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Easy Beginner’s Guide to Opening a Bank Account in Malaysia for Foreigners

If you have recently just moved to Malaysia or are in the process of doing so, one of your most immediate goals is to create an open bank account in Malaysia. This article will touch on some of the most frequently asked questions surrounding this topic and other important tidbits to help shed more light on the matter.

Is it Possible to Open a Bank Account in Malaysia as a Foreigner?

Technically, any foreigner is capable of opening a bank account in Malaysia as long as certain parameters and requirements are met. Variables like one’s current financial situation and their desired banking needs must be taken into consideration when opening a new bank account in the country.  

The required paperwork to open a bank account in Malaysia doesn’t necessitate proof of address in the country. That means you can start the process of opening a bank account even while you’re still living abroad. Any non-resident of Malaysia is eligible to open any of the following types of accounts:

• Personal Savings Account
• Personal Current Account
• Combination Account

Steps to Open a Bank Account as a Foreigner in Malaysia

While opening a bank account as an expat in Malaysia can seem like such a tedious endeavor, the entire process can be condensed into three simple steps:

Step 1: Choose Your Bank

First, you need to choose your bank. In the later parts of this article, we will be listing some of the most popular banks that you can consider for this step. In totality, these banks will offer their own share of strengths and weaknesses. It’s all a matter of finding one that’s the best fit for your own personal financial needs. When choosing a bank, there are three key factors that you need to consider:

• Location – You always want to make sure that you choose a bank that is convenient for you to access. It would be incredibly inefficient and inconvenient on your part to open an account with a bank that’s too far from where you reside. Fortunately, many of the commercial banks in Malaysia have branches located all around the country.
• ATM Availability – Automated Teller Machines are incredibly useful for when you want to engage in transactions without having to line up at the bank itself. Some of the popular local banks like Maybank and CIMB will have an abundance of ATMs that are strategically located around the entire country. While this is not necessarily the only factor that you need to think about, it’s definitely a variable that you need to consider especially if you don’t plan on making too many trips to the bank to make constant withdrawals.
• Services Provided – Of course, you also need to consider the services that these banks are able to provide you. Some banks will offer credit cards that are bundled up with their savings accounts while others will offer comprehensive insurance packages. Go over the various services of each bank and choose the one that appeals the most to you.

Step 2: Prepare Your Documents

Preparing your documents can get pretty tricky as different banks may have different requirements as well. However, for the most part, these are the types of documents that you must always have prepared in order to give you better chances of approval in opening a bank account in Malaysia:

• Valid work or student visa
• Letter of recommendation from your place of work (if applicable)
• Letter of referral or recommendation from existing customer of the bank (if not employed)
• Completed bank account application forms

Step 3: Open Your Account

Once you have all the necessary documents in place, you may proceed to open the bank account. Usually, these banks will provide you with a relationship manager or customer support staff that will help you walk through the formalities and procedures of opening your account . Most banks in Malaysia have advanced digital services and it’s not rare for people to have opened a new bank account within 45 minutes.

The Best Banks in Malaysia

Considering that Malaysia is one of the most highly developed countries in Asia, it’s not too difficult to find a commercial bank that would be able to suit your personal banking and financial needs. The country has a good collection of both local and international bank brands that offer solid and reputable services.

Local Banks

• Public Bank

International Banks

• Standard Chartered
• United Overseas Bank Limited (UOB)
• Al Rajhi Bank
• Kuwait Finance House

What Makes Banking Services in Malaysia Unique?

One key variable that makes banking in Malaysia so unique is that the industry is divided into two categories: conventional banking and Islamic banking. This is to accommodate the fact that Malaysia is a majority-Muslim country. The key difference between both categories lies in the interest that is earned or charged by the bank. Here is a quick rundown of the key features of each:

Conventional Banking

• Income can come from any source.
• Financing is provided at a variable rate determined by market forces.
• Higher late payment penalties for hire purchase arrangements.

Islamic Banking

• Income must come from an income source that is legal in accordance to Muslim law (i.e. prohibits income from gambling, alcohol sales, etc.)
• Financing is provided at a variable rate with a maximum cap.
• Lower late payment penalties for hire purchase arrangements.

Tips to Help Ease the Process

Again, while it is possible for non-residents to open bank accounts in Malaysia, the process can get quite tedious and complicated. There are many requirements that need to be satisfied and a host of important papers and documents that need to be procured and organized properly. While you may think that you already have everything in line, it’s still possible that you will have missed a few details here and there, especially if you’ve never gone through this process before. That’s why one major tip that most first-time expats or emigrants tend to follow is to avail of the services of experts to help walk them through the process.

Premia TNC is a dedicated overseas business consulting and accounting firm that specializes in company formation, accounting, taxation, and trading services in Hong Kong, Singapore, Vietnam, Taiwan, Korea, and Malaysia. The company has a team of specialists who are professionally trained in the realms of financial knowledge and government regulations, which places them in the best position to assist you through this transitory process. More than just giving you the knowledge that you need to open a bank account in Malaysia , Premia TNC is positioned to provide you with all the relevant solutions that you need to make the process as easy and as efficient as possible.

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Whether you are a new or existing customer, HSBC's International Banking Center may be able to help you open a bank account in Malaysia before you arrive.

To start your account opening process, simply visit your local HSBC branch, or contact your Relationship Manager. Our staff will connect you to our International Banking Center through a phone call.

If you have arrived in Malaysia

We have made it as easy as possible to open an account in Malaysia.Visit any of our branches and our friendly staff will help you set up an HSBC banking account.

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What documents do I need? 

To open an account you will need to bring:

• Valid Passport
• National Identity Card
• Valid work permit or working visa in Malaysia (for employment in Malaysia)
• Employment letter (for employment in Malaysia)
• Approval Letter for Malaysia My Second Home program (for MM2H participants) 
• Sales and Purchase Agreement - signed and stamped (for Malaysian home property investments)
• University or College Acceptance Letter (for studying in Malaysia)
• Other supporting documents - i.e. Dependant Pass, Proof of relationship (spouse and children) etc.  

International customers can open an account in the following categories:

• Expatriates with employment in Malaysia and their immediate family members (i.e. legal spouse and children) 
• MM2H participants with placement of Time or Term Deposits with HSBC Bank / HSBC Amanah (excluding the state of Sarawak) 
• Malaysian home property investors 
• International Students in Malaysia

Recommended account:

Hsbc everyday global account 2.

One bank account. A world of possibilities.

This multi-currency 3 account is packed with features and benefits to match your lifestyle and financial needs. The most useful include:

• Easy transactions With 1 multi-currency 3 debit card.
• More savings Zero currency conversion on spend & withdrawal 4 , no debit card issuance and annual fees 5 , plus no minimum balance requirement.
• Greater convenience Real-time foreign currency exchange 6 and convenient 24/7 currency conversion at competitive rates 6 via online and mobile banking.
• Instant Online Transfers Fee-free instant online transfer between your global HSBC accounts with Global View Global Transfer.

We can help with your international banking needs

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Important notes

HSBC Bank Malaysia Berhad 198401015221 (127776-V). Member of PIDM.

1  Subject to HSBC local policy and regulatory requirement

2 Protected by PIDM up to RM250,000 for each depositor.

3 The supported Foreign Currency Accounts will be opened automatically by the following working day.

4 Applicable to successful retail purchases, online shopping and cash withdrawals performed with Visa Debit Card under the available supported currencies only. For supported currencies: If you do not have sufficient foreign currency to complete a transaction, we will convert at prevailing rate as determined by the bank and bill you in Ringgit Malaysia. For unsupported currencies: The entire transaction amount shall be converted at a prevailing rate as determined by Visa International and billed to you in Ringgit Malaysia, except for cash withdrawals performed via HSBC Group ATMs (GATS) which the withdrawn amount will be automatically converted to Ringgit Malaysia at the prevailing rate as determined by the bank.

