How to Open a Bank Account in Malaysia as an Expat

Opening a bank account in Malaysia as a foreign national is more straightforward than people expect — but only if you know which bank to go to, what documents to bring, and what to ask for. I learned this the hard way after showing up at the wrong bank with the wrong documents and spending two hours achieving nothing.

This is what actually works.

Do You Even Need a Malaysian Bank Account?

Before you start, it is worth being honest about whether you need one. If you are on a short-term tourist visa stay (90 days or less), you can often get by with a Wise card. The Wise card gives you a MYR balance, works at ATMs and card terminals across Malaysia, and converts at the real exchange rate. No Malaysian bank account needed.

However, a Malaysian bank account becomes necessary (or very useful) for:

• Paying rent by bank transfer (some landlords require Malaysian bank payments)
• Receiving a local salary if you are employed in Malaysia
• Setting up recurring payments (utilities, phone bills)
• Applying for the DE Rantau Nomad Pass (bank statements help your application)
• ATM withdrawals without foreign transaction fees
• Making larger Ringgit transactions more smoothly

Which Bank to Choose

The main Malaysian banks are Maybank, CIMB, Public Bank, RHB, Hong Leong, and AmBank. For expats, the two most commonly recommended are:

Maybank (Malayan Banking Berhad)

Malaysia’s largest bank by assets. Widest branch and ATM network in the country. The most accessible for expats — they have experience with foreign nationals and their documentation requirements are well-established. Maybank2U (their online banking app) is functional and reliable. Open a Maybank Savings Account or M2U Premier Account.

CIMB Bank

Second largest in Malaysia. Good alternative if the branch near you is more convenient than the nearest Maybank. Their CIMB Clicks app is well-reviewed. CIMB also has branches across Southeast Asia which can be useful if you travel regionally.

HSBC Amanah / Standard Chartered

If you have an existing HSBC account in the UK, HSBC Malaysia can sometimes expedite account opening. Useful if you want a familiar name with international transfer capabilities built in. Not all branches deal with expats equally — go to the KLCC or Bangsar branches rather than suburban ones.

What Documents You Need

This is where people go wrong. Requirements vary slightly by bank and by your visa status. Bring everything on this list and you will be covered:

For visitors on a tourist/social visit pass (up to 90 days)

Some banks will not open accounts for people on tourist visas. Others will if you have supporting documents. It is worth calling your chosen branch in advance to confirm their current policy.

• Original passport (plus photocopy)
• Immigration stamp showing your entry date
• Proof of address in Malaysia (tenancy agreement, utility bill, or even a signed letter from your landlord)
• Initial deposit (typically RM 500 minimum)

For holders of long-term passes (DE Rantau, MM2H, Employment Pass, Dependant Pass)

Much smoother process. Banks are comfortable with these:

• Original passport + photocopies of all relevant pages
• Your visa/pass (DE Rantau sticker, Employment Pass card, etc.) — original + photocopy
• Proof of Malaysian address (tenancy agreement is ideal)
• Your home country’s ID or driver’s licence (some banks ask for this)
• Initial deposit (RM 500-1,000 depending on account type)

The Process: What to Expect

Go to a main branch, not a small suburban one. For KL, the branches at KLCC, Bangsar Village, Mid Valley, and Bukit Bintang are better equipped to handle non-Malaysian applications.

Take a number and wait. Malaysian bank branches can be busy. Bring something to read or work on. At busy times mid-week, expect 30-60 minutes waiting before you even sit down with someone.

The officer will check your documents, fill in an application form (some of which you fill yourself), scan your passport and documents, and take your initial deposit. The account is usually opened the same day. Your debit card typically arrives by post within 5-7 working days. Internet banking (Maybank2U, CIMB Clicks) is activated separately — they will explain how at the branch.

Timing: When to Go

• Avoid Monday mornings and Friday afternoons — always the busiest times
• Tuesday to Thursday midmorning (10am-12pm) is usually the quickest
• Avoid month-end (last week of the month) when salary payments create queues
• During Ramadan, hours can vary — check the branch’s opening hours

Using Your Account: Useful Things to Know

DuitNow

Malaysia’s instant payment system, similar to the UK’s Faster Payments. You can transfer money between any Malaysian bank account instantly using just a phone number or IC number. This is how most Malaysians pay each other — you will use it for splitting bills, paying local freelancers, and settling with landlords.

Touch ‘n Go e-Wallet

Separate from your bank account but linked to it. The Touch ‘n Go app is used for toll payments, LRT/MRT top-ups, and increasingly for general payments at markets and smaller shops. Link it to your Malaysian bank account for easy top-ups.

ATM Withdrawals

Maybank ATMs are everywhere. The fee for withdrawals from other banks’ ATMs is RM 1 per transaction within Malaysia.

International Transfers In

If you are receiving foreign income into your Malaysian account, there is a swift code and account number system the same as any international bank. However, fees on the sending side can be high. I use Wise for all incoming transfers from the UK — send in GBP via Wise, arrive in MYR in my Maybank account at the real rate, usually within a few hours. Significantly cheaper than bank-to-bank wire transfers.

What If You Can’t Open an Account Yet?

If you are still waiting for your visa, or the bank you tried turned you away, use the Wise card as your primary spending tool while you sort it out. The Wise card:

• Works at all Malaysian ATMs and card machines
• Converts at the real mid-market rate (no markup)
• Lets you hold a MYR balance if you want to
• Is accepted everywhere Mastercard is accepted

I still use the Wise card for most of my day-to-day spending in KL even though I have a Malaysian bank account — it is simpler and the rates are better for money coming in from the UK.

CIMB vs Maybank: Quick Comparison

Feature	Maybank	CIMB
ATM Network	Largest in Malaysia	Very good
Mobile App	Maybank2U — solid	CIMB Clicks — good
Regional Branches	Malaysia focused	Southeast Asia wide
Min Opening Deposit	RM 500	RM 1,000 (some accounts)
Expat Friendliness	Very good	Good

My recommendation: start with Maybank. If there is no convenient branch near you, CIMB is a solid second choice.

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