Opening a Bank Account

Set up your Malaysian bank account

Overview

Opening a bank account in Malaysia is a straightforward process for expatriates. The main banks include Maybank, CIMB, Public Bank, RHB, and Hong Leong Bank. International banks like HSBC, Standard Chartered, and OCBC also operate in Malaysia. Most banks allow foreigners to open accounts with a passport, visa, and proof of address. Expatriates typically open a current account (checking) and savings account. Online banking and mobile apps are excellent with most banks offering English-language interfaces. Digital banks like GXBank and Wise also offer convenient options for expats.

Required Documents

Valid passport

Valid at least 6 months. Bring original and one photocopy.

Malaysian visa or long-term pass

EP, DP, MM2H, Student Pass. Valid at least 3 months.

Proof of address in Malaysia

Tenancy agreement or utility bill in your name.

Employment letter or proof of income

Official letter from employer or university enrollment letter.

Tax Identification Number

Your Tax ID from home country or Malaysian Tax ID.

Minimum initial deposit

RM 500 to RM 1,000 for foreigners.

Recommended Banks

These banks are recommended for expats with English-speaking staff familiar with foreigner accounts:

Maybank Solaris Mont Kiara

Mont Kiara

Solaris Mont Kiara, Jalan Solaris, 50480 KL

📞 03-6203 2200 🕐 Mon-Fri 9:15am-4:30pm, Sat 9:15am-12:30pm

Most expat-friendly branch

Open an account →

Maybank KLCC

KL City Centre

Menara Maybank, 100 Jalan Tun Perak, 50050 KL

📞 03-2070 8833

CIMB KL

KL Sentral

Menara CIMB, Jalan Stesen Sentral 2, 50470 KL

📞 03-2261 8888

HSBC Malaysia

KL City Centre

HSBC, 2 Leboh Ampang, 50100 KL

📞 03-2075 0000

Public Bank

Ampang

Menara Public Bank, 146 Jalan Ampang, 50450 KL

📞 03-2176 6000

Standard Chartered

KL City Centre

SC Tower, Jalan Sultan Ismail, 50250 KL

📞 03-2117 7000

Process

Step 1: Choose your bank

Maybank is the largest bank with the widest ATM network. CIMB offers excellent online banking. HSBC and Standard Chartered are ideal for international transfers. Public Bank has the best customer service ratings. Digital options like Wise (formerly TransferWise) offer multi-currency accounts with low transfer fees. GXBank is a full digital bank with no minimum balance.

Step 2: Gather required documents

You need your valid passport, your Malaysian visa or long-term pass (EP, MM2H, Student Pass, etc.), proof of address in Malaysia (tenancy agreement or utility bill), employment letter or proof of income, and your tax identification number from your home country. Some banks require a minimum initial deposit (typically RM 500 to RM 1,000 for foreigners).

Step 3: Visit the bank branch

Most banks require an in-person visit to open an account for foreigners. Book an appointment online if possible. Visit the branch with your original documents. The process takes about 30-60 minutes. Bring a photocopy of your passport and visa. Choose a branch that has English-speaking staff (most branches in KL, Penang, and major cities do).

Step 4: Set up online banking

Once your account is open, activate online and mobile banking. Download the bank app (Maybank2u, CIMB Clicks, HSBC Malaysia, etc.). Register with your new account number and set up a secure password. Most banks require SMS verification using your Malaysian phone number. Set up your transaction limits and bill payment preferences.

Step 5: Order a debit card

Your bank will issue a debit card (ATM card) linked to your account. It typically arrives within 5-7 working days by mail or can be picked up at the branch. Most Malaysian debit cards are Visa or Mastercard and work internationally. Activate the card through the ATM or mobile app and set your daily withdrawal limit.

Step 6: Set up international transfers

For receiving money from abroad, provide your bank details: bank name, account number, SWIFT code, and branch address. For sending money abroad, use your bank international transfer service or specialized services like Wise which offer better exchange rates. Maybank and CIMB offer competitive rates for international transfers.

FAQ

Can a foreigner open a bank account in Malaysia?

Yes, foreigners can open bank accounts with a valid passport, visa or long-term pass, and proof of address. Some banks may have minimum deposit requirements for non-residents.

Which bank is best for expats?

Maybank has the widest network. CIMB offers the best online banking. HSBC is ideal for international banking. For digital options, Wise offers multi-currency accounts with low fees.

How much do I need to open an account?

Most banks require a minimum initial deposit of RM 500 to RM 1,000 for foreigners. Some banks like Maybank offer accounts with no minimum balance requirement.

Can I open an account online?

Most banks require an in-person visit for foreigners due to regulatory requirements. However, digital banks like GXBank and Wise allow fully online account opening.

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