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:

Pursuant to Foreign Exchange Notices issued by Bank Negara Malaysia

Resident Individual, sole proprietorship and General Partnership without Domestic Ringgit Borrowings is allowed to invest in Foreign Currency Asset up to any amount.
Resident Individual, sole proprietorship and General Partnership with Domestic Ringgit Borrowings is allowed to invest in Foreign currency Asset up to RM1milion in aggregate per calendar year using funds sourced from conversion of Ringgit into Foreign Currency.

Domestic Ringgit Borrowing refer to any of following Borrowing in Ringgit obtained by a Resident from another Resident

(a)	any utilised or unutilised credit facility or financing facility;
(b)	any utilised or unutilised trade financing facility, including but not limited to, trade guarantee or guarantee for payment of goods;
(c)	redeemable preference share or Islamic redeemable preference share; or
(d)	Corporate Bond or Sukuk.
(e)	more than credit card or charge card facility obtained by an Individual from a Resident and used for payment for retail goods or services only; or
(f)	credit facility or financing facility obtained by a Resident Individual from a Resident to purchase more than one (1) residential property and more than one (1) vehicle.

For further detail, please refer to Bank Negara Malaysia’s website at https://www.bnm.gov.my/fep.

The Source of Funds and Uses of Funds permissible for Investment FCA for Residents

Permissible Sources

Any foreign currency funds other than
- proceeds of the export of goods and
- settlement of domestic trade from another Resident within the Global Supply Chain as permitted under Notice 4
Transfers from a Trade FCA up to the permitted aggregated investment limit in FE notice 3

Any amount for same-party transfers from an investment FCA

Permissible Uses

Any amount for same-party Transfers into Investment FCA
All permissible purposes. For further detail, please refer to Bank Negara Malaysia’s website at https://www.bnm.gov.my/fep

Payment in Foreign Currency between Residents

A Resident is free to pay or receive payment in Foreign Currency, to or from another Resident for the following:

Any purpose between immediate family members;
Education, employment or migration outside Malaysia;
A transaction between the resident and a licensed onshore bank, a licensed international takaful operator or an international currency business unit of a licensed takaful operator, in the conduct of the latter’s business involving Foreign Currency;
Settlement of –
- FC-denominated derivative, excluding exchange rate derivatives, transacted on a Specified Exchange under CMSA between the resident and a resident futures broker;
- a commodity murabahah transaction between residents undertaken through a resident commodity trading service provider; or
- a domestic trade in goods or services between a resident entity with FC export earnings (payor) and a resident entity which is a Small and Medium Enterprise (SME) and a net importer (payee), subject to specified conditions.

Payment in Foreign Currency between Residents and Non-Resident

A Resident is free to pay or receive payment in Foreign Currency, to or from a Non-Resident for any purposes, except for-

Foreign Currency-denominated derivative offered by the Resident unless approved by the BNM or allowed under Part B of Notice 5;
a derivative which is referenced to Ringgit unless approved by the BNM or allowed under Part B of Notice 5;
exchange rate derivative offered by a Non-Resident unless is approved by BNM or allowed under Notice 1.

Payment in Foreign Currency between Non-Resident

A Non-Resident is allowed to make or receive payment in Foreign Currency, in Malaysia, to or from another Non-Resident for any purpose.

Opening And Maintaining Of Account

Resident Individual allowed to open Foreign Currency Accounts with licensed onshore banks (“LOBs”), individually of jointly with:

another Resident Individual; or
a Non-Resident Individual who is his immediate family member

Resident Individual, the FCA may be maintained: Resident Individual, the FCA may be maintained:

individually; or
joint with another Resident individual; or
joint with a Non-Resident Individual who is his immediate family member

Non-Residents are allowed to open and maintain FCAs with LOBs individually or jointly with;

another Non-Resident Individual; or
a Resident Individual who is his/her Immediate Family Member

You may obtain the full and latest Foreign Exchange Notices from Bank Negara Malaysia’s website at https://www.bnm.gov.my/fep

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
Individuals	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	3.30	4.25	4.35	4.30	4.20	4.10
CAD	3.00	3.70	3.50	3.30	3.20	3.00
EUR	2.60	3.20	3.15	2.90	2.50	2.30
GBP	4.20	4.70	4.80	4.70	4.50	4.40
NZD	3.50	4.40	4.30	4.10	3.90	3.70
SGD	2.60	3.00	2.90	2.80	2.70	2.60
USD	4.40	4.65	4.70	4.50	4.20	4.10

The revised rates will take effect from 26 November 2024.

FAQs about Alliance XChange

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:

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.

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:

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.

8. What are the rules applicable to Foreign Currency transactions?

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]

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?

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.

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].