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Opening a Bank Account in Malaysia

Citizens, permanent residents, and foreigners — every step from choosing your bank to enabling DuitNow (pindahkan wang segera).

Timeline

Same day – 3 days

Cost

Free (most banks)

Difficulty

Easy

Key Bodies

BNM, Individual Banks

Foreigners can open a bank account in Malaysia. Most major banks accept non-citizens who hold a valid Employment Pass (Pas Pekerjaan), Student Pass (Pas Pelajar), MM2H visa, or Dependent Pass (Pas Tanggungan). Requirements and restrictions vary by bank — some require a minimum salary or a local employer's letter. See the foreigners' checklist below.

Step-by-Step: Opening Your Account

Choose your bank (pilih bank anda)
Malaysia has five major retail banks: Maybank (largest network, widest ATM coverage), CIMB (strong digital app, youth-friendly), Public Bank (known for stability, favoured by businesses), RHB (competitive savings rates, good mobile app), and Hong Leong Bank (excellent digital banking, strong e-commerce tie-ins). AmBank and Bank Islam are also popular options. For most first-timers, Maybank or CIMB is the easiest starting point due to their branch density and online account opening options.
Choose your account type (jenis akaun)
For most individuals, a savings account (akaun simpanan) is the right choice. A current account (akaun semasa) is designed for businesses and high-frequency transactions — it comes with a chequebook but typically earns little or no interest. Within savings accounts, you can choose between a basic account (zero fees, minimal features) or a premier/priority account (higher minimum balance, perks like preferential rates or free cashier's orders). Start with a basic savings account unless you have specific needs.
Gather your documents (kumpul dokumen anda)
See the full documents checklist below. Citizens need their MyKad (Kad Pengenalan); foreigners need their passport plus a valid immigration pass. Some banks also require proof of address — a utility bill or tenancy agreement works.
Visit a branch or apply online (pergi cawangan atau mohon dalam talian)
Most Malaysian banks now allow online account opening via their mobile apps: Maybank2u (MAE app), CIMB OCTO app, Hong Leong HLB Connect, and RHB MyHome app. Online applications are faster but usually require a selfie and IC scan for eKYC. If your application is complex (e.g. foreigner, joint account, minor), a branch visit is recommended. Walk-in wait times are typically 20–45 minutes.
Complete KYC verification (pengesahan KYC)
KYC (Know Your Customer) is a mandatory regulatory step required by Bank Negara Malaysia (BNM). You'll be asked to present your original IC or passport, answer questions about your employment and source of funds, and — for online applications — complete a liveness check (face scan). This usually takes 5–10 minutes. Be honest: providing false information is a criminal offence under the Anti-Money Laundering Act.
Fund the initial deposit (deposit awal)
Most banks require an initial deposit (deposit awal) to activate your account. This ranges from RM0 (for Basic Savings Accounts) to RM500 for premier accounts. Bring cash or ask about interbank transfer options if you already have a Malaysian bank account. For online applications, the initial deposit is typically made via online transfer from another bank account.
Receive your debit card and set up online banking (perbankan internet)
At a branch, your debit card (kad debit) is usually issued on the spot. For online applications, the card is mailed to your registered address within 5–7 working days. Download your bank's mobile app and register for online banking (perbankan internet). You'll need your account number, IC/passport number, and mobile number for OTP (one-time password) verification. Set a strong PIN (nombor pengenalan peribadi) for your card.
Enable DuitNow (pindahkan wang segera)
DuitNow is Malaysia's instant interbank transfer system, available 24/7. Register your IC number or mobile phone number as a DuitNow proxy in your bank's app under "DuitNow Registration" or "Transfer". Once registered, anyone can send money to you using just your IC number or phone number — no account number needed. You can also receive money via DuitNow QR (kod QR) at merchants. This is the most convenient way to send and receive money (pindahkan wang) in Malaysia.

Documents Checklist (Senarai Semak Dokumen)

For Malaysian Citizens & Permanent Residents

MyKad (Kad Pengenalan) — original IC, both sides. Photocopy may be requested.
Secondary ID (optional) — driving licence (lesen memandu) or passport as backup identification.
Initial deposit — cash or proof of interbank transfer. Amount varies by account type (RM0–RM500).
Proof of address (bukti alamat) — utility bill, phone bill, or tenancy agreement. Some banks waive this if your IC address is current.
Employment details (butiran pekerjaan) — your employer's name and your income. Not always verified at branch level, but required for the form.