5 HSBC Advance customers will be charged RM8 for debit card issuance and annual fees respectively.

6  For HSBC Premier or HSBC Advance customers only. Subject to destination country/region's local regulation and HSBC internal policy requirement. HSBC Premier customers enjoy zero transfer fees.

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Bank Accounts in Malaysia: Fees and Cards for Foreigners

What are the top 10 banks for expats in Malaysia …

Money matters, and it matters for all. Some might require more of it to meet the demands of their lifestyle but it is universally needed by all and sundry. A lot of hard work is put in by professionals from all walks of life to save enough money so that they can spend it either during the time of use or invest it to gain future benefits.

In this regard, the banking network of a country gains substantial importance. If the citizens as well as the expatriates can trust the transparency of the banking sector, they will utilize the services offered to the maximum. This relationship has mutual benefits. The banks in Malaysia treat the expatriate community with great dignity and fairness and provide them with great opportunities to exceed.

Q&A – Banks in Malaysia for foreigners : our main answers

🌍 should i open a bank account in a malaysian bank or an international one.

Many expatriates go for international banks, as these institutions already have extensive experience of working with foreigners (investors, expatriate workers or even retirees). However, Malaysian banks are not any less reliable and efficient than the international ones. All in all, we would recommend checking all possible options in different banks to compare your advantages and make a right choice.

🇲🇾 What would I need a Malaysian bank account for?

BAlthough many international banks do operate and allow transactions in Malaysia, having a local bank account would significantly facilitate your daily life in Malaysia – from making quick on-the-go translations to your friends, partners or colleagues, to paying rent and receiving salary. You will also be able to receive money from abroad and go to any cash withdrawal machine and minimize the fees that would be required if you use a card from a foreign bank.

💳 Will it be possible to use my foreign credit card in Malaysia?

In most cases, yes. Nevertheless, credit cards are not as common in Malaysia as they are in Europe or the US. Many rural areas as well as small shops and markets do not accept any credit cards, so having cash on you is always a good idea. In addition, withdrawal fees (conversion, ATM fees) can start to add up and become significant, so arranging for an account at a local bank will be necessary if you really plan to spend several months a year there. Many rural areas as well as small stores and markets do not accept credit cards, so it is always a good idea to carry some cash.

In this article, we will delve into the banking network of Malaysia from an expatriate’s point of view.

Requirements

If an expatriate is looking to move to Malaysia on a long-term basis then the first requirement is to acquire an MM2H (Malaysia my 2nd home) visa.

On the other hand, if one does not hold a residency permit before relocating to the country, reference needs to be provided by either a Malaysian local or the company for which the individual is working. Apart from these, holding a legal passport is obviously a necessity.

Types of Bank Accounts

The expatriates are eligible to open three kinds of bank accounts in Malaysia. These are namely savings account, checking accounts, or a combination of both.

The salient feature of a savings account is that one can put their money in it to care for a future emergency if any or to save up for an important occasion like marriage. The initial deposit requirement is low so anyone with an unstable source of income for e.g. a student can use this account.

A checking account is one that is used mainly for the purpose of payments. It is a type of a deposit account and requires a high initial deposit and maintaining balance then for say a savings account. The main advantage is that it allows the account holder to issue checks on behalf of his name. A joint account as the name defines itself is opened in association with business partners, companies, or a working life partner.

Appropriate documents and proof of visa is a must to open such an account. All the international students are given permission of opening accounts in local banks. Branches of these local banks are present on the campuses so it becomes very convenient to use for the students.

Local Banks

The local banks of Malaysia are more numerous in number and have branches that are spread throughout the country. These banks are governed and regulated by the central bank. With an increased influx of tourists and expatriates in the community, the local banks have started tailoring and planning their services with the demands and requirements of them in mind. This makes foreigners much more confident in their dealings with these banks.

A lot of banks charge a very low, flat-fee for sending back money to their native countries. These banks further diverge into commercial banks, investment banks, and Islamic financial institutions. Almost all of these banks offer online, mobile internet facilities which are very vital keeping in mind the progression of the world. The top local banks are Maybank, CIMB, RHB, Public bank, etc.

International Banks

If one intends to open a bank account before even having shifted bases than selection should be made from an International bank. Fortunately, in this aspect too, the expatriates are left to choose from a lot at their disposal.

These banks provide a lot of ease and mental peace to the foreigners as they have immense expertise in expat banking and are best placed to tackle any issues if arisen. They allow people to keep their money in multiple currencies. The most popular amongst these are Standard Chartered, HSBC, CitiBank, etc.

Credit Card Usage

The custom or trend of using credit cards extensively in the UK and US is not as prevalent in Malaysia. Small scale shops and rural businesses, may not accept it all. Therefore, it is always advisable to keep the money to avoid inconvenience in such situations.

TOP 10 Banks in Malaysia for expats

This is the largest bank in Malaysia by many metrics. In terms of assets, loans, deposits, the number of employees and branches, no bank in the country comes close to its wide network. It offers all the banking services available such as personal and corporate accounts, insurance, loans, SME banking, wealth management, foreign exchange, and much more.

CIMB Group Holdings Berhad is the second-largest banking organization in Malaysia. In Asian countries, it is one of the largest Islamic and investment banks. It has a client total exceeding the 14 million mark and over 800 branches. International branches have also popped up in the nearby southeast countries as well as India, UK, and the USA. The graph of this bank is definitely on an upward curve.

Public Bank

The main target audience of this bank is retail customers and small to medium-sized enterprises. The bank also offers corporate banking, trustee and brokerage services, online banking, etc.

UOB Malaysia

United overseas bank is the largest foreign bank in the country. It provides world-class guidance to foreigners looking to rely on an international bank with 40+ branches having opened up steadily since its inauguration in 1993. It provides cash management, trade services, structured finance, foreign exchange, and a plethora of other facilities.

Hong Leong Bank

A subsidiary of Hong Leong Financial Group, a top financial institution of the country, is Hong Leong Bank. The first Malaysian bank to infiltrate the Chines financial sector was this bank.

The main facilities rendered by this bank are retail and transaction banking, shariah business, Singapore business operations. ATMs and cash deposit machines are plentiful.

Another foreign bank excelling in the Malaysian landscape is HSBC bank. It offers a varied palette of services, the best of which are, deposit and lending products, mortgages, capital markets, etc. It is also associated with HSBC Amanah Malaysia which is the largest foreign Islamic bank.

AmBank Group

Another very popular local bank provides services as diverse as REIT (Real Estate Investment Trust), assets management, life insurance, and stockbroking.

Rakyat Bank

The leading Islamic cooperative bank is Rakyat bank. It provides services in accordance with Islamic law. However, it is not religious exclusive.

Another bank keeping the foreign banks’ flag flying high is the OCBC bank. In terms of pure numbers of assets, loans, deposits it competes with any foreign compatriot. It is a subsidiary of Singapore Oversea-Chinese banking which is one of the largest banking networks in Southeast Asia and one of the most reputed ones in the world.

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How to open a fee free bank account in Malaysia 2024

**Banking fees can be expensive. Wouldn’t you love to have a bank account that charges no fees? Some banks offer no-fee accounts, but this can be misleading as these accounts may not be completely free.

Many banks waive monthly maintenance and/or certain transaction fees on their so-called fee-free accounts. Unfortunately, some include hidden charges like balance inquiries, inactivity, if the balance drops below a certain limit, and more.

