Malaysia: choosing a bank to open an account
A non-resident can open an account in Malaysia if they have a work permit and a long-term visa or own a company registered there. Ordinary tourists are not able to do this. Also, be prepared to pay a personal visit to the bank since online registration is usually unavailable.
What you need to know before choosing a bank in Malaysia
Before you choose a financial institution, you must learn about the conditions of opening a bank account in Malaysia 2023 in each of them. Pay attention to such moments the following:
- Account maintenance fee - many banks charge a semi-annual fee, which depends on the account's balance. The fee can often be avoided if the balance is exceeds the minimum deposit.
- Minimum deposit - usually the amount is 1,000 ringgit ($227), but it can sometimes be half of that.
- The debit card fee is usually 8 to 15 ringgit per year ($1.8-$3.4).
- ATM fees. Many banks do not charge when customers use their ATMs, but there may be a fee if they withdraw cash from another bank's ATM.
- It's important to read the terms and conditions of each institution. For example, RHB bank allows free ATM withdrawals if you pay fees for a debit card. If you waive the annual fee, you can withdraw a limited amount per month without a fee.
- Fee for premature closure a bank account in Malaysia 2023. Some institutions, e.g., CIMB, may charge up to 20 ringgit if you close your account 3 months after opening it. After 3 months this amount is halved.
The required documents
Every bank has its requirements for the documents. Basically, you have to submit:
- Passport with photo;
- Residence permit, MM2H visa or other documents that prove your right to reside in the country;
- Employment information - work visa, a letter from your employer, a certificate of your business registration, etc.;
- Certificate of education at the local university or college (for schoolchildren and students);
- Purchase/sale contract - when investing in local real estate.
Where to open an account in Malaysia
Malaysia has a wide network of local and foreign banks. In some, you can open an account by visiting a branch in person; in others, the process can be started online, but at least one visit to the office is mandatory. There are also banks where remote registration is possible.
Maybank is one of the largest in the region. This bank has more than 2.5 thousand branches in 10 countries and offers various services to non-residents. You must visit a branch to open an account in Maybank for the first time. The additional accounts can be opened remotely through online banking. Also, the MAE e-Wallet can be opened online. You may also need a driver's license and utility receipts to open an account.
CIMB is another major bank that serves 13.5 million customers. It has numerous branches throughout Indonesia, Singapore and Thailand. Opening an account with CIMB online is possible, but this option requires prior consultation with a bank employee.
It is possible to open an account with RHB Bank online if you have a local phone number and can prove it is yours. The customer must also confirm his legal status in Malaysia if he is a foreigner. RHB Bank is a new- generation bank that offers a wide range of services, attractive interest rates, and RHB Smart Account-i.
How to become a client of a bank in Malaysia
Contact IT-OFFSHORE experts to open a bank account in Malaysia 2023.