🇲🇾 Malaysia · Business Banking
Opening business and personal bank accounts, remote options, required documents, and fees.
Quick answer
Malaysian banks are regulated by Bank Negara Malaysia and offer conventional and Islamic banking. Foreigners can open accounts, usually needing a passport and proof of employment or residence. DuitNow enables instant local transfers.
Malaysian banks are regulated by Bank Negara Malaysia. Foreigners can open accounts, often needing a passport and proof of local ties such as employment or residence.
- Bank Negara Malaysia regulates banks and payment systems.
- Account opening usually needs a passport and proof of employment or residence.
- Islamic and conventional banking both operate widely.
Step-by-step
- 1
Confirm your legal-stay status
You need a passport plus proof of legal stay — an Employment Pass, student visa, MM2H or dependent pass; a tourist stamp cannot open a normal ringgit account.
- 2
Choose a bank
Conventional or Islamic (Sharia-compliant); some traditional banks ask for an "introducer" (an existing customer), though many now use KYC / due diligence instead. DuitNow enables instant local transfers.
- 3
Gather your documents
Bring your original passport, long-term residency visa, proof of address and a Malaysian mobile number.
- 4
Prepare business documents (business accounts)
For a business account, prepare the SSM (Companies Commission) registration and director ID.
- 5
Apply in-branch and complete KYC
Banks run identity and anti-money-laundering checks before opening the account.
- 6
Activate the account and set up payments
Receive your card and online banking, register DuitNow, and set up transfers and bill payments.
Checklist
- Original passport
- Proof of legal stay (Employment Pass, student visa, MM2H or dependent pass)
- Proof of address
- Malaysian mobile number
- SSM registration + director ID — business accounts
- Initial deposit (if required by the bank)
Official authorities
- Bank Negara Malaysia
Central bank of Malaysia.
Frequently asked questions
What do I need to open a Malaysian bank account?
Typically a passport plus proof of employment (an Employment Pass) or residence; requirements vary by bank.
What is Islamic banking?
Sharia-compliant banking that avoids interest; Malaysia offers both conventional and Islamic products widely.
What is DuitNow?
Malaysia's instant-transfer service linking accounts to a phone number or ID for fast local payments.
Official-information aggregation, not legal advice. Always verify on the authority's own site.
Government portals
- MyGovernment Portal — Malaysia government services portal
- Immigration Department of Malaysia — Visas, passes (Employment / DE Rantau) and MM2H
- Inland Revenue Board (LHDN) — Income tax and tax-number registration
- Malaysian Investment Development Authority (MIDA) — Foreign investment and manufacturing/services licensing