If you’re moving to Malaysia for work, study, or long-term residence, opening a local bank account is one of the first things you’ll want to do. It makes managing your finances smoother, from receiving your salary and paying rent to handling everyday purchases and bills.

Malaysia’s banking system is modern, well-regulated, and foreigner-friendly, with both traditional banks and Islamic banking options widely available.

Currency in Malaysia

Malaysia’s official currency is the Malaysian Ringgit (RM or MYR).

All local transactions are conducted in Ringgit. Having a local account helps you avoid foreign exchange fees and makes it easier to use Malaysia’s widespread digital payment systems like DuitNow, Touch ’n Go, and GrabPay.

Malaysia’s banks are connected to MEPS (the Malaysian Electronic Payment System) and international networks like SWIFT, making local and global transfers convenient.

Best Banks in Malaysia for Newcomers

Malaysia offers a wide range of banks catering to both locals and foreigners, with most offering English-language services. Here are some of the top options for 2026:

Maybank (Malayan Banking Berhad)

Malaysia’s largest and most popular bank, with branches everywhere.

• Perk for newcomers: English-speaking staff and expat-friendly banking packages.

• Why choose it? Reliable, accessible, and ideal for both personal and professional accounts.

CIMB Bank

A major ASEAN bank known for its strong digital platform and competitive services.

• Perk for newcomers: Fast account opening and excellent online banking tools.

• Why choose it? Great for those who value tech-friendly, paperless banking.

Public Bank

A well-established Malaysian bank with a strong focus on customer service.

• Perk for newcomers: Easy account setup with clear instructions for foreigners.

• Why choose it? Ideal for long-term residents or retirees seeking stability.

RHB Bank

A modern bank offering a balance between traditional and digital banking.

• Perk for newcomers: English-language app and personalized expat support in major cities.

• Why choose it? Perfect for professionals and small business owners.

HSBC Malaysia / Standard Chartered Malaysia

International banks with full local operations.

• Perk for newcomers: Seamless cross-border banking and multi-currency accounts.

• Why choose it? Ideal for expats who move or work across countries.

Bank Islam / Bank Muamalat

Malaysia’s leading Islamic banks, following Sharia-compliant principles.

• Perk for newcomers: Transparent, ethical banking with wide acceptance.

• Why choose it? Excellent for those interested in Islamic finance or values-based banking.

Documentation Needed

Opening a bank account in Malaysia is relatively simple once you have the right paperwork. The required documents may vary depending on your visa type and chosen bank, but generally include:

1. Valid Passport – Primary identification.

2. Visa or Residence Permit – Valid long-term visa, work permit, or student visa.

3. Proof of Address in Malaysia – Rental agreement, utility bill, or letter from your employer/university.

4. Employment Contract or Student ID – To confirm your purpose of stay.

5. Minimum Initial Deposit – Usually between RM 250–RM 1,000, depending on the bank and account type.

6. Tax Identification Number (TIN) or local equivalent (if applicable) – For compliance with financial regulations.

 Some banks allow tourists or short-term visitors to open a non-resident savings account, but these often have limitations on transfers and withdrawals.

Tips for Opening a Bank Account in Malaysia as a Foreigner

• Choose a bank branch in a major city: Kuala Lumpur, Penang, and Johor Bahru branches are most familiar with serving foreigners.

• Dress neatly when visiting branches: Malaysian banks can be formal, especially for in-person applications.

• Bring physical copies: Even if you apply online, you’ll likely need to show paper copies of your documents.

• Ask for English assistance: All major banks offer English-language forms and staff in urban branches.

• Check minimum balance requirements: Some accounts require maintaining a balance (e.g., RM 500–RM 1,000) to avoid monthly fees.

• Enable online banking and mobile apps: Services like Maybank2u, CIMB Clicks, and RHB Now are secure and very convenient.

• Bank hours: Most branches are open Monday to Friday, 9:30 AM – 4:30 PM, with some open on Saturdays until noon.

Final Thoughts

Opening a bank account in Malaysia is an essential step toward managing your day-to-day life easily and cost-effectively. With a modern banking system, multilingual support, and flexible account options, the process is smooth and welcoming for newcomers.

Traditional banks like Maybank, CIMB, and Public Bank provide reliable service and great nationwide access, while HSBC, Standard Chartered, and Islamic banks cater to specialized needs.

Once your account is active, you’ll be ready to use DuitNow, Touch ’n Go, and other digital platforms to make payments quickly and live comfortably in Malaysia’s dynamic, modern economy.