Key Takeaways
Non-residents need a valid visa or long-term stay pass to open a bank account in Malaysia. Tourist visas are not accepted.
You also need to visit a bank branch to verify your identity and complete the account application process.
If you're moving to Malaysia for work, study, retirement, or starting a business, opening a local bank account is one of the first steps to settling in.
In this guide, we’ll explain how foreigners can open a bank account in Malaysia in 2025. You’ll learn:
✅What documents do you need
✅Which banks are most expat-friendly, and
✅What to expect at each stage, from choosing an account type to activating it.
So let’s get started.
Can a Foreigner Open A Bank Account in Malaysia?
Yes, foreigners can open a bank account in Malaysia, but eligibility depends heavily on the bank’s internal policies and the type of visa or residency status you hold. Generally, you’ll need to provide more supporting documents than Malaysian citizens, such as proof of residence, a valid work permit, and a student visa.
However, most banks will require you to be present in person during the verification process. Remote account opening is uncommon for non-residents.
What Do You Need to Open a Bank Account in Malaysia?
To open a bank account in Malaysia, like anywhere else, you’ll need to provide specific documents and make an initial deposit. Requirements vary based on the bank and the type of account you're applying for, but below is a common list.
Requirements For a Personal Account
Document Type | Malaysians | Foreigners |
---|---|---|
Passport / MyKad / MyPR | ✅ | ✅ |
Visa / Work Permit | ❌ | ✅ |
Employer / University Letter | ❌ | ✅ |
MM2H / Dependent Pass | ❌ | ✅ (if applicable) |
Initial Deposit | ✅ | ✅ |
- Identity documents: Valid government-issued ID. MyKad for Malaysian citizens, passport for foreigners, or MyPR for permanent residents.
- Visa or Work Permit: Proof of legal stay such as an employment pass, student visa, MM2H, or dependent pass.
- Local Phone Number: Required for bank communications and online banking setup.
- Employer Letter / University Letter (if applicable): Confirms your status in Malaysia (e.g. job position, institution, duration of stay).
- Minimum Deposit: Most banks require a deposit to activate the account, ranging from RM 250 to 2,000, depending on the bank and account type.

Important: Tourist visas are not accepted as valid proof of stay.
Requirements For a Business Account
Document Type | Detail |
---|---|
Director, Shareholder & Signatory IDs | MyKad or passports for foreigners. |
Certificate of Incorporation | Issued by the Companies Commission of Malaysia (SSM) for Sdn. Bhd. companies. |
Memorandum & Articles of Association | Defines company structure and governance. |
Business Registration Certificate | Required for partnerships and sole proprietorships to confirm legal status. |
Proof of Address | Tenancy agreement, utility bill, or rental invoice with the company address. |
Board Resolution | Names authorised signatories and approves the account opening. |
Additional documents may be required.
5 Steps to Open a Bank Account in Malaysia
Now that we've covered general banking information in Malaysia and the usual required documents, this section breaks down the account opening process into five common steps.
These steps will guide you through the common requirements, regardless of whether you're a resident or non-resident and whether it's for personal or business purposes.
1
Choose the Right Bank Account Type
The first step is to determine which type of account suits your needs. Here are common types of accounts available for both residents and foreigners in Malaysia.
- Savings Account: A savings account helps you set aside money for future needs and allows you to access your funds with a debit card. You'll need an initial deposit, and some banks require a minimum balance.
- Current Account: A non-interest-bearing account suited for frequent transactions. Typically used for managing day-to-day spending and may include cheque book access.
- Fixed Deposit: A savings account where you deposit a set amount for a fixed period at a fixed interest rate, offering higher returns than regular savings accounts.
- Foreign or Multi-Currency Account: An account allowing you to hold and transact in one or multiple foreign currencies, useful for international transactions and currency management.
2
Choosing a Malaysian Bank
Once you've decided on the type of account you want to open, it's time to choose a bank that offers the account types and the functions you need.
Malaysia has a wide range of licensed banks. You can browse the full list on the directory of authorised banks in Malaysia. In general, banks fall into three main categories as follows.
- Major Local Banks (i.e., Maybank, CIMB, RHB, and Public Bank)
These are Malaysia’s largest banks, with wide branch networks and comprehensive product offerings. They are generally reliable and well-suited for both residents and long-term foreign account holders. - International Banks (i.e., HSBC, Standard Chartered, UOB, and OCBC)
These banks are often preferred by expats or business owners with international banking needs. They tend to support multi-currency accounts and have more experience handling non-resident applications. - Islamic Banks (i.e., Bank Islam, Bank Muamalat, and Maybank Islamic)
These operate under Shariah principles and offer profit-sharing instead of interest. Foreigners who prefer ethical or interest-free banking may find these banks appealing.
Make sure to review each bank’s fees and charges to avoid surprises.

