How to open a bank account in Malaysia

Because of the large influx of expats, Malaysia has policies in place to make people's lives as easy as possible. For example, because of the existence of the MM2H visa program, if a foreign national holds a fixed amount of money in a bank account in Malaysia, they are entitled to renew their visa. These and other relatively easy requirements make it easy to open a bank account in Malaysia.

Here are the requirements you need, generally speaking:

• Resident permit or MM2H visa docs
• Employment details, such as a letter from the employer or other proof of business activity
• Photo ID (e.g. passport)
• A minimum deposit which is set by the bank depending on the type of account
• Your fingerprint (some banks may require this for identification)

Check with the bank for particular requirements. The visa requirements may be broader in some cases, for example. One particular note: if you aren't carrying all the typical documents, have a talk with the bank manager and have a Malaysian friend go along especially if this friend has an account at the bank. This may facilitate the process as it accounts as a referral.

There are hundreds of banks in the country and altogether will give you plenty of ATM coverage and a full spectrum of products and services, from basic accounts to investment products. It is important to pick a bank that will have both conveniently located ATMs according to your lifestyle and a pricing structure that matches your financial situation.

• Maybank: Malayan Banking is the largest bank in the country. As such, it offers a full range of retail products including basic current accounts, savings accounts and even products for children. It has all the amenities you grew to expect such as debit cards, internet banking and quality phone customer service. Their branch and ATM networks are extensive.
• CIMB: This is a very popular bank in the region with over one thousand branches and thousands of ATMs and millions of customers. Their offers include ATM cards, debit cards, online banking and this is always included in packages which may be customized.
• Public Bank Berhad: PBE is a large retail bank that operates across the country with special offers such as cashback and interest in deposits. Their selection of basic accounts include debit and optional credit cards. They also have multi-currency account which can be handy if you do a lot of international business. Here are their ATMs and branch locations.
• RHB Bank: With an impressive range of financial offers such as savings products and mortgages, they are quite a popular bank in the country. With that said, their best offers are for citizens of Malaysia and for those who have achieved permanent resident status, leaving expats out of the picture. Still, accounts come with cards, can be multicurrency if you prefer them, and there are plenty of loan options for individuals and businesses. Here is their ATM and branch network.

It should be simple to open a bank account in Malaysia as there are English websites and friendly, well-trained English-speaking staff. Once you complete the account activation, you should be able to walk out of the branch with a working basic ATM card.

It is important to read the contract as fine print can hide surprises especially in terms of odd charges and the like. There could be charges to keep accounts open, to use ATMs off your bank's network and some banks may even charge you when your balance drops below a certain amount or if you do not use the account often enough.

Also, perhaps it is wise to visit international banking giants such as HSBC and Citi as these may be easier to work with and may offer simpler packages especially if you rarely use the account.