How to open a bank account in Malaysia as a foreign resident

When you start living in Malaysia, a local bank account is essential for paying rent, setting up direct debits for utilities and receiving your salary. This article sets out the basic steps a foreigner (an expatriate or long-term resident) goes through when opening an account, along with the points where people tend to get stuck. The exact documents required and the minimum deposit change from bank to bank, branch to branch and over time, so always confirm the current conditions at the counter.

The main banks

Malaysia's best-known retail banks include Maybank, CIMB, Public Bank, Hong Leong Bank and RHB. Branch networks, how usable online banking is and how easily they deal with foreign customers differ from bank to bank. Whether there is a branch near your workplace or your condominium, and whether service in English is smooth, are also useful guides when choosing.

Documents foreigners are commonly asked for

• Passport (with plenty of validity remaining)
• Visa or pass (an Employment Pass, MM2H, Dependent Pass or similar showing your residence status)
• A document confirming your address (tenancy agreement, utility bill and so on)
• A letter from your employer (if you are working) or documents confirming income or funds

At the stage where you hold only a tourist visa, opening an account is generally difficult. As a rule, the procedure comes after your residence status is settled.

Types of account

Savings and current accounts are the basics. Some banks also handle foreign currency or multi-currency accounts, which are an option if you want to hold yen or dollars. Minimum deposits and the conditions for maintaining an account differ by product.

The steps to open an account

1. Settle your residence status and secure an address
2. Prepare the required documents and visit a branch (booking ahead is safer)
3. Fill in the application form, complete identity verification and make the first deposit
4. Set up the debit card and online banking

Where people tend to get stuck

• The documents requested can differ by branch and by the staff member handling it
• Two-factor authentication for online banking (TAC) often requires a phone number on a local SIM
• Check the limits and fees on overseas transfers in advance

Once your home is decided the documents that confirm your address fall into place, and opening an account becomes smoother. For choosing an area and looking for a property, start from the listings, and for an idea of your monthly cost of living, the cost of living simulator is also there to use. If anything about the procedure worries you, our free consultation can arrange support in English, Japanese, Chinese and Malay.