Banks in Malaysia in 2023

Our ranking in order of preference?451263
Can a bank account be opened for a foreign co?YesYesYesYesYesYes
Multi-currency account?YesYesYesYesYesYes
Does our Client need to visit the Malaysia bank branch?YesYesYesYesYesYes
Can open US$YesYesYesYesYesYes
Account opening one time fees (in US$)?NoneNone25NoneNoneNone
Initial deposit for US$1,0005,0002,5002,0001,00010,000
What is minimum monthly balance to maintain?1,0005,0002,5002,00050010,000
Early account closure fees (in US$)?355565
Time it will take to open corporate bank account?10 days10 days20 days10 days10 days20 days
Annual fee (in USD)?5No fee3No fee33
Our rating of the bankPoorSatisfactoryGoodGoodGoodVery good
Dedicated relationship manager?YesYesYesYesYesNo
How big is the bank in this country (top 10)?1/104/10Not top 10Not top 109/10Not top 10
Bank rating by Standard & PoorA-BBB+AA-AA-A1A-
Daily online transaction limit?No limitNo limitUS$12,000Set by ClientSet by ClientNo limit
Can increase fund transfer limits?N/AN/AYesYesYesN/A
Can local currency transactions be viewed?YesYesYesYesYesYes
Can USD transactions be viewed?YesYesYesYesYesYes
On line local currency payments to third parties allowed?YesYesYesYesYesYes
On line USD payments to third parties allowed?YesYesYesYesYesYes
Bank charges per funds transfer outwards in US$?37720.5071
Bank charges per funds transfer inwards in USD?224322

Country rating by Standard & PoorA-
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