How to Open a Bank Account in Malaysia for International Students

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With the lower costs of living and studying, a diversified cultural heritage, and the constantly improving quality of education. International students’ applications to pursue their studies in Malaysia have continued to be on the rise, making it one of the favorite destinations for international students.

While there are plenty of things to be excited for in your study abroad journey. Then there are also other aspects of everyday life that you should take more seriously. For instance, setting up an international student bank account in your host country is part of this process.

What do You Need to Open a Bank Account in Malaysia?

The requirements for applying for a loan might differ from one bank to another. To open a bank account in Malaysia, you’ll need to provide the following information:

Photo ID – A valid passport or National Identity Card with a photo is required.
Proof of your right to be in Malaysia – this could be your residency permit, or student visa approval letter or other documents
Acceptance letter from your Malaysian university or college

Note: Some banks may request your fingerprint to verify your identity.

Need help with navigating through being an international student in Malaysia? Don’t worry, Excel Education is here to assist you! Contact us now.

What are the Top Largest Banks in Malaysia?

Malaysia has a well-developed banking infrastructure, both domestically and internationally. Opening an account should be as simple as going to a branch and filling out the required documents, and if you select an international bank, you may even do it before you arrive.

Opening a bank account in Malaysia should not be difficult in general. Many big banks have strong English-language web pages showing you different choices of products on offer, allowing you to reduce your options before visiting the bank in person.

It’s important to keep in mind that not all accounts will be available to all applicants. Some banks may require you to be a permanent resident or a Malaysian citizen, so double-check your eligibility beforehand.

Some of the major banks in Malaysia include:

Maybank (also known as Malayan Banking Berhad)
CIMB Bank
Public Bank Berhad (PBE)
RHB Bank
HSBC Bank Malaysia Berhad

Banking Fees and Charges in Malaysia

Before you select a bank account, do not forget to study the terms and conditions carefully, especially when it comes to banking fees and charges. The following are the main fees you need to be aware of while banking in Malaysia:

Regular service charges
Minimum deposits
Debit card fees
ATM fees
Early closure charges
Cheque processing fees

WISE Simplifies the Banking Process

WISE, previously Transferwise, allows consumers and businesses all around the world to handle their money regardless of where they are physically located. It facilitates money transfers, allowing you to hold money in multiple currencies, and allows you to spend money overseas with a single, easy-to-use debit card.

It’s quite simple to set up an account online, and there are no costs to worry about: WISE‘s conversion rates are often seven times lower than those charged by a regular bank. Your money will always be converted at the actual exchange rate, which is the one you see on Google, so you can be guaranteed you’re receiving the greatest deal and won’t be paying hidden markups like you would with a traditional bank

**With WISE, you can save a lot in managing your money internationally!**

Finding the easiest way to transfer money between accounts that use different currencies may be another issue for foreigner students.

Traditional banks might be an expensive alternative if you need to make an overseas transfer. They frequently charge for the transaction processes, convert at unfavorable currency rates, and fees may be imposed at the receiving end.

While with WISE, you get to transfer money internationally with low, transparent fees, and always get the real exchange rate.

Note: For more definition and explanation of the fees above please refer to this link.

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