Opening a Malaysian Bank Account

Opening a Malaysian Bank Account

Opening a Malaysian Bank Account

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Opening a Malaysian bank account is almost similar in many countries.  They may just matter in some documentation, but, as a whole, it’s almost the same.  Banks usually ask you for the purpose of opening an account. Fill up forms with your personal details and proof of income, are some additional steps.

Malaysia ranks as among the favorite place for foreigners.  If you are going to Malaysia to work, study and maybe for retirement, you really need to open a bank account.  Bank accounts can be opened by both foreigners and local alike. Here, are ways to open an account in Malaysia:

For foreigners:

  1. You must be a permanent resident. If not, you need to comply the following requirements.
  2. Malaysian sponsor : It is a requirement. It will be a fast approval if your Malaysian sponsor has an account in the bank.
  3. Passport : This is a very important requirement. This will give them assurance that you enter the country in good faith.
  4. Statement from the employer : This documentation will assure them that you are presently employed.

It is a requirement for every foreigner to have a bank account, to get a working visa.

For Locals:

  1. For locals, there should be no problem. All they need to do is submit the basic requirements that the bank requires.

Now, it is all about choosing the right bank for you.  There are private and government bank and there are the big company and a family own bank.  Local banks usually has many braches, compared to foreign own banks. What is important is the assurance, that your hard earned money is safe.

When choosing a bank, consider also if the bank has many branches or many ATM, scattered around the country. It is important, because it gives you possibility to withdraw money anywhere and anytime you want.  Some banks also require minimum balance to be maintained, while others don’t.

Check if your chosen bank will provide you with ATM/ debit card that will allow you to make purchases online.  With this card, you will be able to pay bills and merchandise in supermarkets and department stores.  With this, shopping will no longer require you, to bring cash.

Malaysia is a very developed country, with friendly population and good economy.  It attracts many foreigners to come for visit, to work and some to retire.  Banking policies are mostly foreign friendly.  That means, it is very easy to open any account in this country.  Just a proof that you legally enter the country, you have a visa and the right to stay in the country and you have enough money to spend there.

Banking here or opening a bank account is a welcome note.  This will not only encourage foreigners to contribute to the development of the country, but, it will give foreigners awareness, that Malaysia is such a nice country, has a stable economy and a robust banking system.

A good banking system is a proof of a healthy and stable economy.  This will create trust and confidence from the local population and foreigners alike.

 

Danny White

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