How to open a bank account in Malaysia {Complete guide}

Malaysia continues to attract people from around the world with its strong economy, modern infrastructure, and expat-friendly lifestyle. Its affordability, livability, and English-speaking population make it a popular destination for international students, professionals, investors, and retirees. However, the cost of living is rising, especially in Kuala Lumpur, and non-residents may face stricter banking regulations.

How to open bank account in Malaysia

Whether you're moving to Malaysia or doing business there, setting up a local bank account is essential for managing your finances. Here’s an updated and factual guide to help you open a bank account in Malaysia.

Why You Need a Local Bank Account

Having a local bank account simplifies day-to-day transactions, such as:

✅ Paying rent, utilities, or tuition fees.

✅ Receiving income or pensions.

✅ Managing finances without relying on costly international transfers.

✅ Meeting residency or visa requirements (e.g., the Malaysia My Second Home (MM2H) program requires maintaining a fixed deposit in a Malaysian bank).

Can a Non-Resident Open a Bank Account in Malaysia?

Yes, but the process is stricter than before even for Malaysian citizens. Most banks offer account types such as:

Personal Savings Accounts
Personal Current Accounts
Multi-Currency Accounts (available at select banks)

Recent changes: Some banks require proof of address, while others may restrict account access for non-residents. International banks like HSBC, Citibank, or Standard Chartered may be better options for expats.

Documents Needed to Open a Bank Account in Malaysia

For Residents (Including MM2H Visa Holders)

✅ Resident Permit or MM2H Visa documentation.

✅ Proof of legal status:

Work permit or letter from employer (if you work there)
Proof of business activity (if you conduct business there)
Acceptance letter from a university (if you're a student).

✅ Valid passport or Malaysian photo ID.

✅ Minimum initial deposit (varies by bank and account type).

✅ Fingerprint scans (required by some banks for identity verification).

For Non-Residents

Opening a bank account as a non-resident is possible but increasingly difficult due to stricter anti-money laundering (AML) regulations. Requirements may vary by bank, but generally include:

✅ Passport (mandatory for identification).

✅ Proof of employment or foreign income (if applicable).

✅ Initial deposit (varies by account type and bank).

✅ Some banks now require a local Malaysian address for verification.

Important Update: In 2023, several Malaysian banks tightened their requirements for non-residents. Some now require proof of address in Malaysia or a local reference before allowing account opening. Always check with the bank beforehand to confirm the latest policies.

Types of Bank Accounts in Malaysia

Savings Account

Ideal for individuals who want to save and earn interest.
Requires a minimum initial deposit (typically RM 250 – RM 1,000).
Minimum balance requirements apply.

Current Account

Best for frequent transactions, including bill payments and salary deposits.
Often comes with a checkbook and debit card.
Requires a higher minimum balance compared to savings accounts.

Steps to Open a Bank Account in Malaysia

STEP #1. Decide on the Account Type. Whether you need a personal savings or current account, a multi-currency account, or a business bank account, pick the right type that satisfies your requirements.

STEP #2. Choose the Right Bank: Research local and international banks to find one that suits your needs. Banking at the nearest branch of the the bank of your choice would be convenient.

STEP #3. Prepare the Required Documents: Ensure you have all necessary documents based on your residency status.

STEP #4. Visit a Bank Branch: Most banks require an in-person visit for verification.

STEP #5. Submit Your Application & Deposit Funds: Complete the paperwork and make the minimum deposit.

STEP #6. Activate Your Account: Once approved, receive your debit card, online banking details, and checkbook (if applicable).

Bank Fees, Minimum Deposit, and Maintaining Balance Requirements

Opening and maintaining a bank account in Malaysia comes with certain fees and deposit requirements that vary by bank and account type. Here’s what you need to know:

1. Minimum Initial Deposit

Most banks require an initial deposit when opening an account. The amount varies depending on the account type and whether the applicant is a resident or non-resident.

Bank	Savings Account (RM*)	Current Account (RM*)	Multi-Currency Account (RM*)
Maybank	RM 250 – RM 1,000	RM 1,000 – RM 3,000	RM 5,000+
CIMB	RM 250 – RM 1,000	RM 1,000 – RM 3,000	RM 3000+
Public Bank	RM 500 – RM 1,000	RM 1,000 – RM 3,000	RM 5,000+
HSBC	RM 1,000 – RM 5,000	RM 5,000 – RM 10,000	RM 10,000+
RHB Bank	RM 500 – RM 1,000	RM 2,000 – RM 5,000	RM 5,000+

*RM - Malaysian Ringgit

Note: Some banks may allow foreigners to open an account with a lower deposit if they provide work permit, residency, or student status.

