Alliance Xchange Account/Fixed Deposit
Global Access. Zero Fees.
Save in your choice of foreign currency and enjoy preferred FOREX rates with no unnecessary fees.
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Manage your foreign funds online seamlessly with unnecessary fees.
Features
Are you tired of paying expensive rates and unnecessary fees?
- You can save your hard-earned money with Alliance XChange, our online foreign currency account/fixed deposit (FCA/FCFD) without paying any fees!
Planning to save for your child's future education overseas?
- With Alliance XChange, you can save in your preferred foreign currencies at today's Forex e-Rate. You control your foreign funds according to your budget and never worry about future appreciation against Malaysian Ringgit (MYR).
A flexible and viable investment option
- You can earn fixed interest rate returns and convert to Malaysian Ringgit (MYR) when the Forex e-Rates are favourable with an Alliance XChange Fixed Deposit account (online foreign currency fixed deposit).
Your bank account is now your global wallet. With Alliance XChange, you can grow your savings at great Forex e-Rates with ZERO fees. This is made possible by our online FCA/FCFD service, which can be accessed through allianceonline, our personal online banking platform.
Types of Account
Alliance XChange Account (online foreign currency account; FCA)
Open an Alliance Xchange Account today and enjoy the benefits of an online foreign currency current account that also serves as your Investment Foreign Currency Account (FCA).
What else can Alliance Xchange Account offer you?
- To better manage your funds, you can open up to five (5) foreign currency accounts of the same currency.
- To get you started, you simply need a 500 opening deposit in the corresponding foreign currency denomination (e.g., USD 500, except for JPY, which requires JPY20,000).
- Maintain a minimum balance of 30 in the corresponding foreign currency denomination (except for JPY, which requires JPY3,000).
- You may easily set up standing instructions for future-dated fund transfers and repeated fund transfers in the corresponding foreign currency.
Alliance XChange Fixed Deposit (online foreign currency fixed deposit; FCFD)
With Alliance Xchange Fixed Deposits, you can enjoy the benefits of an online foreign currency fixed deposit which is an Investment Foreign Currency Account (FCA).
What else can Alliance Xchange Fixed Deposits offer you?
- You can start investing with a minimum placement of 2,500 units of the respective foreign currencies
- With flexible tenures ranging from 1 month to 12 months, you can choose a duration that suits your investment needs for all currency types.
Open an Alliance XChange account/fixed deposit today by applying through allianceonline (personal online banking).
Note:
Your deposits are protected by PIDM up to RM250,000 per depositor.
View PIDM brochure in your preferred language here.
Benefits
- Get access to up to 9 foreign currencies with us.
- Zero Fees
You don’t have to pay Annual Fees, Account Opening Fees, Conversion Fees, and Service Fees. - Zero Fees
Apply Online, Manage from Anywhere Open an Alliance XChange Account, an online foreign currency account (FCA) account via allianceonline. - Get Great Forex Rates
Get the best deals for your currency conversions with our exclusive e-Rates (AllianceXChange Forex e-Rates) and save more on your transactions. Even better, keep an eye out for our exciting "Hot" e-Rates that offer even greater savings. - Initial Deposit Is Low
You can open an Alliance XChange Account with just 500 in the foreign currency of your choice (except for JPY which requires JPY20,000).
You can start a fixed deposit with Alliance XChange by depositing just 2,500 in the foreign currency of your choice.
Important Notes on Foreign Exchange Notices
The account operations are subject to the guidelines under the Foreign Exchange Notices issued by Bank Negara Malaysia:
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Permissible Sources
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A Resident is free to pay or receive payment in Foreign Currency, to or from another Resident for the following:
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Check if you're eligible
Who can Open an Alliance XChange Account/Fixed Deposit (online FCA/FCFD)
- To be eligible, you must have an active individual Current/Savings account(s) with Alliance Bank (conventional account only).
- If you are already registered as an allianceonline (personal online banking) user, you're good to go!
- You must be at least 18 years old (excluding sole proprietors and general partnerships), either a resident or non-resident.
Start easily managing your foreign currencies by opening an Alliance XChange Current Account or Fixed Deposit (Online FCA/FCFD)!
If you are an allianceonline User with a conventional Current or Savings account
- Log in to your existing allianceonline account.
- Open an Alliance XChange (interest-bearing online foreign currency account/fixed deposit) online.
If you are not an allianceonline User with conventional Current or Savings account
- Register your mobile number and log in to allianceonline and complete "First Time Registration"
- You can open the Alliance XChange (interest-bearing online foreign currency account/fixed deposit) online.
If you are not yet an Alliance Bank conventional Current or Savings account holder
- You can open an Alliance SavePlus Account via allianceonline mobile app.
- Upon successful of account opening, you can open the Alliance XChange (interest-bearing online foreign currency account/fixed deposit) via allianceonline web.
