How to open bank account in Malaysia as foreigner?
Let discuss on the following points step by steps towards solution of question how to open bank account in Malaysia as foreigner:
- Corporate account
- Personal account
- Who is eligible to open bank account?
- Barrier of open bank account in Malaysia
- Solution of bank account in Malaysia
- Local banks list
- Foreign banks list
Corporate account: It is called company account that is apart from personal account. To open a company account director’s passport copy, photos, board meeting resolution copy, chopping copies by company secretary of company incorporation papers & tenancy agreement copy are required.
Personal account: It is such an account that bears identity as personal name. The person who is eligible can apply to bank with supporting papers.
Who is eligible to open bank account in Malaysia? Bank account is opened whether as personal name or corporate name. A corporate is allowed who maintain all terms and conditions of company incorporation in Malaysia as foreign investors. A person who is not bearing social visa and have working permit or professional visa is allowed to open bank account.
Barrier to open bank account in Malaysia: Opening a bank account whether corporate/ business account or personal account as foreign investor is not easier there. You will be rejected or disallowed to opening account in local banks of Malaysia. Each foreign bank has different internal conditions that are tough for the small and medium investors to overcome. Especially who are holding social visa as investors are discouraged to cooperate opening business and personal account.
Solution of bank account in Malaysia: As foreign promoters meet up with terms and conditions of banks before registering/ incorporating a private limited company in Malaysia. Foreign investors/ promoters should hold business visa and, remit RM 500,000 for solution of immigration issue or, hold work permit in Malaysia. Contact us for a solution.
Local banks: MayBank, Affin Bank, Public Bank, AM Bank, RHB Bank, CIMB Bank, Alliance Bank and some other banks.
Foreign banks: OCBC, Standard Chartered Bank, HSBC, Bank Kong Bank Berhad, Citi Bank Berhad, India International Bank Berhad, Bank of China, BNP Paribas Malaysia Berhad and some other banks.