Malaysia – Banking

What are the main banks in Malaysia?

Malaysia’s financial landscape encompasses commercial banks, investment banks, and Islamic financial institutions, all operating under the regulatory oversight of Bank Negara Malaysia (BNM). A complete and current list of licensed banks is available directly on the Bank Negara Malaysia website. It is always advisable to verify contact details and current product offerings with each institution or through BNM, as these details are subject to change.

The dominant conventional banks in Malaysia are Maybank, CIMB, RHB, Public Bank, Hong Leong, and AmBank. The table below provides an overview of the major local institutions:

Alongside conventional domestic and international institutions, Malaysia also hosts a comprehensive Islamic banking sector. Banks such as Bank Islam, Bank Muamalat, and Maybank Islamic conduct their operations in accordance with Shariah principles, replacing interest-based structures with profit-sharing arrangements. Expats who prefer ethical or interest-free financial services may find this an attractive alternative to conventional banking.

Malayan Banking Bhd (Maybank), headquartered in Kuala Lumpur, holds the distinction of being Malaysia’s largest bank measured by assets, deposits, loans, market capitalisation, branch count, and workforce. Its product range spans personal and corporate accounts, home and vehicle financing, insurance, credit and debit cards, SME and investment banking, wealth management, online banking, and foreign exchange services. With approximately 43,000 staff members, Maybank maintains more than 2,400 retail branches across ASEAN markets.

CIMB Group ranks among the largest banking conglomerates in both Malaysia and Asia, with total assets exceeding $150 billion under management. Its intuitive mobile application and streamlined onboarding process have made it a favoured option among working professionals. As product offerings and branch locations evolve regularly, always consult each bank’s official website or customer service team for the most current information.

Do any major international banks operate in Malaysia?

Expats in Malaysia benefit from a broad selection of banking options, encompassing strong local institutions, regionally active banks, and major global players. It is advisable to confirm current details — including branch availability, account accessibility for non-residents, and contact information — directly with each institution, as the international banking landscape can shift over time.

HSBC is among the most recognised banking brands worldwide, and it has maintained a significant presence in Malaysia and across Southeast Asia for well over a century — having first established itself in the country back in 1884. HSBC operates approximately 50 branches throughout Malaysia, including an Islamic banking subsidiary, and was the first foreign-owned bank to be localised in the country. More information is available at hsbc.com.my.

Although Malaysia represents a relatively modest portion of Standard Chartered’s global footprint, Forbes ranked it the second-best bank in Malaysia in 2024. Customers have access to both standard and Islamic account products, investment options, credit cards, loans, and a comprehensive suite of financial services. Premium banking tiers cater to high-net-worth individuals, while separate business and corporate banking divisions serve commercial clients. Standard Chartered Malaysia’s website is sc.com/my.

OCBC is a Singapore-based bank with a well-established Malaysian presence, making it a particularly practical choice for expats who conduct business or hold assets across both countries. With more than 500 branches and offices spanning 18 countries — including Greater China, Malaysia, Singapore, and Indonesia — it offers competitively priced MYR/SGD transfers, especially advantageous for those who also hold an OCBC Singapore account. Further details are available at ocbc.com.my.

United Overseas Bank (UOB) Malaysia Bhd holds the distinction of being the largest foreign bank operating in Malaysia, and carries a triple-A rating from Malaysia’s credit rating agency. UOB Malaysia can be found at uob.com.my. Other internationally recognised institutions with a licensed presence in Malaysia include J.P. Morgan Chase Bank Berhad and Citibank — the current status of retail services at each should always be confirmed directly with the relevant institution.

Do banks in Malaysia offer accounts or services specifically for expats?

Among the most popular choices for expats are Maybank, CIMB, HSBC, and Standard Chartered, which collectively provide multi-currency accounts, online banking platforms, and international transfer facilities. Their appeal lies in their global reach, English-language customer support, and competitive fee structures. Always verify current eligibility criteria and charges directly with each provider, as these may change.

Expat-oriented accounts offered by major banks are generally designed with affluent individuals seeking personalised banking services in mind. Foreigners and non-residents in Malaysia can select from a variety of account types based on their individual circumstances and priorities. Multi-currency accounts offer practical flexibility for those who regularly travel, send money internationally, or receive payments in foreign currencies, while accounts from established traditional banks provide access to a wide range of financial services and transfer corridors to destinations worldwide.

