html

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 is licensed in Malaysia as a MSB Class B (remittance business only) licensee and is regulated by Bank Negara Malaysia (licence number 00318).