Best Foreign Currency Accounts in Malaysia (2025)

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For Malaysians working, studying and traveling abroad, and for expats in Malaysia, a multi-currency account can be a valuable asset, making it easier and cheaper to transact across borders. Some major Malaysian banks offer ways to hold foreign currency as an investment, while others provide debit cards that you can use as you travel. That means that choosing the best multi-currency account in Malaysia for your unique needs will take a bit of research.

This guide gives you some ideas to consider from major local and regional banks - and a specialist alternative, the Wise Account for cheaper and more convenient foreign currency transactions.

Table of contents
Side by Side: The best multi-currency accounts in Malaysia How to choose the best multi-currency account in Malaysia Wise RHB Hong Leong Public Bank Berhad Maybank CIMB HSBC

Side by Side: The best multi-currency accounts in Malaysia

	Account opening fee	Minimum deposit required	Annual fee	Minimum balance	Transaction charge	Currencies available
Wise	None	None	None	No minimum balance	Low fees, based on transaction type	Hold 40+ currencies, transact in 140+ global currencies
RHB¹	RM 20 fee to get debit card	USD 200 or currency equivalent	RM 20	No minimum balance	1% foreign transaction fee²	34 currencies to hold and exchange
Hong Leong Bank³	None	USD 1,000 or currency equivalent	RM 60	No minimum balance	RM 10	10 currencies to hold and exchange
Public Bank Berhad⁴	None	USD 1,000 or currency equivalent	RM 30	No minimum balance	Currency equivalent of USD 1	12 currencies to hold and exchange
Maybank Master Foreign Currency Account⁵	None	1,000 USD or currency equivalent	None	Insurance coverage varies based on balance	4 USD	16 currencies to hold and exchange
CIMB Bank Current Account⁶	None	USD 500	RM 20	No minimum balance	2 USD handling fee per transaction	13 currencies to hold and exchange
HSBC⁷	None	USD 1,000 or currency equivalent	Fall below fee may apply if you hold a balance under 20,000 RM	Fall below fee may apply if you hold a balance under 20,000 RM	Variable fee based on currency	12 currencies to hold and exchange

*Details correct at time of research - 23rd May 2025

How to choose the best multi-currency account in Malaysia

Before you pick, it’s helpful to consider what to look for when choosing a multi-currency account.

One of the main things to look at when deciding between multi-currency accounts is fees. Some accounts will have annual fees, minimums, transaction fees or just one currency conversion fee.

The next thing is to look at the exchange rate. As these accounts are all about converting ringgit, it matters what exchange rate you are getting.

The mid-market rate is the rate that you’ll see when you use a currency converter tool or a Google search. However this isn’t usually the rate that’s offered to retail customers exchanging funds or sending a payment with a bank. Instead, you’ll usually find a fee added, within the exchange rate. This can mean currency conversion and payments cost you more than you expect. Not all providers add fees to the rates they use for conversion - some, like Wise, which we’ll look at in this guide, use the mid-market rate and split out the fees for transparency.

Lastly, but not least, which currencies does the account offer? Sometimes banks will only focus on the major markets globally, while others give you reach and breadth to make moving around globally easier. With this in mind, let’s look at a bit more detail about the best multi-currency accounts in Malaysia, to see which might suit your needs.

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Wise multi-currency account

Wise has changed the game with one of the largest global reach and some of the lowest fees for a multi-currency account

You can hold 50+ currencies, and transact in 150+ global currencies You get the same exchange rate you see on Google and only a low currency conversion fee An online multi-currency account without physical locations

The Wise account is an easy way to hold and exchange currencies, including MYR, USD, GBP, and more. All you need to do is create a free account to get started.

With Wise, you can exchange currencies at the mid-market rate each time, with low, transparent conversion fees from and absolutely no markups. Plus, you can order a linked Wise card for convenient spending without any foreign transaction fees, and up to free ATM withdrawals to the value of when you're overseas. You'll even get local account details to get paid conveniently to your Wise account in MYR and a selection of other major global currencies.

Sending money or making payments abroad? Wise also offers fast, low cost transfers to countries - you can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

Get started with Wise

RHB multi-currency account

RHB offers a multi-currency account which comes with a debit card for ease of use abroad, and which lets you convert between 30+ currencies

You can hold up to 30+ different currencies, including SGD, USD, GBP and EUR. Ability to convert foreign currency into ringgit in account A minimum deposit of USD 200 or currency equivalent

The RHB Multi-Currency Account is an interest-bearing account that lets you hold 16 different currencies, with a debit card to use on the go. Beyond the traditional Western and major market currencies available, RHB also gives you access to currencies in the Middle East, Africa, and the Asia Pacific region. Plus you can convert between the currencies that they have on offer.