2. Minimum Balance Requirement

Banks require customers to maintain a minimum balance in their accounts. If the balance falls below the required amount, penalty fees may apply.

Savings Accounts	Typically RM 20 – RM 200 minimum balance.
Current Accounts	RM 1,000 – RM 5,000 minimum balance
Multi-Currency Accounts	RM 3,000 – RM 10,000 depending on the currency

3. Account Maintenance & Monthly Fees

Most banks charge monthly maintenance fees based on the type of account and the services included.

Fee Type	Average Cost (RM)
Account Maintenance Fee	RM 5 – RM 50 per month
ATM Withdrawal Fee (non-network ATMs)	RM 1 – RM 10 per transaction
International Transfer Fee	RM 10 – RM 50 + conversion fees
Dormant Account Fee (no transactions for 12 months)	RM 10 – RM 30 per year

Tip: Some premium or business accounts may have higher maintenance fees but offer additional benefits like free international transfers or priority banking services.

4. Fixed Deposit Accounts for Foreigners

Foreigners, including Malaysia My Second Home (MM2H) visa holders, can open fixed deposit accounts with a minimum deposit requirement.

Maybank: RM 5,000 minimum deposit
CIMB: RM 10,000 minimum deposit for foreign currency fixed deposits
HSBC: RM 50,000 minimum deposit for international clients

5. Hidden Fees to Watch Out For

✔️ Over-the-Counter Transaction Fees: Some banks charge RM 5 – RM 10 for teller-assisted transactions.

✔️ International ATM Fees: Expect RM 10 – RM 20 per withdrawal if using a foreign ATM.

✔️ Currency Exchange Markups: Banks often add hidden fees when converting money between currencies.

Key Takeaways on Fees & Balances

Savings accounts usually require RM 250 – RM 1,000 as an initial deposit.
Current accounts often require a higher deposit (RM 1,000 – RM 5,000).
Minimum balance rules apply, and penalties may be charged for falling below the required threshold.
International transactions and ATM withdrawals from non-network ATMs come with additional fees.
Fixed deposit accounts for foreigners require a larger deposit, typically RM 5,000 – RM 50,000.
Always check with your bank of choice for the latest fee structures and account policies before opening an account.

Bank Branch Opening Hours in Malaysia

Most banks in Malaysia operate Monday to Friday, with limited services on weekends. However, hours may vary by bank and branch location.

Typical Banking Hours

Monday - Friday	9:00 AM – 4:30 PM
Saturday	Closed (some branches open for limited hours, typically 9:30 AM – 12:30 PM)
Sunday & Public Holidays	Closed

Exceptions & Variations

✔️ Some branches in shopping malls may have extended hours, closing at 6:00 PM.

✔️ Islamic banking institutions and branches in Kelantan, Terengganu, Kedah, and Johor operate Sunday – Thursday instead of Monday – Friday.

✔️ ATM services are available 24/7 for cash withdrawals and transfers.

It’s always best to check the specific bank branch’s hours online before visiting, as some may have different schedules based on location.

Best Banks in Malaysia

With an extensive banking network and modern financial services, Malaysia offers a variety of options for expats. Here are some of the major Malaysian banks to consider:

Best banks in Malaysia

1. Maybank

✔️ Malaysia’s largest and most accessible bank.

✔️ Offers savings and current accounts, debit cards, and online banking.

✔️ Ideal for expats looking for a wide branch & ATM network.

✔️ Offers multi-currency accounts which provide multi-currency savings accounts for both individuals and businesses.

2. CIMB Bank

✔️ A leading ASEAN bank with over 3,000 branches across Malaysia, Indonesia, Cambodia, and Thailand.

✔️ Great for travelers and regional business owners.

✔️ Strong online banking and mobile app services for easy access.

✔️ Offers multi-currency accounts which offer competitive exchange rates and online banking features.

3. Public Bank Berhad (PBE)

✔️ Well-known for its multi-currency accounts and excellent customer service.

✔️ Suitable for expats managing funds in multiple currencies.

✔️ Offers credit and debit card options with cashback benefits.

