Open a bank account online in Malaysia: Fees and requirements

Hoping to open a bank account online in Malaysia? This guide covers all you need to know. We’ll look at how to open a bank account online in Malaysia, how to open a bank account in Malaysia for foreigners, and a run through the key accounts for online opening from our biggest banks.

We’ll also touch on how the Wise multi-currency account account might suit you if you’re looking for an easy online account in Malaysia, as getting your Malaysian bank account set up online may be harder than you expect.

Can foreigners open a bank account in Malaysia? How about tourists?

You do not need to be a resident in Malaysia to open a bank account - however, you’ll need a valid work permit or appropriate visa, which means short term tourists are not likely to be able to get a Malaysian bank account set up. Long term foreign residents in Malaysia with appropriate documentation should not have any problem opening an account.

Can I open a bank account online in Malaysia?

Opening a bank account online in Malaysia may be a bit trickier than you think. Whether or not you can open your Malaysian bank account online will depend a lot on your situation, the type of account you need, and your preferred bank.

Because each banking brand can choose their own process for account opening, there’s a pretty broad range of approaches. Some of the major Malaysian banks have started to allow some form of online application, or even digital wallets which are entirely operated online. Others still require you to attend the branch, and may even need a referral from an existing customer to get started.

Let’s take a look at how some of the main Malaysian banks compare with each other and Wise - a non-bank alternative specialist provider, which offers online account opening. We’ll look at which accounts can be opened online, how the process works, the documents needed, and whether a foreigner in Malaysia can open these accounts.

Bank accounts you can open online without going to the bank in Malaysia

Here’s an overview of how some of the most popular banks in Malaysia allow customers to open an account at the time of writing:¹⁻⁷

• Maybank - open account online: You can start an application for many accounts online, but may still be required to visit a branch to show your documents and complete the process. Check out the MAE e-wallet if you need a simple account you can set up entirely online.
• CIMB - open account online: Some account types let you start your application online - but you’ll still often need to visit a branch to verify your identity and/or collect your debit card.
• Public Bank - open account online: You’ll need to visit a branch to open your account - in some cases you also need an introducer, who is a present customer of the bank, and who can attend the branch with you.
• Hong Leong - open account online: You can open several account types online - however, there’s a catch. You need to already be in Malaysia and hold a bank account there, making this tricky for non-residents and new arrivals.
• RHB - open account online: Some accounts can be opened online, and RHB may even be able to deliver your debit card to your home. Not available in all areas, or for all account types.
• Bank Islam - pass your details to Bank Islam online, and a team member will contact you to offer account opening support. Most accounts are only offered to Malaysian citizens and PRs.

An easy alternative: Wise multi-currency account

Opening a bank account online in Malaysia can still prove to be a bit of a challenge. One easy alternative is to open a Wise multi-currency account online or in the Wise app, to hold and exchange 40+ currencies, get a linked debit card for easy spending, and access currency exchange which uses the mid-market rate every time. If you’re a Malaysian resident you can also get MYR bank details, plus local bank details for 10 other currencies, to get paid fee free from 30+ countries.

Open your account easily with just a few steps:

1. Download the Wise app or head to the Wise desktop site
2. Register an account with your email address, FaceBook, Google or Apple ID
3. Upload your documents for verification - your MyKad or passport and visa
4. Order your linked debit card if you’d like one, for a one time fee of 13.7 MYR
5. Add funds to your account in MYR, USD or SGD
6. Open MYR account details for free
7. You’re ready to start using your Wise account

Easy - and with no need to visit a bank branch, or even leave home at all!

Sign up for free🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

Required documents to open a bank account in Malaysia

The documents you need will vary a little depending on the bank and the type of account you’re opening. You can expect to need the following in most cases:

• Proof of ID, such as a passport
• Proof of legal residence in Malaysia - residence permit or visa
• Proof of employment, such as a letter from your employer
• Minimum opening deposit - varies by bank

Depending on the bank itself, you may also have to give biometric data like your fingerprint, for security purposes, or take along a friend to introduce you to the bank and vouch for your integrity.

Opening a bank account FAQ

How to write a letter to open a bank account for your employee in Malaysia

If you’re a business owner and a new employee needs help opening a bank account, you may be asked to write a bank opening request letter for company employees. Here’s a sample letter to open a bank account for an employee in Malaysia to get you started.

How to open a company bank account in Malaysia

Opening a company bank account usually requires more verification - and more paperwork - than opening an individual account. If you do not already have an account with your preferred bank, you’ll almost certainly need to visit a branch to set up your account.

Summary

Opening a traditional bank account online in Malaysia may not be easy but it is possible with one or two major banks. Banks are starting to move more towards greater flexibility in their services, and so you may well find that the options for online account opening increase in future.

Getting your bank account up and running is far harder if you’re not a Malaysian citizen or PR, or if you don’t have all the required paperwork in place just yet. As an alternative - and for a more flexible account with no minimum balance and no monthly fee - check out the Wise multi-currency account and card, instead.