Introduction
Moving to Malaysia as an expat? One of the first things you’ll need is a local bank account. Having a Malaysian bank account makes it easier to receive your salary, pay rent, handle daily transactions, and avoid high foreign exchange fees. How to Open a Bank Account in Malaysia guide covers everything you need to know about opening a bank account in Malaysia, including the best banks for expats, required documents, and digital banking options.
Eligibility & Requirements
Before heading to the bank, ensure you meet the eligibility criteria and have the necessary documents.
Who Can Open a Bank Account?
Documents Required
📌 For Employment Pass Holders:
– Passport with a valid visa
– Employment Pass / Work Permit
– Proof of residence (tenancy agreement, utility bill, or employer letter)
– Letter from employer (some banks may require this)
– Minimum deposit (varies by bank, typically RM500–RM1,000)
📌 For MM2H Holders & PR:
– MM2H visa / PR status proof
– Passport
– Proof of funds (some banks may require fixed deposit placements)
– Proof of residence
📌 For Business Owners & Students:
– Additional documents may be required, such as business registration proof or student enrollment verification.
Best Banks for Expats in Malaysia
Not all banks offer the same services for expats. Here are some of the best options:
🏦 Maybank – Malaysia’s largest bank, with strong digital banking services and expat-friendly accounts.
🏦 CIMB – Competitive savings accounts and easy online banking.
🏦 HSBC – Great for international banking and multi-currency accounts.
🏦 Standard Chartered – Global banking network with services tailored for expats.
🏦 RHB & Public Bank – Reliable local banking options with reasonable fees.
Types of Bank Accounts Available
Expats can choose from different types of accounts:
💰 Savings Account – Suitable for daily transactions and salary deposits.
💼 Current Account – For high-transaction users and business owners.
💳 Multi-Currency Account – Allows holding multiple currencies, ideal for frequent travelers.
📈 Fixed Deposit Account – High-interest savings option for long-term expats.
How to Open a Bank Account in Malaysia – Step-by-Step Process
1️⃣ Choose a bank – Select the one that suits your needs.
2️⃣ Visit a branch – Bring the required documents.
3️⃣ Fill out application forms – Provide personal details and employment information.
4️⃣ Complete KYC verification – Some banks may require in-person verification.
5️⃣ Make an initial deposit – Typically RM500 to RM1,000.
6️⃣ Receive your ATM/debit card – Activate online and mobile banking.
Banking Fees, Charges & Digital Banking
💰 Account Maintenance Fees: Varies by bank, RM5–RM10 per month.
💳 ATM Withdrawal Fees: Free for own bank ATMs, RM1 for other banks.
🌍 International Remittance Fees: RM10–RM30 per transfer.
📱 Mobile Banking Apps: Supported by most banks (Maybank2u, CIMB Clicks, HSBC Mobile, etc.).
Tips for Expats on Banking in Malaysia
✅ Choose a bank with good online banking services.
✅ Keep an eye on hidden banking fees.
✅ If transferring large sums, use multi-currency accounts to save on forex charges.
✅ Ask if your bank offers special benefits for expats (e.g., lower fees, travel perks).
Quick Recap: How to Open a Bank Account in Malaysia
✅ Ensure you have the required visa and documents before visiting a bank.
✅ Choose an expat-friendly bank like Maybank, CIMB, HSBC, or Standard Chartered.
✅ Decide on the right account type – Savings, Current, Multi-Currency, or Fixed Deposit.
✅ Be prepared to pay a minimum deposit (RM500–RM1,000) to open an account.
✅ Utilize mobile banking for convenient transactions.
✅ Check banking fees and charges to avoid unexpected costs.
Opening a bank account in Malaysia as an expat is straightforward if you have the right documents. Choosing the right bank depends on your financial needs, whether you need a simple savings account, international banking services, or multi-currency accounts.
💡 Need help choosing a bank? Comment below and share your experience!
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