Reviewed 2026-10-31. General independent information; check current official immigration, financial and medical guidance before acting.
Expert take — Cost of Asia editorial team At CIMB, a foreign employee who is not paid through the bank's CIMB@Work payroll scheme must show a monthly salary of at least RM10,000 to open an account. Most account-opening guides skip this. Ask HR which bank runs your payroll and open your first account there.
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This page is for foreigners on an Employment Pass, dependant pass, MM2H or similar long-term pass who need a ringgit account for rent, bills and DuitNow transfers.
The trade-off: local banks have the most branches, but each sets its own rules for foreigners. International banks make multi-currency banking easier, but their best tiers need large balances. The new digital banks are mostly closed to you. GXBank, for example, accepts only Malaysian citizens with a MyKad.
At a glance
| Best for | Pick | Why |
|---|---|---|
| Everyday banking and branch access | Maybank | Passport-based application, foreign currency accounts in 16 currencies |
| Employees paid through CIMB payroll | CIMB | Clear published document list for workers, dependants and MM2H |
| People who already hold HSBC Premier abroad | HSBC Malaysia | Premier status elsewhere counts toward eligibility |
| A second account opened from your phone | Standard Chartered Malaysia | In-app opening for foreign residents who already bank locally |
| Holding foreign currency before you have a bank | Wise | BNM-licensed e-money account, no minimum deposit |
How we chose
- Published document rules for foreigners on long-term passes.
- Minimum deposit or balance, where published.
- Multi-currency features.
- Deposit protection under Perbadanan Insurans Deposit Malaysia (PIDM).
Sources: the banks' account-opening pages, PIDM, Wise and MSC Malaysia's expat guide. Checked on 31 October 2026. Rules change, so confirm at the branch.
1. Maybank — best for everyday banking
Maybank lists a passport as the core document for non-residents, with an employer letter or utility bill as backup. You apply online, then finish at a branch four business days later. According to Wise's January 2026 guide to banking as a foreigner, Maybank's Personal Current Account needs a RM1,000 opening deposit.
Maybank also offers a Foreign Currency Account covering 16 currencies, including USD, EUR, GBP, SGD and THB. It must sit alongside a savings or current account at the same branch, so choose a branch near home or work.
2. CIMB — best if your employer pays through CIMB
CIMB publishes a detailed list for foreigners: a passport with six months' validity, plus, for workers, an Employment Pass with six months left, an employment letter and proof of a RM10,000 monthly salary unless paid via CIMB@Work. Non-working spouses need their dependant pass, proof of relationship and a bank statement showing source of funds.
MM2H applicants can open an account while the visa is still processing if their MM2H pledge is placed with CIMB. Foreign students get savings accounts only. Wise's guide puts the opening deposit for CIMB's Regular Current Account at RM1,000.
3. HSBC Malaysia — best for existing HSBC Premier customers
HSBC Malaysia's Premier tier needs a total relationship balance of RM300,000 at all times. Premier status held in another country also qualifies you, as does family of a Premier customer or an HSBC mortgage of RM1,000,000+. The Premier Everyday Global Account gives access to 11 major currencies from one account.
For a new arrival with no HSBC history, that bar is high, and HSBC warns a monthly fee may apply if your eligibility changes. Ask for the fee in writing.
What would this move really cost you?
Use your own rent, insurance, transport and visa assumptions. Compare options before committing.
4. Standard Chartered Malaysia — best for a second account opened in the app
Foreign residents aged 18+ can open an account in the SC Mobile app with a passport carrying a visa valid for at least six more months. The catch: you must already hold an account with online banking at another Malaysian bank, so this is a second account, not a first. Otherwise, go to a branch.
5. Wise — best for holding money before your bank account is ready
Wise is not a bank. In Malaysia it operates as Wise Payments Malaysia Sdn. Bhd., which Bank Negara Malaysia licenses for remittance, money-changing and e-money issuance. Wise says foreigners need a passport, proof of address and their pass, with no minimum deposit.
It's useful for receiving foreign income before your local account is ready, but PIDM deposit insurance covers member banks, not e-money issuers. See our guides to sending money to Malaysia and multi-currency accounts.
What to check before you decide
- Pass validity: CIMB and Standard Chartered want six months left on your pass.
- Proof of address: bring a tenancy agreement or utility bill. MSC Malaysia notes most banks still expect you in person, with typical opening deposits of RM250–1,000.
- Payroll bank: ask HR which bank they use before you choose.
- Fees: ask what you pay if your balance falls below the minimum.
- Deposit protection: PIDM covers up to RM250,000 per depositor per member bank whatever your nationality. Foreign currency deposits count toward the same limit.
FAQ
Can a foreigner open a bank account in Malaysia without a work pass?
Maybank lists only a passport for non-residents, but banks can ask for more, and CIMB's list assumes a work, student, dependant or MM2H pass.
Can expats use Malaysia's digital banks?
Mostly not yet. GXBank requires Malaysian citizenship and a MyKad. Check each digital bank's eligibility page first.
Are foreigners' deposits protected in Malaysia?
Yes. PIDM says nationality and residence don't affect protection, and no registration is needed.
Related guides
- Malaysia cost of living
- Money services for expats
- Best ways to send money to Malaysia
- MM2H visa guide
- Budget calculator
Sources
- CIMB — Documents for identity verification — foreigner documents, RM10,000 salary rule, MM2H and student conditions
- Maybank — Requirements for opening of accounts — passport for non-residents, branch visit after four business days
- Maybank — Foreign Currency Account requirements — 16 currencies, same-branch linked account
- HSBC Malaysia — Premier — RM300,000 TRB, other eligibility routes, 11 currencies, monthly fee warning
- Standard Chartered Malaysia — Online account — in-app opening conditions for foreigners
- GX Bank — Who can apply for a GX Account? — MyKad-only eligibility
- Wise — How Wise is regulated in each country — Malaysian entity and BNM licence
- Wise — Can a foreigner open a bank account in Malaysia? — opening deposits (updated 19 January 2026), Wise documents
- PIDM — Deposit insurance system FAQs — RM250,000 limit, nationality, foreign currency deposits
- MSC Malaysia — Expatriate Living Guide: Banking — in-person opening, typical deposits
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