Banking in Malaysia
Banks in Malaysia
List of Banks in Malaysia
It is relatively easy for British expats to open a bank account in Malaysia if you have a work permit, visa, proof of address & passport.
Top 50 Banks in Malaysia
| 1 | Affin Bank Berhad |
| 2 | Alliance Bank Malaysia Berhad |
| 3 | AmBank (M) Berhad |
| 4 | BNP Paribas Malaysia Berhad |
| 5 | Bangkok Bank Berhad |
| 6 | Bank of America Malaysia Berhad |
| 7 | Bank of China (Malaysia) Berhad |
| 8 | Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad |
| 9 | CIMB Bank Berhad |
| 10 | Citibank Berhad |
| 11 | Deutsche Bank (Malaysia) Berhad |
| 12 | HSBC Bank Malaysia Berhad |
| 13 | Hong Leong Bank Berhad |
| 14 | India International Bank (Malaysia) Berhad |
| 15 | Industrial and Commercial Bank of China (Malaysia) Berhad |
| 16 | J.P. Morgan Chase Bank Berhad |
| 17 | Malayan Banking Berhad |
| 18 | Mizuho Bank (Malaysia) Berhad |
| 19 | National Bank of Abu Dhabi Malaysia Berhad |
| 20 | OCBC Bank (Malaysia) Berhad |
| 21 | Public Bank Berhad |
| 22 | RHB Bank Berhad |
| 23 | Standard Chartered Bank Malaysia Berhad |
| 24 | Sumitomo Mitsui Banking Corporation Malaysia Berhad |
| 25 | The Bank of Nova Scotia Berhad |
| 26 | The Royal Bank of Scotland Berhad |
| 27 | United Overseas Bank (Malaysia) Bhd. |
| 28 | Affin Islamic Bank Berhad |
| 29 | Al Rajhi Banking & Investment Corporation (Malaysia) Berhad |
| 30 | Alliance Islamic Bank Berhad |
| 31 | AmBank Islamic Berhad |
| 32 | Asian Finance Bank Berhad |
| 33 | Bank Islam Malaysia Berhad |
| 34 | Bank Muamalat Malaysia Berhad |
| 35 | CIMB Islamic Bank Berhad |
| 36 | HSBC Amanah Malaysia Berhad |
| 37 | Hong Leong Islamic Bank Berhad |
| 38 | Kuwait Finance House (Malaysia) Berhad |
| 39 | Maybank Islamic Berhad |
| 40 | OCBC Al-Amin Bank Berhad |
| 41 | Public Islamic Bank Berhad |
| 42 | RHB Islamic Bank Berhad |
| 43 | Standard Chartered Saadiq Berhad |
| 44 | Affin Hwang Investment Bank Berhad |
| 45 | Alliance Investment Bank Berhad |
| 46 | AmInvestment Bank Berhad |
| 47 | CIMB Investment Bank Berhad |
| 48 | Hong Leong Investment Bank Berhad |
| 49 | KAF Investment Bank Berhad |
| 50 | Kenanga Investment Bank Berhad |
How to Open a Bank Account in Malaysia?
In order to set up a bank account in Malaysia you usually need the following documents and the banks require your physical presence:
- Valid Passport (if IC is produced as a Primary document)
- Valid driving licence
- Utility bills (e.g. water/electricity/telephone bills, Quit Rent, Assessment Notice) in the name and address of the customer opening the account with your Malaysian address on it
- Letter of employment
- Credit card
Can I open a Malaysian bank account online?
Due to documentation requirements, it isn’t possible to open a Malaysian bank account online, it requires your physical presence.
How much money do you need to open a bank account in Malaysia?
It varies bank to bank, but Maybank in Malaysia only require 1 RM to open a bank account.
What is the interest rate on a bank account in Malaysia?
Interest rates vary depending on whether you just have a current account / checking account or have a savings account with a fixed term deposit. Currently 1.5% p.a. for a savings account.
Can foreigners open a bank account in Malaysia?
Yes, with the correct documents.
Currency of a Bank Account in Malaysia
Most foreigners opt to open a Malaysian Ringgit (RM) bank account. Some banks allow foreign currency. In general, many people set up an offshore bank account in USD & set up a local account in RM.
However, there are options for multi-currency accounts.
Account opening fee | Minimum deposit required | Annual fee | Minimum balance | Transaction charge | Currencies available | |
|---|---|---|---|---|---|---|
RHB | RM 20 | USD 1,000 or currency equivalent | RM 20 | No minimum balance | 1% | JPY, GBP, SGD, AUD, NZD, EUR, USD, CHF, HKD, CAD, SAR, ZAR, THB |
HSBC | RM 100 | USD 1,000 or currency equivalent | RM 100 | Below RM 20,000 has a fee of RM 10 per month | Approx. USD 4 or currency equivalent | USD, GBP, AUD, SGD, EUR, YEN, BND, CAD, CHF, NZD, HKD and CNY |
Hong Leong Bank | None | USD 1,000 or currency equivalent | RM 60 | No minimum balance | RM 10 | USD, CAD, AUD, GBP, CNH, EUR, HKD, JPY, NZD, SGD |
Public Bank Berhad | None | USD 1,000 or currency equivalent | RM 30 | No minimum balance | Currency equivalent of USD 1 | USD, GBP, AUD, EUR, HKD, NZD, SGD, JPY, CNY, CHF, THB, CAD |
CIMB Bank Current Account | None | USD 1,000 | RM 12 | No minimum balance | .6-1% | USD |
| CIMB Bank Savings Account | None | USD 1,000 or currency equivalent | RM 12 | No minimum balance | .50-.70% | USD, AUD, EUR, GBP, JPY |
Wise | None | None | None | No minimum balance | None, only a currency conversion fee | Can hold 40+ currencies, can transact in 150+ global currencies |
What is Proof of Address?
This is usually a utility bill with your Malaysian address, letter of proof of residence from your landlord or letter from the British embassy confirming your address in Malaysia.
It may be prudent to open a local bank account in Ringgit (RM), where you place small amounts of money & open an offshore international bank account where you hold the majority of your money in an international currency such as USD, GBP or EUR for security.
Many Brits open local bank accounts in RM, then hold an offshore account in GBP, EUR or USD for security.
Many British expats in Malaysia then opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money, whilst not attracting any offshore taxes.
What Happens if I Lose My ATM Card in Malaysia?
If the ATM machine swallows your card in Malaysia, don’t panic. Take a photo of the ATM and call the phone number on that ATM.
Usually you can come and pick that card up within the next three working days. Take a photo of your debit card when you set up your account for security purposes. This way, if you lose the card, you can read out the number.
How Much is the Malaysian Ringgit Worth?
1 USD = 4.17 RM 1 GBP = 5.57 RM
*11th Nov, 2021
Many British expats in Malaysia opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money.
Offshore wrappers have no capital gains tax & no income tax. There is no tax on death if you are non-domicile in the UK (i.e. you are a permanent resident abroad).
Want to Open an International Bank Account?