Are you a foreign citizen looking to open a bank account in Malaysia? We invite you to read the following lines, updated for 2026, to better understand the entire process. You can also be guided by our Malaysian agents when opening a corporate or personal bank account.
| Quick Facts | |
|---|---|
| Who can open a bank account in Malaysia? | Both residents and non-residents in Malaysia, whether natural persons or entities |
Formalities to open a bank account in Malaysia | – work, residence permit, a valid ID, proof of employment for natural persons, – company documents for legal entities |
Required documents | – Articles of Association and Certificate of Incorporation for companies, – a valid passport and proof of domicile in the case of natural persons |
| Types of bank accounts | – saving accounts, – deposit accounts, – debit and credit accounts |
| Debit or credit card issued with a bank account | Yes |
| Cash deposit to open a bank account in Malaysia | Some banks might require a small deposit |
| Fees to open a bank account | Depending on the chosen bank |
| Banking services offered (YES/NO) | Yes |
| Possibility to open a bank account online (YES/NO) | Yes |
| Possibility to pay online the utility bills (YES/NO) | Yes |
| Overseas money transfers accepted (YES/NO) | Yes |
| Formalities for student bank account | – letter of approval from the University, – specific bank forms, – residence permit, – proof of domicile |
| Loans option available (YES/NO) | Yes |
| Offshore bank accounts | Under certain conditions, depending on the business structure. |
| We provide support for opening a bank account in Malaysia (YES/NO) | Yes |
Table of Contents
Are there any nationality restrictions on opening bank accounts in Malaysia?
No, all foreign citizens can set up bank accounts in Malaysia.
What types of bank accounts are available in Malaysia?
- Deposit accounts,
- Savings accounts,
- Multi-currency accounts,
- Current accounts,
- Corporate bank accounts,
- Islamic banking accounts, etc.
Can I open a bank account in Malaysia if I don’t have residency here?
Yes, most banks in Malaysia accept foreigners to open bank accounts. However, some formalities might be stricter in this case.
What are the documents required for opening a bank account in Malaysia in 2026?
- Valid ID/passport,
- Proof of domicile,
- Residence permit,
- Tax ID,
- Employment or student pass, etc.
NOTES:
- formalities & documents might differ from one bank to another. Some banks require presenting a valid residence permit, while others do not.
- a mobile phone number in Malaysia is required to link your bank account and use banking services.
Below, businessmen can find supplementary information related to the bank account in Malaysia:
Can I open a bank account in Malaysia online?
Yes, there is also this possibility, but it depends on the bank.
Do I need to make a small deposit to open a bank account in Malaysia?
Yes, most banks in Malaysia solicit an initial small deposit to activate the account.
How do I open a corporate bank account in Malaysia?
By presenting:
- Certificate of Incorporation,
- Tax ID,
- Business activity,
- Board resolution that authorizes the account opening,
And
- Pass the compliance tests/verifications imposed by the bank.
IMPORTANT: Company directors must attend in person at the bank for ID verification.
Contact us if you want to open a bank account online in Malaysia, and also check the following video presentation:
What types of verifications are done by the bank when setting up a corporate account in Malaysia?
Anti-Money Laundering and Know Your Customer reviews/tests.
What types of banking services are available in Malaysia?
- Debit & credit cards,
- Multi-currency transfers,
- International money transfers,
- Internet banking,
- Mobile banking applications, etc.
Do banks impose any maintenance fees in Malaysia?
Yes, some are paid monthly, while others are paid annually.
Are digital banks available in Malaysia?
Yes, both Malaysians and foreigners can set up digital bank accounts and use their services.
Do I need to travel to Malaysia to open a bank account?
Depending on your plans, if you want to relocate here, use the bank account in Malaysia while being outside the country, starting a business, or studying, etc.
Are there any eligibility criteria for opening a bank account online in Malaysia?
Yes, only people over 18 years old and with residency in Malaysia can open such a bank account. This rule applies to both the bank’s physical representatives and its online presence, where there is an option to open a bank account in Malaysia.
NOTE: Certain banks also require the account holder’s physical presence for certain signatures, but most financial institutions have implemented very simple online formalities.
If you need further details on the procedure for opening a bank accountin 2026, please contact our company formation specialists in Malaysia for assistance with the documents required by the specific bank you are interested in collaborating with. If you want to open a bank account in other countries, such as Lithuania, we can put you in touch with our local partners.