Foreign Currency Accounts
 Alliance XChange Account / Fixed Deposit
 

 
Tired of paying expensive rates and unnecessary fees?
Every bit of your savings count! With Alliance XChange, our online foreign currency account/fixed deposit (FCA/FCFD) you don't have to pay any fees!
 
 
Saving for your child's future education overseas?
Alliance XChange enables you to save in your choice of foreign currencies at today's Forex e-Rate. You can now better manage your foreign funds according to your budget and not worry about future appreciation against Malaysian Ringgit.
 
 
Looking for an alternative investment?
Enjoy fixed interest rate returns when you deposit in our Alliance XChange Fixed Deposit account (online foreign currency fixed deposit) and convert back to Malaysian Ringgit (MYR) when the Forex e-Rates are favourable to you.
 

Imagine a world where your bank account is your global wallet. With ZERO fees, you can now grow your savings at GREAT Forex e-Rates with Alliance XChange (online FCA/FCFD) via allianceonline (personal online banking).

 

 

Types of Account

 

Alliance XChange Account (online foreign currency account; FCA)

This is an online interest-bearing foreign currency denominated current account (FCA) which offers up to 9 foreign currencies (USD, GBP, AUD, SGD, EUR, JPY, NZD, HKD and CAD).

What's more?

  • Customers are allowed to open up to five (5) foreign currency accounts for the same currency
  • Minimum account opening amount of 500 in foreign currency denomination of the respective foreign currencies; e.g. USD 500 (except for JPY at JPY20,000)
  • Minimum account balance of 30 in foreign currency denomination (except for JPY at JPY3,000)
  • Alliance XChange allows customers to perform standing instructions for future dated fund transfers and repeated fund transfers in the respective foreign currency.

 

 
 

Alliance XChange Fixed Deposit (online foreign currency fixed deposit; FCFD)

This is an online foreign currency fixed deposit account which offers 7 different foreign currencies (USD, GBP, AUD, SGD, EUR, NZD and CAD).

What's more?

  • Minimum placement of 2,500 units of the respective foreign currencies
  • Enjoy flexible tenures of 1-month, 3, 6, 9 and 12 months for all currency type

 

 
 

 

Well, what are you waiting for?
Open an Alliance XChange account/fixed deposit today at allianceonline (personal online banking).

Note:

  1. Eligible for protection by PIDM
  2. Member of PIDM

 

Offers you up to 9 foreign currencies:

 

 
 
Zero Fees
We do not charge Annual Fees, Account Opening Fees, Conversion Fees and Service Fees.
 
 
Convenience with allianceonline (personal online banking)
Open an Alliance XChange account, an online foreign currency account (FCA) via allianceonline and transact from anywhere.
 
 
Great Forex Rates
Enjoy more savings with our special e-Rates (AllianceXChange Forex e-Rates) when you convert currencies online. If that's not enough, keep an eye for exciting "Hot" e-Rates that offers more savings.
 
 
Low Initial Deposit
For Alliance XChange Account, you only need an opening deposit of 500 in your choice of foreign currency denomination (except for JPY at JPY20,000).

For Alliance XChange Fixed Deposit, you only need an opening deposit of 2,500 in your choice of foreign currency denomination.
 

Who can Open an Alliance XChange Account/Fixed Deposit (online FCA/FCFD)

 
  • Alliance Bank customers with active individual Current/Savings account(s) with Alliance Bank (conventional account only)
  • Already registered as allianceonline (personal online banking) user
  • Individuals aged 18 years old and above (excluding sole proprietor and general partnership)
 

Open an Alliance XChange Current Account/Fixed Deposit (Online FCA/FCFD) NOW!

