Malaysia Hotline : +603-2141 8908
Online
banking is now becoming more readily available in Malaysia, although not all of
the banks provide online banking services, and those that do may offer only
limited services, such as viewing account balances and account-to-account
transfers. The use of credit, debit and cash cards is common for payments in
major towns and cities, although cash payments are still more popular than
cards or cheque. Telephone banking is also available with certain account types
– check with individual banks for a full list of services that they provide.
Main types of Bank Account in
Malaysia
The
major banks in Malaysia offer a comprehensive range of financial services. As
well as mortgage, insurance, loan and investment services, the banks offer a
range of bank accounts and savings accounts too.
The Core Accounts offered to
retail banking customers are:
(1) Current Accounts – used for daily banking. Current accounts may include an ATM/debit
card, a chequebook and credit card facility on request. They typically offer a
low rate of interest, but provide easy access to account funds.
(2) Savings
accounts – typically offer higher rates of interest than current accounts, but
may have limited access to funds, with restrictions or interest penalties
applied for making account withdrawals. Savings accounts may offer either fixed
or variable rates of interest, and may be fixed for a period of time (e.g. one
year)
(3) Deposit
accounts – typically offer higher interest rates than savings accounts or
current accounts, but access to funds may be limited or not available until the
account maturity date. If you require regular access to funds, deposit accounts
may not be suitable.
Offshore
accounts may also be available, and can be useful for tax efficient long-term
savings and for general tax planning purposes. Offshore savings accounts can be
held in various worldwide currencies. You should get independent advice before
opening an offshore account.
Opening a bank account WHEN you
arrive in Malaysia
Both
residents and non-residents of Malaysia are able to open bank accounts, subject
to individual account requirements and conditions, although accounts for
non-residents may initially offer lower limits to reduce a bank’s exposure to
debt. As in the UK, new customers will be required to provide proof of
identity, and may also be required to provide evidence of either residency or
employment status. Documentation, such as your passport, work visa, letter of
employment, recent bank statements and a letter of reference from your current
bank will all be helpful in the application process.
Opening a bank account BEFORE you
arrive in Malaysia
In some
cases it may be possible to open a bank account in Malaysia without being
present at the bank. You could contact the nearest branch of your chosen
Malaysian bank, which may have branches in the major cities in Europe, North
America and Asia.
A
flexible alternative to a local bank account in Malaysia is to open an
international account, which can be opened before you relocate there. An
international account will give you access to a wide range of international
banking services, including tax efficient offshore account options, online
banking and a debit card in a choice of major currencies.
International
accounts can be used by clients living or working in Malaysia, and also when
travelling between international locations.
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