Maybank’s Master Foreign Currency Account

Having a foreign currency account (also known as a multi-currency account) can be helpful if you need to send or receive international payments, travel often, or shop online with retailers based abroad. You can cut the costs of currency exchange and cross-border transactions, and minimise the risk of losing out due to changes in the exchange rate.

This guide walks through all you need to know about the Maybank Master Foreign Currency Account. We’ll also cover Wise and the Wise multi-currency account, as a smarter and cheaper alternative to the foreign currency accounts offered by banks.

🔖Table of contents

What is a multi currency account? Benefits of Maybank’s Master Foreign Currency Account Maybank Foreign Currency Account’s fees and exchange rates Maybank’s currency exchange rate Transfer fees and additional fees Interest rates and minimum deposits How to open a multi currency account with Maybank Eligibility requirements Opening an account A smart alternative - Wise multi currency account Summary

What is a multi currency account?

Multi-currency accounts are available from traditional banks and specialist providers. With a multi-currency account you can hold, exchange, spend, send and receive payments in one or more foreign currencies as well as MYR.

Different accounts have different features and fees, but choosing the best multi-currency account for your specific needs can mean you cut the costs of international transactions and currency exchange.

Benefits of Maybank’s Master Foreign Currency Account

Let’s take a look at some of the key benefits of the Maybank Master Foreign Currency account¹⁻²:

Master Foreign Currency Account features
Available for personal and business customers Hold 16 different currencies Transfer funds to your Maybank MYR account when you need them No account opening or monthly fees Interest paid on balance of 5,000 USD or more Personal accident insurance provided

Maybank Foreign Currency Account’s fees and exchange rates

Before you decide if the Maybank multi-currency account is right for you, you’ll need to check the eligibility criteria and overall costs. We’ll cover eligibility in just a moment - first let’s take a look at the price you pay to open and operate a Maybank account.

The fees you pay include transaction fees, and a Maybank foreign exchange rate markup. You’ll also need to hold a minimum balance to open the account, and a higher balance to get interest on your savings. Here’s what you need to know.

Maybank’s currency exchange rate

Whenever you transfer money out of your Maybank foreign currency account into your regular account, you’ll need to convert it to MYR. This currency conversion will be done with Maybank’s live exchange rate which includes a markup on the mid-market exchange rate. That’s an extra fee which can push up the costs of currency conversion.

While adding a markup on the exchange rate offered to customers is common, some providers - like Wise - prefer to offer the real mid-market rate with clear, transparent pricing. That makes it far easier to see what you’re really paying for your transaction, and keeps the costs down, too.

Compare the costs of international transactions with Maybank against the price you pay with Wise here. You can also check out Maybank’s forex rates in full here.

Transfer fees and additional fees

Here’s a rundown of the key costs involved in opening and managing your Maybank multi-currency account:

Fee/cost type	Maybank master foreign currency account charge
Opening fee	Free
Minimum opening balance	1,000 USD³
Monthly fee	Free
Minimum balance to earn interest	5,000 USD
Transfer	4 USD or currency equivalent + exchange rate markup

Interest rates and minimum deposits

You’ll need a minimum deposit of 1,000 USD or the currency equivalent to open your Maybank multi-currency account. To earn interest you need 5,000 USD or more in your balance. The interest rates available vary according to the currency you hold and are changed regularly⁴⁻⁵.

How to open a multi currency account with Maybank

To open your Maybank Master Foreign Currency Account you’ll need to visit a local Maybank branch. A member of staff will confirm your eligibility for the account and walk you through the process of getting set up, including checking your documents and carrying out verification.

Eligibility requirements

You can open an account as an individual or as a joint account with another Malaysian resident, or a non-resident who is an immediate family member. Here are the requirements for personal and business customers:

Personal customers	Business customers
Be a resident of Malaysia aged 18 or over	Have a registered business, company, association, club, society or cooperative
Have or open a Maybank MYR checking or savings account	Have an introducer if not already a Maybank customer
Deposit at least 1,000 USD or the currency equivalent	Deposit at least 1,000 USD or the currency equivalent

Opening an account

To open your Maybank foreign currency account you’ll need to also have or open a MYR checking or saving account. You can open several different types of checking and saving accounts online - but you’ll need to visit a branch to collect your account passbook, card and PIN.

Once you have your MYR account you’ll be able to set up your Master Foreign Currency Account in a Maybank branch. It’s a good idea to call the bank in advance and check exactly what documents you’ll need to bring along, based on your situation.

Generally personal customers need:

• Malaysian identity card or passport
• Valid visa or residence permit
• Letter of confirmation from your employer or educational institution

Business customers may need to provide:

• Memorandum and Articles of Association certified by the Licensed Company Secretary of the company
• Certificate of Incorporation
• Certificate to Commence Business, (for public limited companies)
• Names and addresses of company directors and secretary
• A resolution of the Board of Directors to open the account

A smart alternative - Wise multi-currency account

Looking for a cheap and flexible way to manage your money across currencies?

You could save time and money with the Wise multi-currency account. There’s no minimum deposit and no monthly fee, and you can open and operate your account online or using the Wise app. That means no waiting in line at a bank branch when you want to make a transaction.

Hold 50+ currencies all in the same account, and convert between them using the mid-market exchange rate with no markup. You’ll get your own account numbers to get paid fee free like a local in a range of currencies including MYR, and can send payments to 80+ countries with low, transparent fees.

You can also order the Wise debit card to spend and make ATM withdrawals all over the world, with no foreign conversion fees to pay.

The Wise account doesn’t pay interest, but does offer international payments and currency conversion with the real exchange rate and low, transparent fees which usually beat the banks.

---

Summary

The Maybank Master Foreign Currency Account lets customers hold funds in 16 currencies, with a minimum opening balance of 1,000 USD or the currency equivalent. Accounts are available for Malaysian residents who have a Maybank MYR account, and can be opened by visiting a bank branch.

If you’re looking for a more flexible multi-currency account with low fees and currency exchange which uses the mid-market exchange rate, check out the Wise multi-currency account instead. There’s no minimum balance, you can hold 50+ currencies, and you’ll be able to manage your money on the go using the Wise app.

Get the Wise multi-currency account today and see how much you can save!

Sign up for free 🚀

Sources

1. Maybank Malaysia | Master Foreign Currency Account (Foreign Currency)
2. Maybank Malaysia | Master Foreign Currency Account (Deposits)
3. Maybank Malaysia | Master Foreign Currency Account (FAQ)
4. Maybank Malaysia | Master Foreign Currency Account (Interest)
5. Maybank Malaysia | Master Foreign Currency Account (FCA/MCFA Deposit Rates)

Sources checked on 02.02.2022