Are You a Resident or Non-Resident Individual
The applicable rules within the FE Notices differ between Residents and Non-Residents. BNM’s definitions of Residents and Non-Residents are set out below:
| Residents | Non Residents | |
|---|---|---|
| Individuals | A citizen of Malaysia, excluding a citizen who has obtained permanent resident status in a country or a territory outside Malaysia and is residing outside Malaysia | Any person other than a resident |
| A non-citizen of Malaysia who has obtained permanent resident status in Malaysia and is ordinarily residing in Malaysia | A Malaysian citizen who has obtained permanent resident status of a country or territory outside Malaysia and is residing outside Malaysia |
Interest Rates
| Currency | Alliance XChange Account | Alliance Xchange Fixed Deposit | ||||
|---|---|---|---|---|---|---|
| Tenure | ||||||
| Interest Rate (% p.a.) | ||||||
| Interest Rate (% p.a.) | 1 mth | 3 mths | 6 mths | 9 mths | 12 mths | |
| AUD | 3.60 | 4.20 | 4.40 | 4.50 | 4.55 | 4.60 |
| CAD | 4.40 | 4.65 | 4.80 | 4.90 | 4.95 | 5.00 |
| EUR | 3.00 | 3.40 | 3.50 | 3.55 | 3.60 | 3.65 |
| GBP | 4.50 | 5.05 | 5.40 | 5.60 | 5.70 | 5.80 |
| NZD | 4.50 | 5.30 | 5.50 | 5.60 | 5.65 | 5.70 |
| SGD | 3.30 | 3.65 | 3.70 | 3.75 | 3.75 | 3.80 |
| USD | 5.20 | 5.45 | 5.50 | 5.55 | 5.60 | 5.65 |
The revised rates will take effect from 29 November 2023.
Frequently Asked Questions (FAQ)
The product proposition of Alliance XChange account removes the pains that many foreign currency account holders or potential foreign currency account holders face today:
- Zero Fees - Removal of annual fees, transaction fees and maintenance-related service charges. These type of fees and charges are typically charged per annum or per transaction. Alliance XChange does not charge you any fees, which means you would not have any depletion of funds from your hard earned savings.
- Competitive Interest Rates Depending on your currency of choice, Alliance XChange offers you competitive interest rates to grow your funds. You do not have to maintain a minimum threshold in order to receive interest payments; we pay you interests for your deposits regardless of your balances.
- One-time conversion - Funds in Alliance XChange can be directly used to make a fund transfer via Telegraphic Transfer. This means that you no longer need to do a backward conversion (into MYR) something that is usually done at other banks. In short, you only convert your MYR once to save over time and you can then remit your funds abroad.
- Hedging against currency fluctuations - Parents who have plans to send their children to study abroad can start saving in foreign currency today. They would be able to hedge against uncertainties in foreign exchange and be certain of the actual budget they have for their children when it is time to go abroad.
- Convenience online banking allianceonline empowers you to accumulate and manage your wealth at ease. Account opening, investment in foreign currency and even conversion back to MYR can be done at your own convenience without going to the branch.
- Low initial deposit - At a low minimum amount to open an Alliance XChange account, we make it easy for you to start.
- Great Forex Rates Alliance XChange uses online Forex Rates called e-rates. These rates are usually better than the normal board rates. We also offer periodic promotional rates, called Hot e-Rates, which is designed to encourage you to save systematically over time.
Individual customers who are aged 18 years and above with an active Alliance Bank MYR Current/Saving(s) account (conventional account only) and had successfully registered for allianceonline.
The account can only be opened via allianceonline. Account opening is completed upon successful debiting of the MYR Current/Saving(s) account and crediting the funds into the Alliance XChange account base on prevailing FX exchange rate.
Initial deposit starts from 500 in foreign currency denomination, for example USD 500 except for Japanese Yen at JPY 20,000. Alliance XChange Fixed Deposit would be 2,500 in foreign currency denomination, e.g. USD2, 500.
Subsequent deposit from an MYR Current/Saving(s) account into Alliance XChange account starts from RM100.
Alliance XChange transactions can only be performed via allianceonline from 9.30 am to 4.30 pm. on business days in Kuala Lumpur.
There are various uses of a foreign currency account including:
- Saving for your child who will be pursuing an education overseas.
- For non-residents employed in Malaysia to retain funds.
- For residents who are receiving income from abroad.
- Investing in foreign currency denominated products to potentially gain higher returns.
- Foreign currency telegraphic transfers or remittance with no backward conversion.
The Foreign Exchange Notices are administered by BNM under the Financial Services Act 2013 and Islamic Financial Services Act 2013 to accelerate the development of Malaysian financial market and to promote financial stability. Depending on your resident status and whether you have domestic ringgit borrowing / financing, undertaking of investment abroad and investment in foreign currency asset onshore may have limit imposed.
For more info, visit BNM website. [Click here]
Yes. You can enjoy special Forex Rates called e-Rates when you convert online.
Yes. You can still choose to perform a transaction at the branch, e.g. sending/receiving a Foreign Telegraphic Transaction, currency conversion and account closing. All prevailing standard rates, fees and charges for OTC transactions at the branch shall apply. Please note that e-Rates are only applicable for transactions done with allianceonline.
Interest will be credited at the end of every month and paid in the respective foreign currency.
Latest interest rates can be obtained at Alliance Bank branches or website. [Click here]
This is a "ZERO FEE" account. No fees will be charged for account opening and maintenance of the account.
Withdrawals can only be made through the following methods:
- Inward Telegraphic Transfer from overseas/other Banks in Malaysia.
- Conversion from an MYR Current/Saving(s) account in Alliance Bank.
- Fund transfer from another Alliance XChange account.
- Demand Draft.
Withdrawals can only be made through the following methods:
- Telegraphic Transfer to overseas/other Banks in Malaysia.
- Conversion back to an MYR Current/Saving(s) account in Alliance Bank.
- Fund transfer to another Alliance XChange account.
- Demand Draft
There shall be no currency notes and coins transacted or dealt with in respect to the account.
No. You will not have to convert back to MYR, and the Telegraphic fund Transfer is straight through from the Alliance XChange account. You only need to pay for cable charges and all standard remittance commission charges. For fees and charges on remittances, kindly [Click here].
More Information
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