These fees can quickly add up and result in an account that is far from free.

If  you’re looking for an account that has a wide variety of features and low fees, you should consider switching to a specialist provider like Wise .

In this article, we explore no-fee bank accounts in Malaysia. We will touch on the different types of no-fee accounts, look at their advantages and disadvantages, and what to consider when choosing a no-fee bank account.

Fee free account options in Malaysia:

Accounts from fintech companies

Bank checking accounts

Best fee-free account offers in Malaysia

Fee-free bank accounts are rarely completely free and many banks charge hidden fees on fee-free accounts. We have used the following fees and limits in our analysis of fee-free accounts.

Opening fee

Fall below fee

Early closing fee

Dormant account fee

Transaction limits

Maintenance fees

Processing fees

Transfer fees

Stop payment instructions

Fee-free accounts from fintech companies 

Opening and maintaining a fee-free bank account can be difficult and costly. Modern fintech companies, also known as neobanks offer alternatives to traditional fee-free banking accounts. Providers like Wise and Revolut have accounts that are easy to set up and effortless to maintain.

* Early closing refers to closing of an account within 3 months after opening it.

* Fees and rates correct at time of research - 16 September 2022

Pros and Cons

Low and transparent fees: Most fintech companies offer low fees and are very transparent about what they charge for what types of transactions.

Use almost anywhere: You can use fee-free accounts from providers like Wise and Revolut almost anywhere.

Hold and transact in multiple currencies: Some providers, like Wise, allow you to hold and transact in multiple currencies.

Easy to set up: Setting up and verifying an account with fintech companies is quick and easy.

Not available in all countries: Fee-free account services may not be available in all countries.

No branch network: Fintech companies usually operate online and thus have no branch network for in-person transactions.

Debit card and transaction fees: Some providers may levy a charge to issue a debit card, and also charge for certain transaction types.

Fee free bank checking accounts

Some of Malaysia’s top banks offer fee-free bank account options on their basic checking accounts. All of the banks listed below include limited free transactions with no-fee accounts.

** One over-the-counter visit may include multiple transactions.

Pros and cons of bank checking accounts

Accounts at traditional banks have several advantages and disadvantages

Safety: Backed by an established financial institution

Personal touch: Transact in person at branches

Build credit score: You can schedule payments with a checking account to ensure payments are made on time.

Earn inte rest: Some checking accounts accrue interest on positive balances

Charges can add up: Even if you choose a fee-free checking account, the charges can quickly add up once you go over the free transaction limits.

Requires a minimum deposit: Most checking accounts require a minimum deposit, usually starting at 500 MYR

Not interest-bearing: While some checking accounts accrue interest on positive balances, many basic checking accounts do not pay interest.

To sum up: Checking accounts at banks are popular because they are backed by the relative stability of established financial institutions and allow customers to transact in person at branches. They are great for basic day-to-day banking and most banks offer a variety of options.

Many banks also offer fee-free basic checking accounts, however most charge additional fees for things like exceeding certain transaction limits or dropping below certain minimum balances. These charges can add up quickly if you’re not careful.

Since most checking accounts allow you to schedule payments, they are a great option for those looking to establish or improve their credit score. What’s more, many checking accounts accrue interest on positive balances, however fee-free checking accounts are usually non-interest bearing.

How to choose a fee-free bank account?

Fee-free accounts are great for saving money, but there are a few things you should consider when choosing the best fee-free account for you.

The ideal fee-free account should be easy to open and have no monthly maintenance fees, opening deposit or monthly minimum balance. There should be no transaction limits on free transactions, and offer low rates on overseas money transfers.

Providers like Wise and Revolut can be great choices when choosing a fee-free account. Accounts with providers like these are often easy to open and they also offer linked debit cards. Many of these cards are free with few or no monthly transaction limits. They usually don’t charge for dormant or early closing of accounts, and they offer low cost overseas money transfers.

Documents and eligibility

To open a fee-free bank account in Malaysia at traditional banks, you usually have to be a Malaysian citizen or permanent resident. However, providers like Wise and Revolut allow you to open a fee-free account if you are a resident of one of the countries where they offer fee-free account services.

Proof of identity: Most banks and providers require you to provide your Original Identity Card (IC)/Police or Armed Forces ID Card.

Proof of address: as well as proof of address, such as a copy of a utility bill.

Proof of income: Some banks may require you to provide proof of income.

Minimum deposit: Some banks and providers may require a minimum deposit to open the account.

When you might need a fee-free basic bank account

Fee-free basic bank accounts are great for many reasons:

Save money: It’s not just about saving on fees.

Receive salary or wages: Some employers and clients may require you to have a bank account to enable them to pay you.

Receive money from overseas: A fee-free basic bank account is also perfect if you are receiving money from overseas.

Options when we can't get a fee-free with your bank

Sometimes you don’t meet the requirements to open a fee-free account at a traditional bank or you simply can’t afford the extra fees. Providers like Wise and Revolut are great alternatives to traditional banks.

Their fee-free accounts are easy to set up and maintain, and many transactions are free. They also include debit cards that can be used almost anywhere. What’s more, you can set up your account to receive payments just like a traditional bank account.

Fee-free accounts with providers like Wise and Revolut can be used to transfer money overseas at low rates, quickly and easily. Some accounts even allow you to hold multiple currencies.

Fee-free bank accounts are great for those looking for simple, affordable banking, however, these accounts are rarely completely free. Most fee-free accounts at traditional banks have hidden fees like half-yearly maintenance, limited free transactions, check processing fees, and more.

Modern fintech companies like Wise and Revolut offer alternatives to those who are looking for features like low-cost services, low international transfer fees, easy currency conversion, and more. want to break free from traditional banking. Their fee-free accounts feature many free transactions, and are easy to open without charging maintenance fees. You can also use a fee-free account to make international transfers quickly and easily, at relatively low fees.

FAQs on Fee-free accounts in Malaysia

Most banks charge monthly fees on the majority of their accounts, however, banks like Maybank, CIMB Bank, and Public Bank Berhad offer no-fee account options. Online financial services providers like Wise offer accounts without monthly fees.

Many fee-free checking accounts have fee-free transaction limits. Staying within these limits will keep your account fee-free. Familiarize yourself with your account’s relevant pricing structure to avoid surprise fees and charges.

Checking accounts at many banks pay interest, however fee-free checking accounts are usually non-interest bearing.

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Opening a bank account in Malaysia when you have a tourist visa

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I decided to live in Penang for a year or two on a series of 90 day tourist visas before going to the trouble of getting my MM2H visa. So I am only 9 months in when I have an opportunity to sign a two year lease on a good property. So suddenly I want a Malaysian bank account to use to pay my rent, but I don't have the MM2H visa yet. In fact since I understand that the MM2H lasts for the life of your passport, and my passport expires in a bit over a year, I need to get a new passport before I want to get my MM2H visa, so the whole process will take awhile. In the meantime I want to open a local bank account immediately. So I stopped by a RHB and the first thing they wanted to see was my passport with my work permit and/or MM2H visa. I explained that I did not have ether. I was retired and planning on staying long, but did not have a MM2H visa yet. They said I could not open an account. So, I want a local bank account into which I can transfer money from the US (I understand that I will need a 2nd account for this piece of magic to occur) and from which I can pay local bills. Does anybody have any advice on how to do this?  

AFFIN bank Thanks for the reply, I ended up trying 4 or 5 banks before AFFIN bank let me open an account!  