For Foreigners (Warga Asing)

Passport (pasport) — original, valid, with at least 6 months remaining validity.
Valid immigration pass (pas imigresen) — Employment Pass (EP) / Pas Pekerjaan, Student Pass (Pas Pelajar), MM2H visa, Dependent Pass (Pas Tanggungan), or Long-Term Social Visit Pass. Tourist visas (visa pelancong) are generally NOT accepted.
Employment letter (surat pengesahan majikan) — on company letterhead, confirming your position and salary. Many banks require this even if not stated on their website.
Proof of address in Malaysia (bukti alamat di Malaysia) — tenancy agreement or utility bill at your Malaysian address.
Initial deposit — RM500–RM1,000 is typical for foreigner accounts; some banks set higher minimums.
Recent payslip (slip gaji) — last 1–3 months, to demonstrate income source for AML compliance.

Note for foreigners: Not all branches have staff trained to process foreigner accounts — call ahead or visit a main branch (cawangan utama) in a city centre. MM2H holders should specifically request the MM2H account package, which some banks offer with preferential terms.

Bank Comparison (Perbandingan Bank)

All five major banks are regulated by Bank Negara Malaysia (BNM) and covered by PIDM deposit insurance (up to RM250,000 per depositor). Choose based on your usage pattern, not just the branch nearest you.

Bank	Min. Initial Deposit	Monthly Fee	Online Banking	Notable Feature
Maybank	RM0	RM0	MAE App / M2U	Largest ATM network in Malaysia; most-accepted debit card
CIMB	RM0	RM0	OCTO App	Fast online opening; strong youth products (CIMB Youthsaver)
Public Bank	RM100	RM0	PBe / PB engage	Trusted by businesses; strong fixed deposit (FD) rates
RHB	RM0	RM0	RHB MyHome App	Competitive savings interest rates; good for SME banking
Hong Leong Bank	RM1	RM0	HLB Connect	Excellent digital experience; strong e-commerce and PayNet tie-ins

Account Types Comparison (Jenis-Jenis Akaun)

Account Type	Min. Balance	Fees	Interest / Dividend	Best For
Basic Savings Account (Akaun Simpanan Asas / BSN)	RM1	None	Low (~1% p.a.)	Low-income, first account, zero-fee banking
Regular Savings Account (Akaun Simpanan Biasa)	RM10–RM500	None (if above min)	1%–2% p.a.	Most individuals; everyday banking
Current Account (Akaun Semasa)	RM500–RM1,000	RM10/month (if below min)	None or minimal	Businesses, frequent cheque writers, high-transaction users
Premier / Priority Savings	RM5,000–RM20,000	None (if above min)	2%–3.5% p.a.	Higher-net-worth individuals; preferential services
Islamic Savings Account (Akaun Simpanan Islam)	RM1–RM100	None	Hibah/profit rate ~1–2%	Shariah-compliant banking; same functionality as regular savings

Tip: If you want zero fees with no minimum balance, specifically ask for the Basic Savings Account (Akaun Simpanan Asas). By BNM regulation, all licensed banks must offer this account to Malaysian citizens. Bank staff don't always proactively offer it — you have to ask.

Pro Tips

Open Maybank first — widest network, most accepted

If you're new to Malaysia and only opening one account, make it Maybank. Their ATMs (mesin wang automatik) are everywhere — petrol stations, 7-Elevens, hospitals, bus terminals. The Maybank debit card is accepted at more merchants than any other Malaysian bank. The MAE app lets you open a basic account in under 10 minutes using just your IC and a selfie.

Register for DuitNow immediately — it changes everything

DuitNow (pindahkan wang segera) is Malaysia's national instant transfer system, built on PayNet's infrastructure. Once you register your IC number or phone number as a DuitNow proxy, you can receive money transfers 24/7 without sharing your account number. Transfers are instant and free (or near-free). Most Malaysians now use DuitNow QR at hawker stalls, mamak restaurants, and retail shops instead of cash.

