Banks in Malaysia in 2024
| 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 |