AFFIN bank didnt ask for a work pass? Thats weird. What happened exactly? And also, did you get an ATM card and do they offer online banking for bill payment? Did you also ask if they are working under FATCA? By the way, that 90-day door is closing fast. Both Malaysia and Thailand are beginning to disallow visa runs, a policy that started a year ago. You may try to come back after a trip out and find you can only get a 7-day visa which is only valid if you immediately visit the immigration office in Penang where you will be told to leave. Happened to me and others too. My workpass expired and I dont plan to renew. Im going a different route now but thats the deal with immigration. Where in Penang are you? Im happy to meet up for coffee. Ive been here almost 16 years, you might want to pick my brain about something.  

Same as the other banks, I went in and said I wanted to open a current account, but did not have my MM2H visa yet, but was planning on getting it later in the year. They said no problem. Yep, ATM and online banking. I am actually planning on getting my MM2H in a year, and understand (hope) that doing visa runs for a year or so is not much problem, it is after you have two or three years of stamps that they really start asking questions. I was asked once about my multiple entries into Malaysia and I just explained that I wanted to live here a year before bothering with the long term visa. It was no problem. I am in the Gurney area if you want to send me a private message for a meetup.  

Ok I can message you but how? I see no link on any page to send a PM. What am I missing?  

Ah wait, I see in the Welcome letter Im not senior enough to use PMs. Have to wait for five posts to be liked by others then the PM link should be visible. Wonderful. Meantime i had looked on Affins website and its even more restrictive than others, requiring either citizenship or Permanent Residency to open an account. I was right to say your experience was weird! For meeting, im in Bukit Mertajam but come to the island when its needed. I could meet on the weekend, you can choose a place around Gurney. At the roundabout on the northside there is a big outdoor food court, could meet there to avoid the plaza itself. Or could meet at Kapitan Tandoori on Chulia St, most people know that place and its easy for me to take the ferry.  

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6 Best Travel Cards for Malaysia

Getting an international travel card before you travel to Malaysia can make it cheaper and more convenient when you spend in Malaysian Ringgit. You'll be able to easily top up your card in USD before you leave the US, to convert seamlessly to MYR for secure and flexible spending and withdrawals.

This guide walks through our picks of the best travel cards available for anyone from the US heading to Malaysia, like Wise or Revolut. We'll walk through a head to head comparison, and a detailed look at their features, benefits and drawbacks.

6 best travel money cards for Malaysia:

Let's kick off our roundup of the best travel cards for Malaysia with a head to head comparison on important features. Here's an overview of the providers we've picked to look at, for customers looking for ways to spend conveniently overseas when travelling from the US:

Each of the international travel cards we’ve picked out have their own features and fees, which may mean they suit different customer needs. Keep reading to learn more about the features, advantages and disadvantages of each - plus a look at how to order the travel card of your choice before you head off to Malaysia.

Wise travel card

Open a Wise account online or in the Wise app, to order a Wise travel card you can use for convenient spending and withdrawals in Malaysia. Wise accounts can hold 40+ currencies, so you can top up in USD easily from your bank or using your card. Whenever you travel, to Malaysia or beyond, you’ll have the option to convert to the currency you need in advance if it’s supported for holding a balance, or simply let the card do the conversion at the point of payment.

In either case you’ll get the mid-market exchange rate with low, transparent fees whenever you spend in MYR, plus some free ATM withdrawals every month - perfect if you’re looking for easy ways to arrange your travel cash.

Wise features

Wise travel card pros and cons.

• Hold and exchange 40+ currencies with the mid-market rate
• Spend seamlessly in MYR when you travel
• Some free ATM withdrawals every month, for those times only cash will do
• Ways to receive payments to your Wise account conveniently
• Manage your account and card from your phone
• 9 USD delivery fee for your first card
• ATM fees apply once you've exhausted your monthly free withdrawals
• Physical cards may take 14 - 21 days to arrive

How to apply for a Wise card

Here’s how to apply for a Wise account and order a Wise  travel card in the US:

Open the Wise app or desktop site

Select Register and confirm you want to open a personal account

Register with your email, Facebook, Apple or Google ID

Upload your ID document to complete the verification step

Tap the Cards tab to order your card

Pay the one time 9 USD fee, confirm your mailing address, and your card will be on the way, and should arrive in 14 - 21 days

Revolut travel card

Choose a Revolut account, from the Standard plan which has no monthly fee, to higher tier options which have monthly charges but unlock extra features and benefits. All accounts come with a smart Revolut card you can use in Malaysia, with some no fee ATM withdrawals and currency conversion monthly, depending on the plan you pick. Use your Revolut account to hold and exchange 25+ currencies, and get extras like account options for under 18s, budgeting tools and more.

Revolut features

Revolut travel card pros and cons.

• Pick the Revolut account plan that suits your spending needs
• Hold and exchange 25+ currencies, and spend in 150 countries
• Accounts come with different card types, depending on which you select
• All accounts have some no fee currency exchange and some no fee ATM withdrawals monthly
• Some account tiers have travel perks like complimentary or discounted lounge access
• You need to upgrade to an account with a monthly fee to get all account features
• Delivery fees may apply for your travel card
• Fair usage limits apply once you exhaust your currency conversion and ATM no fee allowances
• Out of hours currency conversion has additional fees

How to apply for a Revolut card

Set up your Revolut account before you leave the US and order your travel card. Here’s how:

Download and open the Revolut app

Register by adding your personal and contact information

Follow the prompts to confirm your address and order your card

Pay any required delivery fee - costs depend on your account type

Chime travel card

Use your Chime account and card to spend in Malaysia with no foreign transaction fee. You’ll just need to load a balance in USD and then the money is converted to MYR instantly with the Visa rate whenever you spend or make a withdrawal. There’s a fee to make an ATM withdrawal out of network, which sits at 2.5 USD, but there are very few other costs to worry about. Plus you can get lots of extra services from Chime if you need them, such as ways to save.

Chime features

Chime travel card pros and cons.

• No Chime foreign transaction fees
• No ongoing charges for your account
• Lots of extra products and services if you need them
• Easy ways to manage your money online and in app
• Virtual cards available
• You'll need to inform Chime you're traveling to use your card abroad
• Low ATM limits
• Cards take 7 - 10 days to arrive by mail

How to apply for a Chime card

Here’s how to apply for a Chime account and order a travel card in the US:

Visit the Chime website or download the app

Click Get started and add your personal details

Add a balance

Your card will be delivered in the mail and you can use your virtual card instantly

Monzo travel card

Monzo cards can be ordered easily in the US and used for spending in Malaysia and globally. Monzo accounts are designed for holding USD only - but you can spend in MYR and pretty much any other currency easily, with no foreign transaction fee. Your funds are just converted using the network exchange rate whenever you pay or make a withdrawal.

Monzo doesn’t usually apply ATM fees, but it’s worth knowing that the operator of the specific ATM you pick may have their own costs you’ll need to check out.

Monzo features

Monzo travel card pros and cons.

• Good selection of services available
• No foreign transaction fee to pay
• No Monzo ATM fee to pay
• Manage your card from your phone conveniently
• Deposits are FDIC protected
• You can't hold a foreign currency balance
• ATM operators might apply their own fees

How to apply for a Monzo card

Here’s how to apply for a Monzo account and order a travel card in the US:

Visit the Monzo website or download the app

Click Get Sign up and add your personal details

Check and confirm your mailing address and your card will be delivered in the mail

Netspend travel card

Netspend has a selection of prepaid debit cards you can use for spending securely in Malaysia. While these cards don’t usually let you hold a balance in MYR, they’re popular with travelers as they’re not linked to your regular checking account. That increases security overseas - plus, Netspend offers virtual cards you can use to hide your physical card details from retailers if you want to.

