Banks in Malaysia in 2023

Banks MAYBANK RHB UOB OCBC ALLIANCE SCB
Our ranking in order of preference? 4 5 1 2 6 3
Can a bank account be opened for a foreign co? Yes Yes Yes Yes Yes Yes
Multi-currency account? Yes Yes Yes Yes Yes Yes
Does our Client need to visit the Malaysia bank branch? Yes Yes Yes Yes Yes Yes
Can open US$ Yes Yes Yes Yes Yes Yes
Account opening one time fees (in US$)? None None 25 None None None
Initial deposit for US$ 1,000 5,000 2,500 2,000 1,000 10,000
What is minimum monthly balance to maintain? 1,000 5,000 2,500 2,000 500 10,000
Early account closure fees (in US$)? 3 5 5 5 6 5
Time it will take to open corporate bank account? 10 days 10 days 20 days 10 days 10 days 20 days
Annual fee (in USD)? 5 No fee 3 No fee 3 3
Our rating of the bank Poor Satisfactory Good Good Good Very good
Dedicated relationship manager? Yes Yes Yes Yes Yes No
How big is the bank in this country (top 10)? 1/10 4/10 Not top 10 Not top 10 9/10 Not top 10
Bank rating by Standard & Poor A- BBB+ AA- AA- A1 A-
Internet banking MAYBANK RHB UOB OCBC ALLIANCE SCB
Daily online transaction limit? No limit No limit US$12,000 Set by Client Set by Client No limit
Can increase fund transfer limits? N/A N/A Yes Yes Yes N/A
Can local currency transactions be viewed? Yes Yes Yes Yes Yes Yes
Can USD transactions be viewed? Yes Yes Yes Yes Yes Yes
On line local currency payments to third parties allowed? Yes Yes Yes Yes Yes Yes
On line USD payments to third parties allowed? Yes Yes Yes Yes Yes Yes
Bank charges per funds transfer outwards in US$? 3 7 7 20.50 7 1
Bank charges per funds transfer inwards in USD? 2 2 4 3 2 2
Other useful information MAYBANK RHB UOB OCBC ALLIANCE SCB

Country rating by Standard & Poor A-
Currency control on RM funds transfers? Yes
Intermediary bank used for US$ funds transfers? Yes
Internet banking available? Yes
Corporate Cheque Book? Yes
Corporate ATM card? No
Corporate visa debit card? No
Monthly e-statements emailed to you? Yes
Regulated by which governing body? BNM
Funds transfer SMS alerts sent to your cell phone? Yes
Funds transfer email alerts sent to you? Yes
Our rating of local currency internet banking facility? Good

Contact us

For additional information on our corporate banking services in Malaysia, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
MY Intl. chamber of commerce and industrymicpaMY accountantsmitimfapkfzMY Customsmaicsa