System overview
Malaysia has the most developed banking sector in mainland SE Asia. Regulation is by Bank Negara Malaysia [1]. The Malaysian ringgit (MYR) is not freely traded offshore. It is a managed currency with restrictions on offshore trading, but is fully convertible domestically. Major banks include Maybank (largest by assets), CIMB, Public Bank, Hong Leong Bank, RHB, and Ambank.
Opening an account as a foreigner
Requirements:
- Valid passport with valid long-term visa (MM2H, Employment Pass, Resident Pass, or Spouse Visa). Tourist visas do not qualify.
- Proof of residential address in Malaysia: tenancy agreement plus utility bill, or a letter from the employer confirming address.
- Some banks ask for a reference letter from your previous bank to open an account.
- Initial deposit varies widely: some banks require 500-1,000 MYR; others may require 20,000 MYR for a foreigner savings account under BNM's non-resident guidelines.
Account opening for foreigners became more restrictive after BNM's 2016 anti-money-laundry tightening. Not all branches of the same bank apply the same rules. Maybank and CIMB are generally the most foreigner-friendly; Public Bank is more conservative.
Account types
- Savings account: standard everyday account. Interest 0.1-1%. Some banks offer a tiered rate for higher balances.
- Current account: for cheque-writing. Available to foreigners with a work permit.
- Fixed-deposit account: 1 to 60 months. Rates of 2.5-4% as of 2026. Government deposit insurance (PIDM) covers up to 250,000 MYR per depositor per bank.
- Foreign-currency account: available at Maybank, CIMB, and Hong Leong. Hold USD, EUR, GBP, AUD, SGD, JPY.
International transfers
Inbound
SWIFT is standard. Wise supports MYR transfers [2]. Correspondent fees: 10-20 MYR inbound. BNM allows foreigners to receive foreign income in MYR or foreign currency.
Outbound
Malaysia has capital controls under BNM's Foreign Exchange Administration rules. Outbound remittances by non-residents are generally permitted up to the equivalent of 5 million MYR per calendar year for bona fide purposes without BNM approval [1]. Above that requires documentation. The bank may ask for source-of-fund evidence for any transfer above 50,000 MYR equivalent.
A specific BNM rule relevant to expats: the Export of Currency rules allow taking out up to 10,000 MYR in cash per person. For larger amounts, use bank transfers.
Digital banking
All major banks have English-language mobile apps. Maybank's MAE and CIMB Clicks are the most established. Features:
- DuitNow (instant transfers between Malaysian bank accounts using phone number or NRIC).
- QR payments (DuitNow QR is universal).
- Bill payment and mobile top-up.
- International wire initiation in-app for pre-registered recipients.
- Touch 'n Go e-wallet integration (linked to bank account for top-up).
Debit and credit cards
Debit cards (Visa/Mastercard/MyDebit national scheme) are standard. Credit cards are available to foreigners with a work permit and minimum income of 30,000 MYR per year. MM2H holders can get credit cards with a fixed-deposit collateral (typically 100-150% of the limit). Credit card penetration is high and most retailers accept cards.
ATMs
Widespread and reliable. Foreign-card withdrawal fee: typically 12 MYR (about 2.50 EUR) per transaction at most banks. Maximum per withdrawal: 1,500-3,000 MYR (300-600 EUR). ATMs available 24/7 in all urban areas.
Tax implications of interest
Interest earned on savings and fixed-deposit accounts is subject to 5% withholding tax for non-resident account holders. For residents, interest is taxed as part of personal income at progressive rates (taxable income above 5,000 MYR per year after reliefs).
This page is not financial advice. Confirm current requirements with the specific bank branch.