But all these features do come with fees. There are fees to get the debit card, for ATM withdrawals and annual fees, as well as a 1% foreign transaction fee if you spend a currency you don’t hold in your account.

Learn more about the RHB multi-currency account here.

Hong Leong multi-currency account

Hong Leong offers foreign currency accounts which have a fairly high annual fee and a minimum deposit amount.

You can hold currency in USD, CAD, AUD, GBP, CNH, EUR, HKD, JPY, NZD, SGD There is an annual service charge, and transaction fees every time you use the account Has limited options for the Southeast Asia region

Hong Leong offers a Foreign Currency Savings Account. It is suited for Malaysians working overseas, business travelers, parents of students studying abroad and those that travel often. With the Savings account, you have the ability to hold money in 10 different currencies and get preferential foreign exchange rates.

When you make a transaction, there’s a fee of RM 10.00, and there is a fee of RM 30.00 twice a year. On top of that, you are required to hold a minimum balance of the currency equivalent of USD 1,000.

Ready to read more? Get a full HLB multi-currency account review here.

Public Bank Berhad multi-currency account

The PB Foreign Currency Current Account supports 12 major currencies but doesn’t have a debit card, making it better for saving or investing.

You can open the account in NZD, GBP, AUD, USD, EUR, JPY, HKD, CHF, SGD, THB, CNY or CAD A minimum deposit of USD 1,000 or equivalent is required Available for businesses and individuals

Public Bank Berhad has a PB Foreign Currency Current Account that you can maintain in one of the foreign currencies listed above. You can make and receive payments using this account, under the rules of the Foreign Exchange Administration Rules and Bank Negara Malaysia. But you don’t receive a chequebook or an ATM card with this account so it’s not ideal for day to day use.

As far as fees, there is an account maintenance fee that is paid annually of RM 30. Plus, there are individual transaction charges depending on the currency you are using that can range from USD 1 to THB 36. While there is a minimum initial deposit of USD 1,000 to open, there is no minimum balance required to maintain.

Read more about the Public Bank Berhad multi-currency account in this handy guide.

Maybank Master Foreign Currency Account

The Maybank Master Foreign Currency account is available in a range of currencies, but intended for people who want to hold and make payments in foreign currencies, rather than for day to day spending.

Open an account in one of 16 foreign currencies Make payments through Maybank branches Get free personal accident insurance based on the amount of balance you hold

Open your Maybank multi-currency account with a minimum opening deposit of 1,000 USD or the currency equivalent. The Maybank Master Foreign Currency account has transaction fees which are based on the currencies being used - usually the equivalent of 4 USD per transaction. There’s no ATM card with this account, so it’s not really useful for people travelling frequently - although it might be handy for anyone who wants to hold a foreign currency balance and minimise the risks of currency market fluctuations.

Read more about the Maybank Master Foreign Currency Account here.

CIMB multi-currency account

CIMB offers a multi-currency current account which supports 13 major currencies.

Not interest bearing - meant for managing foreign currency payments You can hold 13 major currencies Minimum of USD 500, or currency equivalent to open

CIMB offers a Foreign Currency Current Account to hold and exchange 13 major currencies. This account has been designed for customers who need to make payments in foreign currencies. There’s no debit card, and the account doesn’t bear interest, but it can be used to pay for things like overseas school fees and other bills conveniently. Deposits and withdrawals are through electronic means only - such as a telegraphic transfer or transfer to a MYR account. There’s no chequing facility included.

HSBC multi-currency account

The global bank HSBC can be a strong option with a diverse amount of currencies, in a multi-currency account you can use to make payments conveniently.

You can hold currency in USD, GBP, AUD, SGD, EUR, YEN, BND, CAD, CHF, NZD, HKD and CNY A high minimum deposit of 1,000 USD or equivalent Fall below fees apply if you hold a balance of under 20,000 MYR or equivalent

HSBC’s Foreign Currency Account, or CombiNations Account, is a savings account that lets you hold money in 12 different currencies. HSBC recommends it as an account for parents of students studying abroad, those working abroad or receiving remittances. You can begin to move your Ringgit into one of the 12 foreign currencies and hold it in the currency you need now or for the future. It can also be used to repatriate money from offshore Foreign Currency Accounts.

To open an account comes with a minimum deposit amount depending on the currency you want to hold. There is also an ability to hold a Fixed Term Deposit of 1-2 months. But when it comes to fees, they can be on the high side, even for a specialist account product. That means less in your pocket for travel and spending abroad.

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Summary

Hopefully this roundup gives you a flavour for the type of multi-currency account product available in Malaysia, from a range of online and brick and mortar providers. If you’re still not sure which one will suit you best, you can also read more about multi currency accounts in Malaysia, in this handy guide.

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Sources:

1. RHB
2. RHB foreign currency account FAQ
3. Hong Leong
4. PB Berhad
5. Maybank
6. CIMB
7. HSBC