✔️ Offers multi-currency account which supports multiple currencies and is popular for business transactions.

4. RHB Bank

✔️ Offers savings accounts, loans, and investment products.

✔️ Multi-currency accounts available for global financial management.

Other banks that offer multi-currency accounts in Malaysia include:

✔️ HSBC Malaysia – Best for expats and global banking services.

✔️ Standard Chartered – Ideal for managing large international transactions.

International Banks:

HSBC Malaysia: Best for expats needing multi-currency accounts.
Citibank Malaysia: Ideal for high-net-worth individuals and businesses.
Standard Chartered: Well-suited for global business transactions.

Some Information You Must Know About Banking in Malaysia

Banking Regulations in Malaysia

Governed by Bank Negara Malaysia (BNM), the country’s central bank.
Anti-Money Laundering (AML) laws require strict customer verification.
FATCA compliance may affect US citizens.

Common Challenges Faced by Foreigners When Opening Bank Accounts in Malaysia

Some banks require a local reference or address.
Non-residents may face stricter verification requirements.
Language barriers at smaller bank branches.
Delays in approval due to compliance checks.

Tips for Sending Money Between Malaysia and the USA

Use international banking services like HSBC, Revolut, or Narvi for lower fees.
Check exchange rates and transfer fees before sending money.

Opening a Multi-Currency Account

Requirements to Open a Multi-Currency Account

To open a multi-currency account in Malaysia, you typically need:

✔️ Valid passport (for foreigners).

✔️ Proof of residency, employment, or business activity (varies by bank).

✔️ Initial deposit (varies by bank, typically RM 5,000 – RM 50,000).

✔️ Minimum balance requirement to avoid maintenance fees.

Who Should Consider a Multi-Currency Account?

✔️ Expats & Frequent Travelers – To manage funds in multiple currencies without excessive conversion fees.

✔️ Business Owners – To receive and send payments in different currencies.

✔️ Investors & High-Net-Worth Individuals – To diversify holdings and hedge against currency fluctuations.

Each bank has different policies, so it’s best to compare fees, minimum deposit requirements, and currency exchange rates before choosing a provider.

Opening a Corporate Bank Account in Malaysia

Opening a corporate bank account in Malaysia is essential for businesses looking to operate smoothly in the country. Whether you're setting up a local company, a foreign branch, or an offshore entity, having a Malaysian bank account allows you to manage transactions, pay employees, and handle business expenses efficiently. However, the process can be complex due to strict regulatory requirements, including documentation, minimum deposit thresholds, and compliance with anti-money laundering (AML) laws. Understanding these requirements beforehand can help streamline the account opening process and avoid unnecessary delays.

What to Consider When Choosing a Bank

Minimum deposit and balance requirements.
International transfer capabilities.
Online banking services.

Requirements for Opening a Business Account in Malaysia

Company registration documents.
Business licenses (if applicable).
Proof of business activity.

How Long Does It Take to Open a Bank Account in Malaysia?

Personal accounts: Typically 1-3 business days.
Business accounts: Can take 1-4 weeks, depending on verification requirements.

Frequently Asked Questions (FAQs)

Can a foreigner open a bank account in Malaysia? How about tourists?

Yes, foreigners can open a bank account in Malaysia, but requirements vary by bank and account type. Most banks require a valid passport, proof of employment or income, and an initial deposit. Some banks also require a local Malaysian address or a reference from an existing account holder. They may also require you to visit a branch.

Tourists without a work permit or business ties may face restrictions.

Can non-residents open bank accounts in Malaysia?

Yes, but it is becoming more difficult due to anti-money laundering (AML) regulations. Some banks now require proof of a Malaysian address - such as utility bills - or local business ties before allowing non-residents to open accounts. International banks like HSBC and Citibank are often the best options for non-residents.

Which bank is best for foreigners in Malaysia?

The best banks for foreigners depend on individual needs:

✔️ Maybank – Best for general banking with the largest ATM network.

✔️ HSBC Malaysia – Great for expats and international money transfers.

✔️ CIMB Bank – Offers multi-currency accounts and online banking.

✔️ Standard Chartered – Best for business and corporate accounts.

How to open a bank account online in Malaysia?

Most banks in Malaysia do not allow foreigners to open an account fully online. However, existing customers of Malaysian banks (such as Maybank or CIMB) may open additional accounts via internet banking. Some international banks, like HSBC and Citibank, may allow you to start the account opening process online before visiting a branch to complete verification.

