Malaysia’s banking industry is regulated by the Central Bank (Bank Negara Malaysia), based in Kuala Lumpur. While the banking system in Malaysia has easy transaction processes and is well-organized, opening a bank account necessitates requirements to fulfill. For instance, without holding a residency permit, you will likely need a reference from your company. While expats generally require a work permit or be under the Malaysian MM2H program to be able to open a bank account, certain banks can accept your application without such visas. Documentation such as your passport and a statement from your employer is needed for setting up a bank account. Going through the “proper channel” could take you weeks before you actually get verified and your account set up. At Asia Expat Guides, we will ensure your documents are safely kept and processed, as well as a bank account that has already been set up the moment you reach Malaysia.
From administrative matters such as procedures to undergo whilst opening your bank account to decisions of selecting the most suitable banks, whether local, foreign or international, our team at Asia Expat Guides will be alongside to guide you throughout. Our team is also familiar with the local and international banking scene in Kuala Lumpur. Local banks with a large presence include CIMB Bank Berhad and Malayan Banking Berhad (Maybank). If you require international, commercial and corporate banking, we know which banks (RHB bank) that are most suited to your needs.Banks with online services and flexible access are popular with expats because long waiting times at queues can be avoided. International banks such as HSBC have a smaller presence in Kuala Lumpur but their internet banking services are recommended by expats.
At Asia Expat Guides, no issues are left unresolved. Our experienced consultants and advisors will smooth out your banking needs and recommend banking options that cater to your requirements. At Asia Expat Guides, you are our priority!