Opening a Bank Account
The step-by-step process
Why You Need a Local Bank Account
Opening a Malaysian bank account is one of the most crucial steps to settling in. It is essential for receiving your salary, paying bills (like rent, utilities, and phone bills), and for everyday transactions. While you can use international cards, relying on them for daily life will incur high fees and is not practical for long-term residency.
Required Documents
- Original Passport: You must present your original passport.
- Valid Visa/Pass: This is the most important document. You need a valid Employment Pass, Dependant Pass, MM2H visa, or other long-term pass. You cannot open an account on a tourist visa.
- Letter from Employer: A letter from your employer confirming your employment, position, and salary. It should be on the company's official letterhead.
- Proof of Address: This can be your Tenancy Agreement or a recent utility bill in your name. If you've just arrived, some banks may accept a letter from your employer confirming your residential address.
- Initial Deposit: A minimum cash deposit is required to open the account, typically ranging from RM 250 to RM 1,000.
Choosing a Bank
| Bank | Why it's popular with expats |
|---|---|
| Maybank | Malaysia's largest bank with an extensive network of branches and ATMs. Their online banking platform (Maybank2u) is considered one of the best and most user-friendly. |
| CIMB Bank | Another major regional bank with a strong presence in Malaysia. Offers a wide range of services and competitive accounts. |
| HSBC / Standard Chartered | International banks that may be a good option if you already have an account with them in your home country, as it can sometimes simplify the opening process and international transfers. |