How can a foreigner open a Maybank account in Malaysia?

A foreigner can open a Maybank account by visiting a local branch of your chosen bank with the necessary documents. If you are a non-resident, it is advisable to check with the bank beforehand as some branches may have stricter requirements.

How to open a bank account in Malaysia without going to the bank?

Currently, most Malaysian banks require an in-person visit to verify your identity. Some international banks, like HSBC and Citibank, may allow remote applications or online account opening if you already hold an account with them in another country.

Which banks allow foreigners to open accounts in Malaysia?

Several banks in Malaysia accept foreign customers, including some of the largest banks:

✔️ Maybank – Most accessible for expats.

✔️ CIMB Bank – Offers easy online banking.

✔️ Public Bank – Good for multi-currency accounts.

✔️ HSBC & Citibank – Best for international transactions.

Which is the best international bank in Malaysia?

HSBC Malaysia and Citibank Malaysia are considered the best international banks for expats due to global account access, multi-currency features, and seamless international transactions.

Can I open a Malaysia bank account online?

Only existing customers of certain Malaysian banks can open additional accounts online. First-time customers and foreigners are generally required to visit a branch of their chosen bank for verification and online application may not be an option.

Can foreigners open a bank account in Maybank Malaysia?

Yes, but they must provide:

✔️ A valid passport

✔️ Proof of employment, student status, or long-term stay visa

✔️ A minimum deposit (varies by account type)

Can a US citizen open a bank account in Malaysia?

Yes, US citizens can open a bank account in Malaysia, but they may be subject to FATCA (Foreign Account Tax Compliance Act) regulations, which require banks to report accounts held by US persons to the IRS. Some Malaysian banks may have additional requirements for US citizens.

Can a US citizen open a Malaysian bank account as a non-resident?

Yes, but they may need to provide FATCA-related documentation and proof of income.

How to open a bank account in Malaysia as an American

Follow the same steps for opening a Malaysian bank account as a foreigner we have provided above. However, take note that Americans may need additional documentation due to FATCA regulations. Some banks may request for:

US Tax Identification Number (TIN).
FATCA compliance form.
Proof of a Malaysian address or local business involvement.

Does Bank of America work in Malaysia?

Bank of America does not have retail banking branches in Malaysia, but US customers can use partner ATMs (such as CIMB or Maybank) to withdraw cash. International banking services can also be accessed through HSBC or Citibank.

Can I open a Malaysian bank account as a foreigner?

Yes, foreigners can open a Malaysian bank account, but it depends on visa status, employment, and the bank’s policies. Some banks require proof of a local address - such as utility bills - or employment contract.

How can I open a Maybank account without going to the bank?

Currently, new Maybank customers (including foreigners) must visit a branch to open an account. Only existing customers can open additional accounts through online banking.

How much does it cost to open a bank account in Malaysia?

Minimum deposit: RM 250 – RM 5,000 (varies by bank and account type).

Monthly fees: RM 5 – RM 50.

How long does it take to open a bank account in Malaysia?

Typically 1-3 business days for personal accounts.
Business accounts may take longer due to additional documentation requirements.

Can foreign corporate entities open a bank account in Malaysia?

Yes, but they must provide company registration documents, proof of business activity, and identification for company directors.

How do Islamic accounts differ from other accounts?

Islamic bank accounts follow Shariah principles, where there are no interest payments (riba) – instead, profit-sharing models are used.

Can foreigners open a fixed deposit account in Malaysia?

Yes, foreigners can open a fixed deposit account in Malaysia. Some banks require a higher minimum deposit for non-residents, and interest rates may vary. MM2H visa holders are required to maintain a fixed deposit in a Malaysian bank.

What are the best international banks in Malaysia for expats?

If you need an account for international transactions, consider:

✔️ HSBC Malaysia – Global banking services with multi-currency accounts.

✔️ Citibank Malaysia – International banking with global account access.

✔️ Standard Chartered Malaysia – Best for business accounts.

Narvi: Your Virtual Banking Solution in Malaysia

Need a foreign currency account for your cross-border business? Managing international transactions from Malaysia? Narvi Payments offers a seamless, digital alternative to traditional banking, designed for businesses and entrepreneurs handling cross-border payments. With a dedicated Euro IBAN, you can easily send and receive Euro payments in Malaysia and over 100 other countries. Narvi’s platform has a wide range of benefits:

✔️ Quick & Easy to Setup – Apply for an account in under 10 minutes.