 

  • Login to your existing allianceonline account
  • Open an Alliance XChange (intererst-bearing online foreign currency account/fixed deposit) instantly

  • Register your mobile number and login to allianceonline and complete "First Time Registration"
  • Open an Alliance XChange (intererst-bearing online foreign currency account/fixed deposit) instantly

  • Fill up the Product Enquiry Form or visit any Alliance Bank branch and open a conventional Current/Savings account
  • Register your mobile number and login to allianceonline to complete "First Time Registration"
  • Open an Alliance XChange (intererst-bearing online foreign currency account/fixed deposit) instantly
 

Alliance XChange Account (online foreign currency account; FCA)

Currency Interest Rate (%p.a.)
AUD 1.20
CAD 0.20
EUR 0.00
GBP 0.05
NZD 1.50
SGD 0.10
USD 0.40
Effective Date: 9 December 2016

 

Alliance XChange Fixed Deposit (online foreign currency fixed deposit; FCFD)

Currency Tenor
Interest Rate (%p.a.)
1 mth 3 mth 6 mth 9 mth 12 mth
AUD 1.70 1.90 2.00 2.10 2.15
CAD 0.50 0.60 0.70 0.80 0.90
EUR 0.00 0.00 0.00 0.00 0.00
GBP 0.20 0.25 0.40 0.45 0.50
NZD 1.90 2.15 2.30 2.40 2.50
SGD 0.60 0.80 0.90 1.00 1.10
USD 0.80 1.15 1.30 1.45 1.60
Effective Date: 9 December 2016

 

Frequently Asked Questions (FAQ)

  1. Why should I choose Alliance XChange?
    The product proposition of Alliance XChange account removes the pains that many foreign currency account holders or potential foreign currency account holders face today:
    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. Low initial deposit - At a low minimum amount to open an Alliance XChange account, we make it easy for you to start.
    7. 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.
  2. Who can open an Alliance XChange account?
    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.
     
  3. How do I open the Alliance XChange account?
    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.
     
  4. How much do I need to open an account?
    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.
     
  5. What is the minimum deposit amount after account opening?
    Subsequent deposit from an MYR Current/Saving(s) account into Alliance XChange account starts from RM100.
     
  6. When can I perform a transaction via allianceonline?
    Alliance XChange transactions can only be performed via allianceonline from 9.30 am to 4.30 pm. on business days in Kuala Lumpur.
     
  7. What can I use the account for?
    There are various uses of a foreign currency account including:
    1. Saving for your child who will be pursuing an education overseas.
    2. For non-residents employed in Malaysia to retain funds.
    3. For residents who are receiving income from abroad.
    4. Investing in foreign currency denominated products to potentially gain higher returns.
    5. Foreign currency telegraphic transfers or remittance with no backward conversion.
       
  8. What are the rules applicable to Foreign Currency transactions?
    Operation of a foreign currency account is subject to the Foreign Exchange Administration Rules as determined by the Foreign Exchange Administration (FEA) Department of Bank Negara Malaysia (BNM). For more info, visit BNM website. [Click here]
     
  9. Do I enjoy better rates when I convert funds online into Alliance XChange?
    Yes. You can enjoy special Forex Rates called e-Rates when you convert online.
     
  10. Can I still perform a transaction over-the-counter (OTC) at the branch?
    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.
     
  11. How often is the interest paid and in what currency is it paid?
    Interest will be credited at the end of every month and paid in the respective foreign currency.
     
  12. How do I obtain the latest interest rates for different currencies?
    Latest interest rates can be obtained at Alliance Bank branches or website. [Click here]
     
  13. What are the fees & charges of this account?
    This is a "ZERO FEE" account. No fees will be charged for account opening and maintenance of the account.
     
  14. How do I deposit money into Alliance XChange account?
    Deposits 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.
       
  15. How do I withdraw money from the Alliance XChange account?
    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
       
  16. Can I deposit into / withdraw from Alliance XChange account using physical foreign currency cash?
    There shall be no currency notes and coins transacted or dealt with in respect to the account.
     
  17. Will I be exposed to further Forex conversion when I perform a Telegraphic Transfer?
    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].
 

If you would like to get more information on the Alliance XChange Account/Fixed Deposit (interest-bearing online foreign currency account/fixed deposit), choose one of the three ways indicated in the Next Steps section below and we'll get back to you.
Next Steps

Online

Provide us with your basic contact details and we'll be in touch with you soon.

By Phone

Call us at 03-5516 9988 and we'll be happy to help you out.

Face to Face

We're always ready  to serve you so locate our nearest branch here.