The options with Netspend vary a lot depending on the card you pick. Usually you can top up digitally or in cash in USD and then spend overseas with a fixed foreign transaction fee applying every time you spend in a foreign currency. You’ll be able to view the terms and conditions of your specific card - including the fees - online, by entering the code you’ll find when your card is sent to you.

Netspend features

Netspend travel card pros and cons.

• Large selection of different card options depending on your needs
• Some cards have no overseas ATM fees
• Prepaid card which is secure to use overseas
• Manage your account in app
• Change from one card plan to another if you need to
• You may pay a monthly fee for your card
• Some cards have foreign transaction fees for all overseas use, which can be around 4%
• Selection of fees apply depending on the card you pick

How to apply for a Netspend card

Here’s how to apply for a Netspend account and order a travel card in the US:

Visit the Netspend website

Click Apply now

Complete the details, following the onscreen prompts

Get verified

Your card will arrive by mail - add a balance and activate it to get started

PayPal travel card

PayPal has a debit card you can link to your PayPal balance account, to spend in Malaysia as well as locally, in person and online. One advantage of PayPal is that there are lots of easy ways to add money in USD - but bear in mind that when you spend in MYR you’ll likely pay a foreign transaction fee of 2.5%. ATM fees apply when you make out of network withdrawals, too, which can push up the costs depending on how you use your card.

PayPal travel cards aren’t connected to your checking account which makes them a handy and secure way to spend, particularly if you already have a PayPal balance account.

PayPal features

Paypal travel card pros and cons.

• Globally accepted card
• Easy ways to top up your PayPal balance including cash and check
• Popular and reliable provider
• Use your card for spending online easily as well
• 2.5 USD fee for out of network ATM withdrawals
• 2.5% fee when you spend in a foreign currency
• Other charges may apply depending on how you fund and use your account

How to apply for a PayPal card

Here’s how to apply for a PayPal account and order a travel card in the US:

Visit the PayPal website or download the app

Click Get Sign up or log into your existing account

Add your personal details to create an account, or tap Request a card if you already have a PayPal account

Follow the prompts to order your card

What is a travel money card?

A travel money card is a card you can use for secure and convenient payments and withdrawals overseas.

You can use a travel money card to tap and pay in stores and restaurants, with a wallet like Apple Pay, or to make ATM withdrawals so you'll always have a bit of cash in your pocket when you travel.

Although there are lots of different travel money cards on the market, all of which are unique, one similarity you'll spot is that the features and fees have always been optimised for international use. That might mean you get a better exchange rate compared to using your normal card overseas, or that you run into fewer fees for common international transactions like ATM withdrawals.

Travel money cards also offer distinct benefits when it comes to security. Your travel money card isn't linked to your United States Dollar everyday account, so even if you were unlucky and had your card stolen, your primary bank account remains secure.

Travel money vs prepaid card vs travel credit card

It's helpful to know that you'll be able to pick from several different types of travel cards, depending on your priorities and preferences. Travel cards commonly include:

• Travel debit cards
• Travel prepaid cards
• Travel credit cards

They all have distinct benefits when you head off to Malaysia or elsewhere in the world, but they do work a bit differently.

Travel debit and prepaid cards are usually linked to an online account, and may come from specialist digital providers - like the Wise card. These cards are usually flexible and cheap to use. You'll be able to manage your account and card through an app or on the web.

Travel credit cards are different and may suit different customer needs. As with any other credit card, you may need to pay an annual fee or interest and penalties depending on how you manage your account - but you could also earn extra rewards when spending in a foreign currency, or travel benefits like free insurance for example. Generally using a travel credit card can be more expensive compared to a debit or prepaid card - but it does let you spread out the costs of your travel across several months if you'd like to and don't mind paying interest to do so.

What is a prepaid travel money card best for?

Let's take a look at the advantages of using a prepaid travel money card for travellers going to Malaysia. While each travel card is a little different, you'll usually find some or all of the following benefits:

• Hold and exchange foreign currencies - allowing you to lock in exchange rates and set a travel budget before you leave
• Convenient for spending in person and through mobile wallets like Apple Pay, as well as for cash withdrawals
• You may find you get a better exchange rate compared to your bank - and you'll usually be able to avoid any foreign transaction fee, too
• Travel cards are secure as they're not linked to your everyday USD account - and because you can make ATM withdrawals when you need to, you can also avoid carrying too much cash at once

Overall, travel cards offer flexible and low cost ways to avoid bank foreign transaction and international ATM fees, while accessing decent exchange rates.

How to choose the best travel card for Malaysia

We've picked out 6 great travel cards available in the US - but there are also more options available, which can make choosing a daunting task. Some things to consider when picking a travel card for Malaysia include:

• What exchange rates does the card use? Choosing one with the mid-market rate or as close as possible to it is usually a smart plan
• What fees are unavoidable? For example, ATM charges or top up fees for your preferred top up methods
• Does the card support a good range of currencies? Getting a card which allows you to hold and spend in MYR can give you the most flexibility, but it's also a good idea to pick a card with lots of currency options, so you can use it again in future, too
• Are there any other charges? Check in particular for foreign transaction fees, local ATM withdrawal fees, inactivity fees and account close fees

Ultimately the right card for you will depend on your specific needs and preferences.

What makes a good travel card for Malaysia

The best travel debit card for Malaysia really depends on your personal preferences and how you like to manage your money.

Overall, it pays to look for a card which lets you minimise fees and access favourable exchange rates - ideally the mid-market rate. While currency exchange rates do change all the time, the mid-market rate is a good benchmark to use as it’s the one available to banks when trading on wholesale markets. Getting this rate, with transparent conversion fees, makes it easier to compare costs and see exactly what you’re paying when you spend in MYR.

Other features and benefits to look out for include low ATM withdrawal fees, complimentary travel insurance, airport lounge access or emergency cash if your card is stolen. It’s also important to look into the security features of any travel card you might pick for Malaysia. Look for a card which uses 2 factor authentication when accessing the account app, which allows you to set instant transaction notifications, and which has easy ways to freeze, unfreeze and cancel your card with your phone.

When you head off to Malaysia you can expect to find you’ll be able to use your card - but not always. Some merchants still prefer cash payments - so choosing a card which is easy to pay with, but which also has simple and low cost ways to make ATM withdrawals should mean you’re covered no matter what happens

Ways to pay in Malaysia

Cash and card payments - including contactless, mobile wallet, debit, credit and prepaid card payments - are the most popular ways to pay globally.

In Malaysia card payments are common in most situations. You’ll be able to make Chip and PIN or contactless payments or use your favourite mobile wallet like Apple Pay to tap and pay on the go. It’s still worth having a little cash on you just in case - and for the odd situations where cash is more convenient, such as when tipping or buying a small item in a market.

Which countries use MYR?

You’ll find that MYR can only be used in Malaysia. If you don’t travel to Malaysia frequently it’s worth thinking carefully about how much to exchange so you’re not left with extra foreign currency after your trip. Or pick a travel card from a provider like Wise or Revolut which lets you leave your money in USD and convert at the point of payment with no penalty.

What should you be aware of when travelling to Malaysia

You’re sure to have a great time in Malaysia - but whenever you’re travelling abroad it's worth putting in a little advance thought to make sure everything is organised and your trip goes smoothly. Here are a few things to think about:

1. Double check the latest entry requirements and visas - rules can change abruptly, so even if you’re been to Malaysia before it’s worth looking up the most recent entry requirements so you don’t have any hassle on the border

2. Plan your currency exchange and payment methods - you can change USD to MYR before you travel to Malaysia if you’d like to, but as card payments are common, and ATMs widely available, you can actually leave it until you arrive to get everything sorted as long as you have a travel money card. Top up your travel money card in USD and either exchange to MYR in advance or at the point of payment, and make ATM withdrawals whenever you need cash. Bear in mind that currency exchange at the airport will be expensive - so hold on until you reach Malaysia to make an ATM withdrawal in MYR if you can.