✔️ Cost-Effective – Avoid excessive banking fees with transparent pricing for international transactions.

✔️ Customizable & Scalable BaaS – Tailored for businesses and entrepreneurs needing flexible banking solutions.

✔️ SWIFT Payment Supported – Effortlessly send and receive traceable international SWIFT payments without the usual delays.

Narvi is a licensed, authorized, and regulated electronic money institution under the Finnish Financial Supervisory Authority, ensuring security and compliance in cross-border transactions.

Opening a bank account in Malaysia offers numerous benefits, whether you're an expat, student, investor, or business owner. While the process is straightforward for residents, non-residents may face stricter requirements, so it’s always best to check with the bank in advance. Digital banking solutions like Wise and Narvi, as well as international banks like HSBC, can provide additional flexibility for managing cross-border transactions.

With the right documents and preparation, getting started with banking in Malaysia can be a smooth experience. Whether you're looking for a local account for daily expenses or an international solution for seamless money transfers, there are plenty of options to suit your needs.

Originally published June 12, 2017. Updated February 5, 2025.

Disclaimer

B2Bpay.co does not provide tax, investment, legal or accounting advice. The material on this page has been prepared for informational purposes only. It should not be relied on for financial or legal advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

Page content

1. Why You Need a Local Bank Account
2. Can a Non-Resident Open a Bank Account in Malaysia?
3. Documents Needed to Open a Bank Account in Malaysia
4. For Residents (Including MM2H Visa Holders)
5. For Non-Residents
6. Types of Bank Accounts in Malaysia
7. Savings Account
8. Current Account
9. Steps to Open a Bank Account in Malaysia
10. Bank Fees, Minimum Deposit, and Maintaining Balance Requirements
11. Key Takeaways on Fees & Balances
12. Bank Branch Opening Hours in Malaysia
13. Typical Banking Hours
14. Exceptions & Variations
15. Best Banks in Malaysia
16. International Banks:
17. Some Information You Must Know About Banking in Malaysia
18. Banking Regulations in Malaysia
19. Common Challenges Faced by Foreigners When Opening Bank Accounts in Malaysia
20. Tips for Sending Money Between Malaysia and the USA
21. Opening a Multi-Currency Account
22. Requirements to Open a Multi-Currency Account
23. Who Should Consider a Multi-Currency Account?
24. Opening a Corporate Bank Account in Malaysia
25. What to Consider When Choosing a Bank
26. Requirements for Opening a Business Account in Malaysia
27. How Long Does It Take to Open a Bank Account in Malaysia?
28. Frequently Asked Questions (FAQs)
29. Can a foreigner open a bank account in Malaysia? How about tourists?
30. Can non-residents open bank accounts in Malaysia?
31. Which bank is best for foreigners in Malaysia?
32. How to open a bank account online in Malaysia?
33. How can a foreigner open a Maybank account in Malaysia?
34. How to open a bank account in Malaysia without going to the bank?
35. Which banks allow foreigners to open accounts in Malaysia?
36. Which is the best international bank in Malaysia?
37. Can I open a Malaysia bank account online?
38. Can foreigners open a bank account in Maybank Malaysia?
39. Can a US citizen open a bank account in Malaysia?
40. Can a US citizen open a Malaysian bank account as a non-resident?
41. How to open a bank account in Malaysia as an American
42. Does Bank of America work in Malaysia?
43. Can I open a Malaysian bank account as a foreigner?
44. How can I open a Maybank account without going to the bank?
45. How much does it cost to open a bank account in Malaysia?
46. How long does it take to open a bank account in Malaysia?
47. Can foreign corporate entities open a bank account in Malaysia?
48. How do Islamic accounts differ from other accounts?
49. Can foreigners open a fixed deposit account in Malaysia?
50. What are the best international banks in Malaysia for expats?
51. Narvi: Your Virtual Banking Solution in Malaysia

About the author

05.02.2025
Neil Ambikar

Neil worked in New Zealand’s and the Netherlands’ corporate world for 7 years as a business advisory and financial analyst. In 2017, he founded his first fintech company http://B2Bpay.co, and in 2021, co-founded Narvi Payments. He is also a chartered accountant in the UK, Australia, and New Zealand.

Disclaimer

This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from B2B Trade Payment Services AB or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

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