Foreigners: bring your employment letter too

Even when a bank's website only lists passport and visa as requirements, many branch officers (pegawai cawangan) will ask for an employment letter (surat pengesahan kerja) on company letterhead confirming your role and salary. Bring it even if not asked — it prevents a wasted trip. If your employer can't provide one, a Letter of Offer (surat tawaran kerja) usually works as a substitute.

Basic Savings Account has zero fees — ask specifically

The Akaun Simpanan Asas mandated by BNM is the best-kept secret in Malaysian banking. It has no minimum balance, no monthly fees, no falling-below charges. The catch: limited transaction volume per month (typically 8–12 free transactions at ATMs, then small charges apply). For most individuals, this is more than enough. If a bank officer tries to push you toward a "regular" account, you can politely insist on the Basic account.

Set up online banking before you leave the branch

Ask the branch officer to help you register for internet banking (perbankan internet) before you leave. They can pre-set your temporary password and verify your mobile number on the spot, saving you the hassle of doing it yourself later. Also enable biometric login (Touch ID / Face ID) on your phone — it makes day-to-day banking much faster.

PIDM insures your deposits up to RM250,000

Perbadanan Insurans Deposit Malaysia (PIDM) automatically insures all deposits held at member banks (which includes all major Malaysian banks). You are protected up to RM250,000 per depositor per bank. This means if you have significant savings, spreading them across two banks gives you RM500,000 in total coverage.

Key Links (Pautan Penting)

Bank Negara Malaysia (BNM) Financial Consumer Alert — bnm.gov.my/financial-consumer-alert — check if a bank or financial product is authorised
Maybank MAE App — maybank2u.com.my — online account opening, DuitNow, transfers
CIMB OCTO — cimb.com.my — digital account opening
Public Bank PBe — publicbank.com.my — stable internet banking platform
PIDM Deposit Insurance — pidm.gov.my — verify your deposit protection
PayNet DuitNow — paynet.my/duitnow — Malaysia's instant transfer infrastructure

FAQ

Can I open a bank account in Malaysia online?

Yes — Maybank (MAE app), CIMB (OCTO app), Hong Leong (HLB Connect), and RHB all support online account opening for Malaysian citizens. You'll need to complete eKYC: scan your MyKad and do a liveness check (face scan). For foreigners, most banks still require a branch visit (lawatan cawangan) for the first account, though CIMB has expanded their online eKYC for EP holders.

What is the minimum age to open a bank account?

You must be at least 18 years old to open a full individual account (akaun individu). Children aged 12–17 can open a minor's savings account (akaun simpanan kanak-kanak) with a parent or guardian as a joint account holder. Some banks offer dedicated youth accounts for those aged 12+ with a guardian's consent — these often come with no fees and a junior debit card.

Can foreigners open a bank account in Malaysia?

Yes, most major banks accept foreigners who hold a valid Employment Pass (EP), Student Pass, MM2H visa, or Dependent Pass. Tourist visa holders generally cannot open accounts. You'll need your passport, immigration pass, employer's letter, and proof of Malaysian address. Some banks are more foreigner-friendly than others — Maybank and CIMB have the most streamlined processes for EP holders.

How long does it take to get a debit card?

If you open your account at a branch, you'll usually receive your debit card (kad debit) on the same day — it's printed and personalised on-site at most major branches. For online applications, the card is sent by post (pos) to your registered address and typically arrives within 5–7 working days. You can use your account for online banking and DuitNow transfers immediately, even before the physical card arrives.

What is DuitNow and how does it work?

DuitNow is Malaysia's national instant fund transfer service (perkhidmatan pemindahan wang segera), launched by PayNet in 2018. It allows you to send and receive money instantly, 24/7, using a proxy identifier — your IC number (nombor IC), mobile number (nombor telefon), or business registration number — instead of a full account number. Once you register your proxy in your bank's app, you can receive transfers from anyone in Malaysia, regardless of which bank they use. DuitNow QR extends this to in-person payments at merchants.

Disclaimer: This guide is for informational purposes only and is not legal or financial advice. Bank requirements, fees, and regulations change. Always verify with the relevant bank or Bank Negara Malaysia (BNM) before proceeding. Last reviewed: March 2026.