3. Get clued up on any health or safety concerns - get travel insurance before you leave the US so you have peace of mind. It’s also worth reading up on any common scams or issues experienced by tourists. These tend to change over time, but may include things like rip off taxis or tour agents which don’t offer fair prices or adequate services.

Conclusion - Best travel cards for Malaysia

Ultimately the best travel card for your trip to Malaysia will depend on how you like to manage your money. Use this guide to get some insights into the most popular options out there, and to decide which may suit your specific needs.

FAQ - best travel cards for Malaysia

When you use a travel money card you may find there’s an ATM withdrawal fee from your card issuer, and there may also be a cost applied by the ATM operator. Some of our travel cards - like the Wise and Revolut card options - have some no fee ATM withdrawals every month, which can help keep down costs.

Travel money cards may be debit, prepaid or credit cards. Which is best for you will depend on your personal preferences. Debit and prepaid cards are usually pretty cheap and secure to spend with, while credit cards may have higher fees but often come with extra perks like free travel insurance and extra reward points.

There’s no single best prepaid card for international use. Look out for one which supports a large range of currencies, with good exchange rates and low fees. This guide can help you compare some popular options, including Wise, Revolut and Monzo.

Yes, you can use your local debit card when you’re overseas. However, it’s common to find extra fees apply when spending in foreign currencies with a regular debit card. These can include foreign transaction fees and international ATM charges.

Usually having a selection of ways to pay - including a travel card, your credit or debit card, and some cash - is the best bet. That means that no matter what happens, you have an alternative payment method you can use conveniently.

Yes. Most travel debit cards have options to make ATM withdrawals. Check the fees that apply as card charges do vary a lot. Some cards have local and international fees on all withdrawals, while others like Wise and Revolut, let you make some no fee withdrawals monthly before a fee kicks in.

Both Visa and Mastercard are globally accepted. Look out for the logo on ATMs and payment terminals in Malaysia.

The cards you see on this page are ordered as follows:

For card providers that publish their exchange rates on their website, we used their USD / MYR rate to calculate how much Malaysian Ringgit you would receive when exchanging / spending $4,000 USD. The card provider offering the most MYR is displayed at the top, the next highest below that, and so on.

The rates were collected at 15:54:21 GMT on 19 February 2024.

Below this we display card providers for which we could not verify their exchange rates. These are displayed in alphabetical order.

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More travel card guides.

Open Bank Account In Malaysia For International Student

Are you an international student planning to study in Malaysia? Opening a bank account is essential if you want to manage your finances while living abroad. Access to a local bank account with e-banking facilities will make it easier to pay bills and transfer money without a hassle. This article will discuss the steps needed to open a bank account as an international student in Malaysia. So, let’s get started!

If you’re looking to open a Malaysian bank account, there are certain requirements that must be met before the process can begin. Depending on which bank you choose and what type of account you need, these may vary slightly. Generally speaking, most banks require proof of identity such as passport or driver’s license and some form of address verification like utility bill.

Opening a new banking facility can seem daunting at first but don’t worry – with all the information here, the entire process should be fairly simple and straightforward. Now that you know the basics about opening up a Malaysian bank account as an international student, let’s take a closer look at how exactly you can go about doing it.

Eligibility Requirements

International students looking to open a bank account in Malaysia must fulfill certain eligibility requirements. The first is that the student needs to hold a valid passport and Student Pass issued by Immigration Department of Malaysia.

Furthermore, they must provide proof of address including utility bills or rental agreement for at least three months prior to opening an account.

Lastly, the student should present their student card from the college/university where they are enrolled as well as other official documents like offer letter and visa documentations. Not to forget, EMGS approval letter from Education Malaysia Global Services.

In order to open an account, international students need to fill out the application form with all required information such as name, contact details, date of birth etc., along with any additional documentation requested by the bank. Additionally, some banks require a minimum deposit amount while others may have different criteria. After submitting all relevant documents and completing formalities related to KYC (Know Your Customer) process, applicants can expect their new bank accounts within two weeks’ time.

Upon successful completion of these steps, applicants will receive login credentials which allow them access to online banking services provided by most Malaysian banks today.

Required Documents

To open a bank account in Malaysia as an international student, you must provide the following documents:

First, you need to have your passport and valid visa. The passport should be current and valid for at least 6 months after opening the account. Your visa should also be valid during this time. Additionally, any other applicable travel document is required.

Second, you will need proof of address. This can include a driver’s license or recent utility bill from within the country if it includes your name and address information. If these documents are not available, then some banks may accept copies of hotel receipts with your full name on them instead.

Finally, two forms of identification must be presented when applying for a new account. These could be a birth certificate, national identity card or any other official government-issued ID that has been issued by the Malaysian Government like a MyKad or MyPR card.

Identification Verification Process

When opening a bank account in Malaysia as an international student, there are certain identification verification processes that must be completed. Firstly, the applicant will need to provide their valid passport and visa documents. Secondly, it is necessary for the individual to present proof of residence in Malaysia by providing either rental agreements or utility bills from within the last three months. Lastly, additional supporting documents may also be required such as a birth certificate or other government-issued identity cards.

It is important to note that:

• All documentation provided should be original versions; photocopies can not be accepted.
• The names used on all official paperwork must match exactly with what is written on the passport/visa documents.
• Depending on the bank’s policies, there may also be language proficiency requirements for applicants who do not have Malay-language skills.

The process for verifying identity typically takes around two weeks to complete but this timeframe can vary depending on each bank’s specific practices and procedures. Once satisfactory proofs have been submitted and approved, foreign students in Malaysia can open up their own accounts with ease and convenience.

Types Of Bank Accounts

Malaysia offers a variety of bank accounts to suit the needs of international students. The most popular type is the savings account, which allows individuals to access their funds at any time. This option gives users more control over their finances and allows them to make deposits and withdrawals as needed. Other types of accounts include current accounts, fixed deposit accounts, Islamic banking services, and foreign currency accounts.

Savings accounts are ideal for managing short-term expenses such as tuition fees or buying food on campus. Most banks offer this service with no minimum balance requirements and low fees per transaction. Additionally, many Malaysian banks provide online banking facilities so that customers can manage their money from anywhere in the world.

Current accounts allow customers to use a debit card linked to their account for making payments or withdrawing cash quickly and easily. They also have higher limits than savings accounts and come with additional features such as overdraft protection and interest rates depending on the amount saved in the account. Furthermore, these types of bank accounts usually have fewer restrictions regarding transactions compared to other options available in Malaysia.

International students should research all the different types of bank accounts available before deciding which one best suits their needs. It is important to compare features, costs, benefits, eligibility criteria and customer service when selecting an appropriate financial institution for your banking needs in Malaysia.

Comparison Of Banks

When it comes to opening a bank account in Malaysia for an international student, there are several banks that offer services. The most popular ones are Maybank, CIMB Bank, and Public Bank. Each of these banking institutions has its own advantages and disadvantages depending on the user’s needs.

Maybank offers various accounts such as savings, current, fixed deposit accounts, with online banking facilities available if required. One advantage is that they have a wide network of ATMs throughout Malaysia so cash withdrawals can be made without any hassle. In addition, their customer service team provides prompt assistance when needed. On the other hand, the minimum balance requirement may be slightly higher than other banks which could put off potential customers who cannot afford it.

