Opening a bank account in Malaysia for foreigners is a relatively simple and straightforward process, provided that you have the necessary documentation and follow the proper procedures.
To begin with, you will need to choose a reputable bank that offers accounts for foreign nationals. Some popular options include Maybank, CIMB Bank, and Public Bank. Once you have selected a bank, you can either visit a local branch or contact them online to ask about the specific requirements for opening an account. But if you’re just coming for a visit, please read a piece about “can tourist open bank account in Malaysia“.
Bank account opening for foreigners in Malaysia
Can foreigners open bank account in Malaysia?
Yes, foreigners can open a bank account in Malaysia, but the process and requirements may vary depending on the bank and the type of account.
Generally, to open a bank account, foreigners will need a valid passport, valid work permit or student visa, proof of address, and sometimes a reference letter from an employer or educational institution.
Some banks may also require a minimum initial deposit. It is recommended to contact the specific bank for detailed requirements and procedures.
How to open bank account in Malaysia for foreigners?
Opening a bank account in Malaysia for foreigners involves several steps. Here’s a guide on how to open a bank account in Malaysia as a foreigner:
- Choose the right bank: Research and select a bank in Malaysia that offers accounts for foreigners. Some popular banks for foreigners include Maybank, CIMB Bank, HSBC, RHB Bank, and Standard Chartered.
- Determine the type of account: Decide on the type of account you want to open, such as a savings account, current account, or fixed deposit account. Each type of account has different features and requirements. Make sure to check the minimum deposit and account maintenance fees.
- Gather required documents: You will need several documents to open a bank account in Malaysia. These may include:
- A valid passport
- A valid visa or work permit (such as an Employment Pass, Student Pass, or Social Visit Pass)
- Proof of residential address in Malaysia (such as a tenancy agreement, utility bill, or official letter from your employer)
- A reference letter from your employer or a sponsor (if applicable)
- Tax Identification Number (TIN) from your country of residence
- Visit the bank branch: Once you have gathered all the necessary documents, visit the chosen bank branch in person. Speak with a bank representative and inform them that you would like to open an account as a foreigner. They will guide you through the account opening process and provide you with the application forms.
- Complete the application forms: Fill out the application forms with your personal information, and make sure to provide all the required documents. The bank representative may ask some additional questions to verify your identity and background.
- Deposit the required amount: After completing the application forms, you will need to deposit the minimum required amount to open the account. The minimum deposit varies depending on the type of account and the bank.
- Wait for account approval: The bank will review your application and verify your documents. This process may take a few days to a couple of weeks. Once your account is approved, the bank will provide you with an account number, ATM card, and other account details.
- Activate online banking: If the bank offers online banking services, you may need to activate the service by setting up a username and password. This will allow you to access and manage your account online.
Keep in mind that some banks may have additional requirements or restrictions for foreigners. It is essential to research and compare different banks before deciding on the best option for your needs.
How can a foreigner open a Maybank account in Malaysia?
A foreigner can open a Maybank account in Malaysia by following these steps:
- Determine the type of account: First, you need to decide which type of account you want to open, such as a savings account, current account, or a fixed deposit account.
- Gather necessary documents: Before visiting a Maybank branch, gather the required documents. Typically, you will need:
- A valid passport
- Proof of residential address in Malaysia (e.g., utility bill, rental agreement, or a letter from your employer)
- A valid visa or work permit (if applicable)
- Reference letter from your employer or sponsor (if required)
- Visit a Maybank branch: Go to a Maybank branch in Malaysia with the required documents. You can find a list of branches on their website (https://www.maybank2u.com.my/).
- Complete the application form: At the branch, ask for an account opening form and fill it out with your personal information. Ensure the information is accurate to avoid any issues later on.
- Submit the required documents: Provide the necessary documents to the bank officer. They may make photocopies of your documents for their records.
- Make an initial deposit: Some accounts may require an initial deposit. Check the minimum deposit requirement for the type of account you are opening and deposit the required amount.
- Account approval and activation: After reviewing your application and documents, the bank officer will inform you if your account has been approved. If approved, your account will be activated, and you will receive your account number and other relevant information.
- Collect your ATM/debit card and register for online banking: After your account is activated, you can collect your ATM/debit card and register for online banking services.
It is important to note that the process and requirements may vary depending on the bank’s policies and the type of account. It is recommended to check with a specific Maybank branch for detailed information before starting the account opening process.
As a foreigner, how much do I need to open a bank account in Malaysia?
To open a bank account in Malaysia as a foreigner, you will generally need to meet the following requirements:
- Valid passport with a valid Malaysian visa or work permit, depending on the type of account you want to open.
- Proof of residential address in Malaysia (e.g., utility bill, rental agreement, or employment letter).
- A minimum initial deposit, which varies depending on the bank and type of account. This can range from RM250 to RM1,000 (approximately $60 to $240 USD) or more.
- Some banks may also require a reference from your employer or a letter from your home country bank.
- Some banks may require you to have a valid work permit or be a long-term resident to open a current or savings account.
It is essential to check with the specific bank and branch you are planning to open an account with, as requirements may vary.
Do I need a visa to open bank account in Malaysia?
A visa is optional to open a bank account in Malaysia. However, banks may have different requirements for non-residents or foreigners to open an account.
Generally, you will need to provide a valid passport, proof of address, and sometimes a reference from your employer or a bank in your home country.
Some banks may require you to hold a valid visa or work permit, while others might allow you to open an account with just your passport and other necessary documents. It is best to check with the specific bank for their requirements.