HSBC operates multiple branches across Malaysia and provides a diverse selection of accounts and services. These include Advance and Premier tiers, but perhaps the most well-suited product for expats is the HSBC Everyday Global Account — a consolidated multi-currency account that includes an international debit card, instant online transfers between HSBC accounts globally, and a variety of features and rewards. CIMB Bank offers an extensive range of current and savings accounts, including a Basic Current Account, Regular Current Account, and an interest-earning Preferred Current Account, with online banking functionality available across nearly all account types.

International institutions such as HSBC, Standard Chartered, UOB, and OCBC are frequently the preferred choice among expats and business owners with cross-border banking requirements, owing to their familiarity with multi-currency products and greater experience in processing non-resident applications.

While many banks do not levy an account opening fee, an initial deposit is generally required, typically ranging from RM 250 to RM 2,000 depending on the account type (as of 2025). Always confirm current minimum deposit requirements on each bank’s official website, as these figures can change. The Malaysia My Second Home (MM2H) long-stay visa programme also carries its own fixed deposit conditions — the latest figures should be verified with the relevant government authority.

What are typical bank opening hours in Malaysia?

The majority of bank branches in Malaysia observe standard business hours, generally operating Monday to Friday from 9:00 am to 4:30 pm or 5:00 pm. A significant number of branches — particularly those situated within shopping complexes, commercial districts, and major urban centres such as Kuala Lumpur, Penang, and Johor Bahru — also open on Saturdays, typically from around 9:30 am to 1:00 pm. Hours can vary between locations and institutions, so checking with your specific branch beforehand is always recommended.

One notable regional variation is worth bearing in mind: in the states of Kelantan, Terengganu, and Kedah, the standard working week runs from Sunday to Thursday rather than Monday to Friday. Banks in these states are therefore typically closed on Fridays rather than Saturdays, reflecting the Islamic calendar that governs these regions. Always confirm local operating hours before making a trip.

Banks across Malaysia are closed on public holidays, which encompass both national observances and state-specific occasions. The country observes a considerable number of public holidays annually. The current list of Malaysian public holidays can be found on the official Malaysia government portal.

For residents, opening a bank account in Malaysia is generally a straightforward process. Since the leading banks maintain well-designed English-language websites with clear product information, it is possible to research and shortlist suitable options before visiting a branch in person. Once there, staff are typically able to complete the account setup promptly. All major banks also offer internet and mobile banking platforms, providing round-the-clock access to account management, fund transfers, and bill payments as a convenient alternative to branch visits.

What do expats need to know about the banking system in Malaysia?

Malaysia’s banking system encompasses commercial banks, investment banks, and Islamic financial institutions. These are well-capitalised entities with robust financial buffers that underpin economic activity across the country. That said, there are several distinctive features of the Malaysian financial system that are worth understanding before you arrive.

Deposit protection: Funds held with member banks benefit from automatic protection under PIDM’s Deposit Insurance System (DIS). This scheme ensures that depositors retain access to their money even in the event that their bank becomes unable to operate — and since the coverage is both free and automatic, no application is necessary. Malaysian bank deposits are protected up to RM 250,000 per depositor per institution under the DIS (as of 2025). This is broadly comparable to deposit guarantee frameworks in other countries, such as the FSCS in the UK (covering up to £85,000) and the FDIC in the US (covering up to US$250,000). Because the limit applies on a per-depositor, per-bank basis, distributing savings across multiple banks can increase the total amount of protected funds. Always verify the current limit at pidm.gov.my.

All commercial banks licensed under the Financial Services Act 2013 and all Islamic banks licensed under the Islamic Financial Services Act 2013 — including locally incorporated subsidiaries of foreign banks operating in Malaysia — are members of PIDM.

Islamic banking: Malaysia’s financial sector is characterised by a combination of domestic and international institutions that together play a central role in the country’s economic development. Alongside conventional banks, the system includes a robust Islamic banking sector governed by Shariah law, which prohibits interest-based financial products. Unlike many other countries where Islamic finance occupies a niche position, it forms a mainstream part of the Malaysian financial system, and most major banks offer both conventional and Shariah-compliant products side by side.

