Currency conversion allows you to convert your available balance from one supported currency to another in real time.

iFAST Pay supports 9 currencies: MYR, USD, SGD, GBP, EUR, AUD, HKD, JPY and CNY.

The minimum conversion amount is 10 in the respective currency (e.g., MYR 10, USD 10, SGD 10) except for JPY.

The minimum conversion amount for JPY is 100.

1. Log in to the FSMOne app → iFAST Pay

2. Tap Convert

3. Select the currencies you want to convert and receive

4. Review the rate and tap Submit

5. Slide to Confirm

6. Complete biometric verification

7. Done

Currency conversions are processed in real time, and the converted funds will be available immediately in your Card Account in the selected currency.

The applicable rate will be shown on the screen before you confirm the conversion and will remain valid for 15 seconds. If the quoted rate expires, the exchange rate will automatically refresh, and you may proceed with the updated rate.

No. Currency conversion fees are currently waived until further notice.

The Foreign Exchange Policy (FEP) is a set of guidelines issued by Bank Negara Malaysia (BNM) that governs foreign exchange activities in Malaysia.

Under the FEP, a Malaysian resident with Domestic Ringgit Borrowing is subject to an annual conversion limit of MYR 1 million when converting Malaysian Ringgit (MYR) into foreign currencies.

Note: This requirement applies to Malaysian residents only.

Domestic Ringgit Borrowing refers to any ringgit-denominated financing or credit facilities, including (but not limited to):

• Ringgit advances, loans, and trade financing facilities

• Hire purchase facilities

• Factoring facilities with recourse

• Financial leasing facilities

• Guarantees for payment of goods

• Redeemable preference shares or similar facilities, regardless of the name or form

The following facilities are excluded from Domestic Ringgit Borrowing:

• Trade credit terms extended by suppliers for all types of goods and services

• Forward foreign exchange contracts entered into with licensed onshore banks

• Performance guarantees and financial guarantees

• One personal housing loan and one vehicle loan obtained from residents

• Credit card and charge card facilities

• Operational leasing facilities

• Factoring facilities without recourse

• Inter-company borrowings within a corporate group in Malaysia

You can update your Domestic Ringgit Borrowing declaration in your FSMOne Account.

Go to FSMOne app → Personal Tab → Account → Profile & Info → Personal Account Information Update →  Foreign Exchange Policy → “Do you have Domestic Ringgit Borrowing?” → select Yes or No.

The annual conversion limit is shared across FSMOne and iFAST Pay. All applicable conversions made through both platforms will count towards the same annual limit.

Your annual conversion limit will be renewed annually.

Once you have reached your annual conversion limit, you will need to obtain approval from Bank Negara Malaysia (BNM) for a higher limit.

Once approved, please provide us with a copy of the approval letter so we can update your conversion limit accordingly. Subsequently, you will be able to perform currency conversions again.