This article first appeared in The Edge Financial Daily on April 3, 2019

KUALA LUMPUR: RHB Banking Group yesterday launched the country’s first multi-currency debit cards, which provide access to 13 foreign currencies alongside the ringgit.

The cards come in the form of RHB Multi Currency Visa Debit Card and RHB Premier Multi Currency Visa Debit Card.

The foreign currencies supported are: US dollar, Canadian dollar, euro, Japanese yen, Pound Sterling, Australian dollar, New Zealand dollar, Swiss franc, Hong Kong dollar, Saudi riyal, South African rand, Singapore dollar, and Thai baht.

RHB managing director Datuk Khairussaleh Ramli said the launch of the debit cards reflects RHB’s commitment to making banking more convenient, fast and seamless for its customers.

“Currently we have more than two million debit cards in circulation and in the first year, we expect to issue 15,000 new Multi Currency Visa Debit Cards,” he said in his speech during the launch.

With the cards, customers will be able to withdraw cash from any ATMs worldwide, have the flexibility to take advantage of prevailing competitive exchange rates, and earn interest on foreign currency balances. They can also use the cards for overseas retail spending without additional conversion fees typically associated with credit cards.

To get the debit cards, customers can open an RHB Multi Currency Account, with a minimum initial deposit of US$1,000 (RM4,080) or its equivalent.