Note: Your deposits with Malaysian banks are protected up to RM250,000 under the Deposit Insurance System (DIS).
3
Fill in the Application
Once you’ve chosen a bank and account type, it’s time to begin the application.
Visit the bank’s official website or mobile app to check the latest requirements and begin the process. Some banks allow you to complete and submit the application form online, while others may require you to download the form or collect it at a branch.
For foreigners, it’s best to verify whether online submission is available, as some banks only support in-branch applications for non-residents.
If you’re unsure, reach out to the bank via phone, live chat, or email for assistance before proceeding.
4
Verify Your Identity
Once submitted, the bank will review your application. Depending on their assessment, you might need to communicate with them or provide additional documents.
Some banks still require you to visit a branch to obtain a fingerprint stamp for background checks and identity verification. However, several banks now offer remote verification for personal accounts using facial recognition or digital ID via their mobile banking app.

Note: Business account verification is mandatory and typically more complex than that for personal accounts.
5
Activate Your Account
Once your application is approved, the bank will notify you and provide instructions on activating your account. This process may include:
- Setting up online banking, where you will likely receive login credentials or be guided through creating them
- Making the initial deposit.
In some cases, you may have to visit the branch to activate your account.
5 Best Banks for Foreigners in Malaysia
Here are 5 banks that offer foreigner-friendly banking services.
Bank | Multi-Currency Account | Best For |
---|---|---|
Maybank | ✅ | Expats seeking convenience, local stability, and wide physical access. |
CIMB | ✅ | Foreign professionals needing a fast setup and strong mobile banking. |
Public Bank | ✅ | Foreigners who prefer a traditional banking experience. |
OCBC Malaysia | ✅ | Singapore-based expats and regional businesses |
HSBC Malaysia | ✅ | Global professionals managing cross-border finances |
MayBank
Maybank is Malaysia’s largest bank and one of the most accessible for expats. It has a strong local presence and offers extensive digital banking tools.
- Largest bank in Malaysia by assets (RM 1.08 trillion)
- Operates in 18 countries, including Singapore, Indonesia, and the Philippines
- 2,400+ branches across Southeast Asia
- Offers multi-currency accounts, debit cards, Shariah-compliant options, and online applications for savings accounts
CIMB
CIMB is the second-largest bank in Malaysia with a strong presence across ASEAN. Known for its user-friendly mobile app and fast onboarding, it's a popular choice among working professionals.
- Has total assets of RM 770 billion.
- 1,080+ branches across Southeast Asia
- Presence in 10 ASEAN countries, including Indonesia, Greater China, Thailand, Vietnam, Cambodia, Philippines, and Singapore.
- Offers a broad range of banking services, including Islamic banking, multi-currency and foreign currency fixed deposit accounts
Public Bank
Public Bank is Malaysia’s third-largest bank and has a strong reputation for customer service and financial stability. While not the most digitally advanced, its reliability and branch-based services appeal to many users.
- Over 260 branches nationwide
- Strong fixed deposit and foreign currency account options
- Multi-currency current accounts available to foreigners without an introducer
- Focus on SMEs and personal banking
OCBC Malaysia
OCBC is a Singaporean bank with a strong Malaysian presence, ideal for expats doing business or holding assets in both countries.
- Over 500 branches and offices across 18 countries, including Greater China, Malaysia, Singapore, and Indonesia.
- Low-cost MYR/SGD transfers, especially if you’re also an OCBC Singapore client.
- Free cash withdrawals at any OCBC ATMs.
HSBC Malaysia
HSBC is one of the most internationally connected banks in Malaysia, serving both individuals and global businesses.
- First foreign bank to operate in Malaysia (since 1884)
- Offers Global View and Global Transfer features for linked accounts worldwide
- Supports MYR and multi-currency accounts, including investment-linked options
- Available Islamic banking services via HSBC Amanah
Open a Hong Kong Business Account with Statrys
If you have a business registered in Hong Kong, Singapore or the British Virgin Islands, we recommend Statrys.
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With a Statrys business account, you get:
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- No monthly fees or hidden charges
- Dedicated account manager for personalised support
- 100% online account opening, with most accounts approved within 3 business days
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Below is a summary of Statrys’ services

FAQs
Can I open an account in Malaysia without living there?
No, you can't. Non-residents must visit a bank branch in person to complete the application process. Remote account opening is generally reserved for Malaysian residents with a MyKad.