Living
Bank Accounts
You’ll see some familiar names in the banking industry in KL – Citibank, HSBC, Deutsche Bank and ABN Amro all have branches here. For convenience however, local banks dominate the scene with Maybank the preferred choice as it has plenty of ATMs and the best online banking service for paying bills.
Most banks offer both savings and current (checking) accounts, credit cards, loans, insurance and accounts for children. Cheques are not used much in Malaysia – most shops will not accept them as payment – so many expats do without a current account. Cash and credit cards are the main methods of payment; a debit card system called ‘Bankcard’ has been launched recently but is yet to catch on.
You need a work permit to open a bank account, but you may be able to open a savings account with a letter of guarantee from your employer stating that they have applied for your work permit. You’ll be expected to produce the permit at the bank once it’s issued. Take your original passport, plus a letter of introduction from your company or home bank to open an account. All parties to a joint account must also be present. If you have an account overseas with one of the big international banks, they may open a local account for you before your work permit is issued. It’s unusual to have to keep a minimum balance in your account, but as an expat you’re unlikely to be allowed an overdraft.
Banks are open from Monday to Thursday, 08:45 to 17:45 and Friday 08:45 to 16:45. Some branches are also open on Saturday mornings. Many banks have machines for depositing cash and cheques outside banking hours. Most banks won’t charge you for regular transactions like ATM withdrawals if your account is in credit. If you withdraw cash from another bank’s machine, you may be charged up to RM10 per withdrawal, so it’s a good idea to choose a bank with ATMs close to your home or work. Bounced cheques are costly, with fees ranging from RM50 to RM100.
Most banks offer both savings and current (checking) accounts, credit cards, loans, insurance and accounts for children. Cheques are not used much in Malaysia – most shops will not accept them as payment – so many expats do without a current account. Cash and credit cards are the main methods of payment; a debit card system called ‘Bankcard’ has been launched recently but is yet to catch on.
You need a work permit to open a bank account, but you may be able to open a savings account with a letter of guarantee from your employer stating that they have applied for your work permit. You’ll be expected to produce the permit at the bank once it’s issued. Take your original passport, plus a letter of introduction from your company or home bank to open an account. All parties to a joint account must also be present. If you have an account overseas with one of the big international banks, they may open a local account for you before your work permit is issued. It’s unusual to have to keep a minimum balance in your account, but as an expat you’re unlikely to be allowed an overdraft.
Banks are open from Monday to Thursday, 08:45 to 17:45 and Friday 08:45 to 16:45. Some branches are also open on Saturday mornings. Many banks have machines for depositing cash and cheques outside banking hours. Most banks won’t charge you for regular transactions like ATM withdrawals if your account is in credit. If you withdraw cash from another bank’s machine, you may be charged up to RM10 per withdrawal, so it’s a good idea to choose a bank with ATMs close to your home or work. Bounced cheques are costly, with fees ranging from RM50 to RM100.