KYC and anti-money laundering: Heightened global scrutiny of anti-money laundering (AML) practices and counter-terrorism financing has made the account opening process progressively more demanding for foreign nationals. Malaysia, alongside Singapore, has taken a particularly firm stance on this issue, reinforcing its Know Your Customer (KYC) requirements accordingly. In 2023, several Malaysian banks introduced tighter conditions for non-residents, with some now requiring proof of a Malaysian address or a local reference before proceeding with account applications. Always contact your chosen bank in advance to confirm their latest policies.

Digital banking infrastructure: The way Malaysians conduct financial transactions has undergone a dramatic transformation in recent years, with electronic money becoming an integral component of everyday commerce. From purchasing groceries to settling service bills, digital wallets and online payment platforms have reshaped how money moves. Internet and mobile banking are widely available and dependable across all major banks, and cashless payment infrastructure is well established in urban areas.

Currency and ATM access: Although some banks offer fee-free account openings, others apply monthly or annual maintenance charges that can vary considerably between institutions. It is worth noting that withdrawals from your own bank’s ATM network are generally free of charge, whereas using another bank’s machines may attract transaction fees. Malaysia’s official currency is the Malaysian Ringgit (MYR or RM). For authoritative and current regulatory guidance, consult Bank Negara Malaysia.

How Do I Open a Bank Account in Malaysia as an Expat?

Can expats open a Malaysian bank account without permanent residency? Yes. Most major banks will open accounts for expats who present a valid passport, appropriate visa, and proof of address. While requirements differ between institutions, international banks such as HSBC and Standard Chartered are often more accommodating towards non-resident applicants, which is why they tend to be a preferred starting point for expats settling in Malaysia.

In many instances it is possible to initiate the process online, though some banks require you to attend a branch in person to present original documents. Opening an account before arriving in Malaysia is difficult, as most traditional banks require a Malaysian-issued proof of address. The following step-by-step guide outlines the typical process. Always refer to your chosen bank’s official guidance and consult Bank Negara Malaysia for current requirements, as these are subject to change.

1. Choose your bank and account type. Compare local banks such as Maybank, CIMB, and Public Bank with international institutions such as HSBC, Standard Chartered, and OCBC to identify the most suitable option for your circumstances. Key considerations include branch accessibility, multi-currency support, the quality of mobile banking, and the cost of international transfers. International banks generally have broader experience handling non-resident applications and are more likely to offer multi-currency account facilities.
2. Book an appointment. Walk-in applications are frequently turned away at many banks, particularly where non-resident candidates are concerned. Contact your preferred branch by telephone or through the bank’s website to schedule an in-person appointment before visiting.
3. Gather your documents. Non-Malaysian citizens opening an account at a traditional Malaysian bank will typically need to furnish proof of identity and proof of address. This generally means a valid passport along with supporting documentation such as a valid work or student permit, a current visa, or a confirmation letter from an employer or educational institution. Your passport must be in date, and your visa must authorise your stay in Malaysia. Proof of address may take the form of a recent utility bill or a tenancy agreement clearly displaying your name and residential address in Malaysia. Some banks additionally request a Tax Identification Number (TIN) — major institutions such as Maybank and CIMB now apply stringent TIN verification for foreign applicants (as of 2025).
4. Visit the branch with original documents and copies. Bring both originals and photocopies to facilitate processing. Bank staff will confirm your identity and conduct Know Your Customer (KYC) checks in accordance with Malaysian financial regulations. For personal accounts, the process typically takes between one and two hours when all documents are in order.
5. Make your initial deposit. Savings accounts generally require a minimum opening deposit of RM 250 to RM 1,000 (as of 2025), though premium or multi-currency accounts may carry higher thresholds. This deposit activates the account immediately. Confirm current minimums with your chosen bank before your appointment.
6. Set up online and mobile banking. Once your account has been activated, register for the bank’s mobile application and internet banking portal. The majority of major Malaysian banks offer comprehensive digital banking services, including fund transfers, bill payments, and card management, accessible at any time.
7. Verify your details and keep records. Ensure your contact information, residential address, and identification documents are current with the bank. Retain copies of all materials you submit and keep any correspondence on file — particularly if you may need to demonstrate account ownership for visa or tax-related purposes.