CIMB Bank also offers different types of accounts with competitive rates and interest payments for current and savings accounts. They provide online access through their internet banking portal where users can easily manage their finances from anywhere around the world via mobile devices or computers. Furthermore, they also have branches located all over Malaysia making transactions convenient. However, some people might find the process of setting up an account more complicated compared to other banks due to certain requirements such as proof of address or income verification documents being necessary before approval is granted by the bank itself.

Public Bank is another option for those looking to open a bank account in Malaysia as an international student. It has numerous branches situated around major cities like Kuala Lumpur thus providing easy accessibility for customers wishing to make deposits or withdraw money from their account at any time of day or night. Additionally, they provide an array of products ranging from debit cards to investments plans catering to both local and overseas customers alike. Although fees charged by this institution may be relatively high compared to others mentioned earlier which could turn away some clients seeking cheaper alternatives elsewhere instead.

In summary, each bank discussed here caters to individual needs differently depending on what features one desires while opening an account in Malaysia as an international student; therefore careful consideration must be taken into account before deciding on one particular establishment over another based on personal preferences and capabilities financially speaking

Benefits Of Opening A Bank Account

Opening a bank account in Malaysia for an international student offers numerous benefits. Firstly, it provides the student with convenient access to their funds. This is particularly helpful when paying bills or making purchases online as well as withdrawing cash from ATMs. In addition, having a local bank account can be used to better manage and budget finances because of its organized structure.

Another advantage is that students may receive discounts when they use banking facilities owned by certain banks which could save them money over time. Moreover, some Malaysian banks provide additional services such as foreign exchange remittance and insurance products at discounted rates for customers with an existing bank account.

Finally, many Malaysian banks offer loyalty programs that reward customers with points for every transaction made through their accounts. These points can then be exchanged for tangible rewards like free gifts or discounts on travel packages or airfares. It’s therefore beneficial for international students to open a bank account in Malaysia so they can take full advantage of these privileges and enjoy financial peace of mind while studying abroad.

Fees And Charges

It is also important to be aware of the fees and charges associated with opening a bank account in Malaysia for international students. Knowing this information can help you make an informed decision when selecting your financial institution. To provide more insight, we have compiled a table showing some common fees and charges that may apply:

Fees and charges may differ from one financial institution to another, so be sure to check with the specific bank before applying for an account. Additionally, there are other services such as foreign currency exchange or online banking which may incur extra costs. It’s best to read through the terms and conditions carefully before signing any agreement with the bank.

In summary, it is advisable to understand all applicable fees and charges prior to choosing a Malaysian bank account for international students. Doing so will ensure that you select the right financial solution without any unforeseen expenses down the line.

Currency Exchange Rates

When opening a bank account in Malaysia, international students should be aware of the exchange rate between Malaysian Ringgit (MYR) and their home currency. Exchange rates can fluctuate significantly, as factors such as political stability and economic performance come into play. It’s important to research current exchange rates and plan accordingly.

To make an informed decision about when to convert currencies, international students should use reliable sources like banks or online currency conversion services. These sources provide up-to-date information on market conditions and the latest exchange rates applicable for different countries. Additionally, they often have helpful resources that explain how specific events could affect foreign exchange markets.

International students may also want to consider using money transfer services to send funds back home without having to physically go abroad. As with any other financial service, it is advisable to compare fees and charges before committing to a provider.

Online Banking Services

Online banking services in Malaysia are widely available for international students. Most banks allow customers to open accounts quickly and easily through their website, making it convenient and time-saving. Online banking can be used for a variety of transactions including transferring money between different currencies, paying bills online, and setting up automated payments. It also offers perks such as discounts or bonus points when using certain cards.

Many banks offer mobile apps which provide additional convenience with features like account balance check, transaction history review, transfer funds between accounts and even bill payment options. This is advantageous if you need quick access to your bank information while on the go. Furthermore, most banks have round-the-clock customer service support to assist international students with any issues they may encounter while using the online banking system.

Security measures are important considerations when using online banking services; however, many banks employ top security systems that protect users’ data and financial information from unauthorized access or misuse. They use encryption technology to secure user information during transmission over public networks, so that all personal details remain confidential at all times. Additionally, two-factor authentication helps ensure added protection to safeguard people’s accounts from fraudsters.

Transferring Money Overseas

For international students looking to open a bank account in Malaysia, transferring money overseas is an important part of the process. The following paragraphs will provide a brief overview of how this works.

To transfer money out of Malaysia, you must first have an account with a Malaysian financial institution that offers international transfers. You may need to provide proof of identity and other documents depending on the nature of your transaction and the country where it’s being sent to. Once your application has been approved, you can make international transfers through wire transfers or electronic funds transfer (EFT).

It’s important to keep in mind that there are fees associated with these transactions, which vary from one service provider to another. It’s also important to check exchange rates when sending money abroad as they can fluctuate significantly over time. Additionally, some countries may require additional documentation for certain types of transfers such as remittances or foreign currency purchases/sales. Therefore, it’s best to do research before initiating any type of international transaction.

When it comes to transferring money overseas, having the right information and understanding all applicable rules and regulations can help ensure that your transaction goes smoothly and safely. Researching different providers carefully is essential for finding the most cost-effective solution for your needs.

Atm Facilities For International Students

International students in Malaysia can access convenient banking with an ATM card. Most banks will provide a CashCard or Debit Card, which works like any other debit card. You’ll be able to withdraw money from any ATM machine in the country that accepts your particular kind of card. The fees for using the ATM vary depending on the bank and type of account held by the student.

It’s important to note that foreign cards are not accepted at all ATMs in Malaysia, but most major international banks have branches here where you can use their cards without issue. If you plan on using an overseas bank, ask them about their services before opening an account in Malaysia so you know what options are available to you.

You should also check whether there is a surcharge when withdrawing cash from foreign ATMs while in Malaysia. Some banks may charge a fee if they don’t recognize your card, so it’s best to find out beforehand if this applies to your situation. Additionally, make sure that you inform your home bank of your travels abroad and ensure that your withdrawal limits are appropriate for the duration of your stay in Malaysia.

Credit Card Options

For international students looking to open a bank account in Malaysia, credit cards can be an attractive option. There are several types of credit cards available from both local and foreign banks that offer different benefits and features.

The most popular type of card is the general-purpose Visa or Mastercard, which provide cash back rewards and other perks such as travel insurance coverage. These cards also come with low interest rates and flexible payment options. Another great option is the American Express card, which offers exclusive discounts on flights, hotels, car rentals and more. Lastly, there are prepaid debit cards for those who don’t want to carry around large amounts of cash but still need access to their money when travelling abroad.

No matter what type of card one chooses, it’s important to compare all fees associated with each before making a decision. It’s also essential to make sure that any chosen card has sufficient customer support should there be any issues during use.

Prepaid Cards

For international students in Malaysia, prepaid cards are a great way to manage their finances and open a bank account. Prepaid cards can be used for online purchases as well as cash withdrawals from ATMs. They’re also more secure than carrying large amounts of cash around with you. Most banks will offer prepaid cards, so it’s worth shopping around to find the best deal that meets your needs.

When selecting a prepaid card, there is usually an initial fee payable when you purchase the card itself along with a minimum top-up amount that must be loaded onto the card before use. Banks may also charge annual fees or reloading fees depending on which type of card you choose and where you plan on using it. It’s important to consider all these costs before signing up for any particular product.

It’s always wise to read through the terms and conditions associated with each prepaid card too; this will ensure that you understand what rights and responsibilities come with using it. With careful planning and research, international students should have no problem finding the right prepaid card to suit them while they study abroad in Malaysia.

Insurance Services

However, for international students looking to open a bank account in Malaysia, insurance services should also be considered. This can help protect against any potential risks associated with living and studying abroad. In addition, having access to an insurance provider may make it easier to receive medical care or other assistance if necessary.

