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.

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:

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.

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]
 

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].