Certain banks require expats to provide a company letter confirming their status in Malaysia, while others are satisfied with a passport and a valid visa or work permit. If you experience difficulties, consider approaching an international bank first, or use a regulated fintech alternative such as Wise or Revolut as a temporary solution while you secure a local address.

What banking and payment apps are widely used in Malaysia?

Financial transactions in Malaysia have been transformed significantly over recent years, with electronic money now forming an indispensable part of daily life. Whether paying for groceries, settling household bills, or shopping online, digital wallets and cashless payment systems have fundamentally altered how people manage their finances. This rapid pace of digitalisation has in turn prompted stronger regulatory frameworks to safeguard consumers and maintain financial system stability.

DuitNow is Malaysia’s real-time interbank funds transfer and payment platform — functionally comparable to the UK’s Faster Payments system or Australia’s PayID — and has become the dominant payment infrastructure used by both banks and e-wallet providers. Most major bank applications support DuitNow transfers using a mobile phone number, NRIC, or bank account number.

Touch ‘n Go eWallet is one of the most widely adopted digital wallets in the country, accepted across transport, retail outlets, food delivery services, QR code payment points, and online shopping platforms. It is regulated by Bank Negara Malaysia and broadly accessible to both residents and holders of long-stay visas. Bank Negara Malaysia introduced a revised policy document governing e-money that came into effect on 31 January 2025, superseding the 2022 guidelines with more rigorous governance standards, enhanced cybersecurity requirements, and strengthened financial protections for consumers.

GrabPay (embedded within the Grab super-app), Boost, and MAE by Maybank are further popular e-wallet choices. MAE is especially convenient for expats who bank with Maybank, as it offers immediate account access, QR payment capabilities, and money transfer functions directly from a smartphone.

While Malaysian banks typically require customers to provide a Malaysian residential address, some specialist services — including Wise and Revolut — may accept international proof of address, which can be more practical for expats, non-residents, and digital nomads. Both Wise and Revolut are accessible to users in Malaysia and support MYR transactions, though their precise feature sets and regulatory standing should be confirmed directly with each provider. PayPal is also available in Malaysia and commonly used for international online purchases, although local peer-to-peer usage is less prevalent than dedicated domestic e-wallets.

Non-bank e-money issuers are required to hold customer funds in trust accounts maintained with licensed banking institutions. This safeguarding arrangement ensures that consumer funds remain protected in the event that an issuer encounters financial difficulties or ceases trading. For the most current list of licensed e-money issuers in Malaysia, consult Bank Negara Malaysia.

How can expats manage money between Malaysia and their home country?

Banks such as HSBC, Maybank, and CIMB offer competitive exchange rates and efficient international transfer options. Expats are encouraged to compare transfer fees, foreign exchange margins, and digital banking tools carefully to keep cross-border transaction costs down, particularly when remitting money abroad on a regular basis.

One of the most common financial challenges facing expats is identifying the most cost-effective method of moving funds between accounts denominated in different currencies. A typical international transfer will attract a bank processing fee, an additional margin built into the exchange rate, and potentially a receiving fee charged at the destination end. Total costs can vary considerably depending on the destination country and how the payment is structured, so it is well worth comparing available options before proceeding with an international transfer.

Expats who hold an HSBC account in Malaysia and maintain accounts with HSBC in other countries can link all of these accounts together within a single online banking environment — a capability that remains genuinely distinctive in the world of international banking, where the vast majority of institutions maintain entirely separate online portals for each country of operation. This global linking feature can substantially simplify day-to-day international money management for expats.

Third-party international transfer platforms such as Wise, which facilitates fast, low-cost transfers to more than 160 countries across 40+ currencies, can offer a cost-effective alternative to conventional bank telegraphic transfers — particularly for those making regular remittances. When evaluating options, always assess the total cost of a transfer by factoring in the exchange rate margin applied on top of the mid-market rate, rather than focusing solely on the stated transfer fee.