The first step for international students is to research the cost of different types of insurance policies available in Malaysia. It’s important to compare different plans side-by-side and determine which coverage options are best suited for their needs. Many banks will provide information on their website about what kind of insurance they offer as part of opening a bank account. Additionally, there are many third-party providers that sell travel, health and life insurance policies tailored specifically for international students.

When researching these companies, it’s important to check reviews online and read through policy documents carefully before deciding which company offers the right type of coverage at the most affordable price. Once an appropriate plan has been selected, contact the insurer directly to start the process of obtaining coverage and protecting assets while studying overseas.

Useful Tips For Banking In Malaysia

When opening a bank account in Malaysia as an international student, there are some useful tips to keep in mind. Firstly, it’s important to research the banking options available and compare fees, services, and which banks offer better exchange rates or other perks. Secondly, always make sure you bring your passport with valid visa when going to open the account; most banks won’t accept any other form of identification. Lastly, be aware that many Malaysian banks require foreign nationals to provide proof of income before they can open an account. This may include providing evidence of employment or funds transfers from overseas.

Be sure to ask questions about any specific requirements for international students during the application process so that you’re not caught off guard by any unexpected stipulations. It also helps to talk to current international students who have local accounts so you get more information on what works best for your individual needs and circumstances. Taking time to ensure all necessary documents and procedures are taken care of beforehand will make the entire experience much smoother and simpler.

In conclusion, opening a bank account in Malaysia as an international student is possible, provided you meet the eligibility requirements and have the necessary documents. The identification verification process can seem daunting at first, but it’s important to make sure your information is secure. With many types of accounts available and different banks offering various services, there are plenty of options for finding the best fit for your needs. Whether you’re interested in getting a credit card or prepaid option, or just need some insurance coverage, there’s something out there for everyone.

I hope this article has been helpful in giving you an overview on how to open a bank account in Malaysia as an international student. Take time to do research so that you know exactly what each bank offers before making any decisions. Make sure to adhere to the rules, where you have to be a student, not a tourist . Also remember to always stay organized and prepared when dealing with financial matters – it could save you from unwanted stress later on!

Good luck and happy banking!

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How to open a bank account in Malaysia

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Malaysia has been drawing people to its borders for a long time as it lures people with its powerful economic backbone, a high standard of living, great weather and friendly people. Multiple strong economic sectors, good schools and a highly livable city infrastructure attract people in droves to the land that is home to the highest twin towers in the world.

If you are looking to move there as a student, worker, investor or retiree, you will need a bank account. Here is your guide on how to open a bank account in Malaysia. Tip: you will need a friend to help out.

Documents needed to open a bank account in Malaysia

Because of the large influx of expats, Malaysia has policies in place to make people's lives as easy as possible. For example, because of the existence of the MM2H visa program, if a foreign national holds a fixed amount of money in a bank account in Malaysia, they are entitled to renew their visa. These and other relatively easy requirements make it easy to open a bank account in Malaysia.

Here are the requirements you need, generally speaking:

• Resident permit or MM2H visa docs
• Employment details, such as a letter from the employer or other proof of business activity
• Acceptance Letter from your Malaysian university or college (if you’re moving to Malaysia to study)
• Photo ID (e.g. passport)
• A minimum deposit which is set by the bank depending on the type of account
• Your fingerprint (some banks may require this for identification)

Check with the bank for particular requirements. The visa requirements may be broader in some cases, for example. One particular note: if you aren't carrying all the typical documents, have a talk with the bank manager and have a Malaysian friend go along especially if this friend has an account at the bank. This may facilitate the process as it accounts as a referral.

Can I open a bank account in Malaysia as a non-resident?

Yes, it is possible to open a bank account in Malaysia as a non-resident. You just need to provide the necessary paperwork, which as you see, does not require proof of address in Malaysia. If you choose a foreign bank, you can even start the process from abroad. As a non-resident, you have these account type options to choose from:

• Personal Savings Account
• Personal Current Account
• Combination Account

Best banks in Malaysia

There are hundreds of banks in the country and altogether will give you plenty of ATM coverage and a full spectrum of products and services, from basic accounts to investment products. It is important to pick a bank that will have both conveniently located ATMs according to your lifestyle and a pricing structure that matches your financial situation.

• Maybank: Malayan Banking is the largest bank in the country. As such, it offers a full range of retail products including basic current accounts, savings accounts and even products for children. It has all the amenities you grew to expect such as debit cards, internet banking and quality phone customer service. Their branch and ATM  networks are extensive.
• CIMB: This is a very popular bank in the ASEAN region with over three  thousand branches and thousands of ATMs and millions of customers. It offers the CIMB Bank Regional ATM Service, a cross-border ATM facility linking Malaysia, Indonesia, Cambodia and Thailand. This will come in handy for you if you travel to these neighboring countries. Their offers include ATM cards, debit cards, online banking and this is always included in packages that may be customized.
• Public Bank Berhad: PBE is a large retail bank that operates across the country with special offers such as cashback and interest in deposits. Their selection of basic accounts include debit and optional credit cards. They also have multi-currency accounts which can be handy if you do a lot of international business. Here are their ATMs and branch locations.
• RHB Bank: With an impressive range of financial offers such as savings products and mortgages, they are quite a popular bank in the country. With that said, their best offers are for citizens of Malaysia and for those who have achieved permanent resident status, leaving expats out of the picture. Still, accounts come with cards, can be multicurrency if you prefer them, and there are plenty of loan options for individuals and businesses. Here is their ATM and branch network.

It should be simple to open a bank account in Malaysia as there are English websites and friendly, well-trained English-speaking staff. Once you complete the account activation, you should be able to walk out of the branch with a working basic ATM card.

It is important to read the contract as fine print can hide surprises especially in terms of odd charges and the like. There could be charges to keep accounts open, to use ATMs off your bank's network and some banks may even charge you when your balance drops below a certain amount or if you do not use the account often enough.

Also, perhaps it is wise to visit international banking giants such as HSBC and Citi as these may be easier to work with and may offer simpler packages especially if you rarely use the account.

Can I open a bank account online in Malaysia?

Yes, you can open a bank account online with a Malaysian bank, BUT there’s a prerequisite. Malaysian banks like CIMB and Maybank offer limited products that can be set up online without the need to personally go to the branch. However, this is only applicable to existing clients of the bank. Meaning to say you need to have an existing account with them. Depending on the circumstances, it could be a business account, or in the case of younger clients, a parent’s account.

This may not be useful for most expats who have no existing relationship with a Malaysian bank yet. The alternative would be going with an international bank with Malaysian operations, such as HSBC, or the Virtual Bank Account Alternative.

The virtual bank account alternative

It is expensive to do international money transfers from malaysia.

Sending money overseas can be expensive if you use a bank. This happens because banks charge a lot above the mid market rate which is the rate they use to transfer money to each other. For example, if you transfer 10 thousand dollars to India, you get only about 9000 dollars worth of rupees in India, if you use your bank.

The virtual bank account with B2B Pay is a better alternative. If you send the same 10 thousand dollars to India, you get 9900 dollars worth of rupees instead. You save 900 dollars then, a good deal. You also get a European IBAN number you can use to send and receive money all over Europe for free and send money to over 200 countries in 32 currencies.

Page content

• 1. How to open a bank account in Malaysia
• 2. Documents needed to open a bank account in Malaysia
• 3. Can I open a bank account in Malaysia as a non-resident?
• 4. Best banks in Malaysia
• 5. Can I open a bank account online in Malaysia?
• 6. The virtual bank account alternative
• 7. It is expensive to do international money transfers from Malaysia

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