Overview of Banking

Malaysia has a modern, well-regulated banking system with a mix of local and international banks. Major local banks include Maybank, CIMB, Public Bank, and RHB, while international names like HSBC and Standard Chartered also operate widely.

Banks offer the usual range of services: current (checking) and savings accounts, online banking, debit and credit cards, loans and mortgages. Most banks now have English apps and internet banking platforms, making it easy for foreigners to manage their finances. ATMs are common in cities and towns, and contactless payments (DuitNow, QR codes) are increasingly popular in shops, restaurants and even small stalls.

Malaysia also has a significant Islamic banking sector, which follows Sharia-compliant principles. Almost every major bank has an Islamic arm offering savings and investment products without interest. These services are open to Muslims and non-Muslims alike.

Most banks operate Monday to Friday (some on Saturdays), and online banking is available 24/7. Foreign currency exchange is widely available through banks and licensed money changers.

How To Open A Bank Account

Opening a bank account in Malaysia is fairly straightforward, but the exact requirements vary from bank to bank. In general, you’ll need to visit a branch in person, bring the right documents, and complete some basic forms.

Typical documents required:

• A valid visa/pass (Employment, student or dependent pass as well as MM2H & De Rantau visa) 

• Proof of address in Malaysia (tenancy agreement, utility bill).

• Passport.

• A Malaysian phone number.

• Reference letter or employer’s letter (occasionally requested by more traditional banks).

You can usually walk out with your account opened the same day, and a debit card will be issued or mailed shortly after.

Popular Banks

E-Wallets

E-wallets are digital payment apps that let you store money on your phone and pay for goods and services without cash. They’re extremely popular in Malaysia and accepted almost everywhere, from supermarkets and petrol stations to even street food stalls. You simply scan a QR code, enter the amount and pay instantly.

Most e-wallets also let you top up credit, pay utility bills, buy transport tickets, send money to friends as well as earn cash back and rewards. You can top these wallets up using your bank card or account. You can even get one before you have a local bank account and top up using Revolut or Wise.

Popular e-wallets in Malaysia include:

• Touch ‘n Go – The most widely used. You can pay for tolls, parking, shops and even public transport. It’s also linked to the physical Touch ‘n Go card used on highways. (Physical card must be purchased, the price currently in September 2025 is RM10 + RM4.90 delivery fee, a total of RM14.90

• GrabPay – Integrated with the Grab ride-hailing and food delivery app. Offers cashback and promos.

• Boost – A Malaysian e-wallet popular for bill payments, shopping and deals. Popular amongst locals.

• DuitNow QR – Not an e-wallet itself but a national QR payment standard. Most banks and wallets support it, so you can scan one code regardless of which app you’re using.

Using an e-wallet is a fairly straightforward process. You download the app, register with your phone number and ID, add funds and start paying by scanning QR codes. This system is secure, cashless and often faster than swiping a card. It’s extremely popular in Malaysia as they have a thriving cashless society and some vendors no longer accept cash at all!

Overseas Cards/Accounts

Many newcomers to Malaysia start out using overseas cards and online accounts before they’ve opened a local bank account. Services like Wise and Revolut are especially popular as they offer good exchange rates, low fees and multi-currency accounts.

In both of these apps you can hold Malaysian ringgit (MYR) alongside your home currency, make international transfers, and spend in Malaysia with a linked debit card. This can be much cheaper than using a regular foreign bank card, which will charge high fees and offer poor exchange rates.

These services are a great bridge until you open a local bank account. You can pay at most shops and restaurants using their physical or virtual cards, withdraw cash at ATMs, and even transfer money to Malaysian accounts once you’re set up locally.