Malaysia does not impose blanket restrictions on outward remittances by individuals, but Bank Negara Malaysia’s foreign exchange administration rules do govern cross-border transfers and foreign-currency transactions. Larger transfers may be subject to reporting requirements or may necessitate documentation such as evidence of the source of funds. These rules are periodically updated, so always consult the latest guidance from Bank Negara Malaysia and, where appropriate, seek advice from a qualified tax or financial professional regarding any cross-border reporting obligations in both Malaysia and your home country.

For expats who travel frequently within the region, opening an account with a bank that maintains branches and ATM networks throughout Southeast Asia is worth considering, as using your own bank’s machines abroad typically incurs lower fees than using third-party ATMs. Banks such as Maybank, CIMB, and OCBC all have substantial regional footprints across the ASEAN area.

Frequently Asked Questions

Can I open a bank account in Malaysia before I arrive?

Opening a bank account in Malaysia before arriving in the country is challenging, as most traditional banks require a Malaysian-issued proof of address. However, some international banks that also operate in your home country — such as HSBC — may allow you to begin the application process before you depart. Regulated fintech services like Wise or Revolut can also be configured ahead of your arrival and used immediately upon landing, providing a practical interim solution until you have established a local address.

What documents do I need to open a bank account in Malaysia as a foreigner?

You will generally need to provide proof of identity and proof of address. This typically means presenting a valid passport together with supporting documentation such as a current work or student permit, a valid visa, or a confirmation letter from your employer or academic institution. Some banks additionally request a tenancy agreement, recent utility bills, and a Tax Identification Number. Requirements differ between institutions and are subject to change, so always confirm the current requirements with your chosen bank before visiting.

Is my money protected if a Malaysian bank fails?

Yes. Funds held with member banks are automatically covered by PIDM’s Deposit Insurance System (DIS), a free and automatic protection that does not require any application from the depositor. In the event that a member bank is unable to continue operating, depositors retain access to their funds. Protection extends up to RM 250,000 per depositor per bank (as of 2025). The current limit can be verified at pidm.gov.my.

Can I hold a foreign-currency account in Malaysia?

Yes. A number of major banks, including Maybank and CIMB, offer multi-currency and foreign currency fixed deposit accounts. International institutions such as HSBC and Standard Chartered also provide multi-currency account options. Foreign-currency accounts are subject to Bank Negara Malaysia’s foreign exchange administration rules, which govern how funds can be held, converted, and transferred. Always verify the current regulatory position with your bank and with Bank Negara Malaysia.

Are there minimum balance requirements for bank accounts in Malaysia?

Many banks do not impose an account opening fee, but an initial deposit is ordinarily required, typically between RM 250 and RM 2,000 depending on the account type (as of 2025). Some accounts also specify a minimum average balance that must be maintained to avoid monthly maintenance charges. While certain banks offer fee-free account openings, others apply recurring monthly or annual fees that can differ substantially between products. Always review the current terms and conditions on the bank’s official website before submitting an application.

Is digital banking reliable in Malaysia?

Yes. Digital and mobile banking are firmly embedded in everyday financial life in Malaysia. All major banks provide well-developed internet and mobile banking platforms offering a full range of services. DuitNow facilitates instant interbank transfers, and QR code payment acceptance is widespread across retailers, restaurants, and transport services, reflecting the country’s strong and growing cashless payment culture.

Does Malaysia have Islamic banking options?

Yes. Malaysia has a highly developed Islamic banking sector, with dedicated institutions operating strictly in accordance with Shariah law and offering profit-sharing arrangements in place of interest-based products. Bank Islam is a pioneer of Islamic banking in Malaysia and provides a comprehensive range of personal, corporate, and business banking products, including deposit accounts, investment accounts, and cards. In addition, most major conventional banks — including Maybank, CIMB, and HSBC — operate Islamic banking windows or dedicated subsidiaries, ensuring that Shariah-compliant products are broadly accessible throughout the country.

Are there any restrictions on sending money out of Malaysia?

Malaysia does not prohibit individuals from remitting funds overseas, but cross-border transfers and foreign-currency transactions are subject to Bank Negara Malaysia’s foreign exchange administration rules. Substantial or frequent outward remittances may require supporting documentation, such as evidence of the transaction’s purpose or the source of funds. These regulations are updated from time to time, so always check the current position with Bank Negara Malaysia and, where necessary, obtain independent professional advice regarding any tax or reporting obligations in both Malaysia and your home country.