How to open a bank account in Malaysia

Malaysia has drawn people to its borders for a long time, as it attracts people with strong economic backgrounds, high standard of living, great weather and friendly people. It is the downfall of some strong economic sectors, good schools and very attractive urban infrastructure that draws people to the tree.

If you want to move there as a student, employee, investor or pensioner, you need a bank account. Here is our guide on how to open a bank account in Malaysia. Tip: you need friends to help.

Due to the influx of large expatriates, Malaysia has a policy of making people's lives as easy as possible. For example, due to the existence of the MM2H visa program, if foreigners hold a fixed amount in a bank account in Malaysia, they are entitled to renew their visas. These and other requirements make it easier to open a bank account in Malaysia.

Here are the documents you need, in general:

Resident permit or MM2H visa document

Job details, such as letters from your employer or other evidence of business activity

Passport

The minimum deposit set by the bank

Check with your bank for specific requirements. The visa requirement may be broader in some cases, for example. A special note: if you do not carry all the typical documents, talk to your bank manager and ask a friend to leave especially if this friend has an bank account. This can facilitate this process as an account for reference.

Yes, it is possible to open a bank account in Malaysia as a non-resident. You only need to provide the required paperwork as you see it does not require proof of address in Malaysia. If you choose a foreign bank, you can also start the process from abroad.

There are hundreds of banks in the country and all will provide you with ATM coverage and a full spectrum of products and services, from basic accounts to investment products. It is important to choose a bank that will have both an ATM that suits your lifestyle and a pricing structure that matches your financial situation.

Maybank: Malayan Banking is the largest bank in the country and thus offers a variety of retail products including basic current accounts, savings accounts and even products for children. It has all the amenities you could expect such as a debit card, internet banking and quality phone customer service. They have a wide network of branches and ATMs.

CIMB: This is a very popular bank in the region with over a thousand branches and thousands of ATMs and millions of customers. Their offers include ATM cards, debit cards, online banking and these are always included in customizable packages.

Public Bank Berhad: PBE is a retail bank operating throughout the country with special offers such as cashback and deposit benefits. Their basic account selection includes debit and credit card options. They also have multiple currency accounts that you can use if you do a lot of international business. Here are the ATM locations and their branches.

RHB Bank: With a variety of amazing financial offers such as savings and mortgage products, they are the most popular bank in the country. As such, their best deals are for Malaysians and for those who have achieved resident status they still leave expatriates. However, accounts come with a card, it can be multicurrency if you choose and there are many loan options for individuals and businesses. Here are the ATMs and their branches.

It is easy to open a bank account in Malaysia as there are English speaking staff, English language websites and well trained staff. Once you complete your account activation, you should sign out of the branch with a basic ATM card that works.

It is important to read the contract as a good print can hide surprises especially in terms of odd charges and so on. There may be charges for keeping an account open, using an ATM from your bank's network, and some banks may charge you when your balance drops below a certain amount or if you don't use the account often enough.

Also, it may be wise to visit international banking giants such as HSBC and Citi as this may be easier to work with and may offer a simpler package especially if you rarely use the account.

Sending money overseas can be expensive if you use a bank. This is because banks charge a lot above the mid-market rate, which is the rate at which they transfer money.