Using a Malaysian Bank Account

Find out about the financial products and services available from banks in Malaysia...

Facilities available from local and foreign banks in Malaysia include:

  • ATM cards - usually debit cards with Visa or MasterCard, BankCard, Plus or Malaysian Electronic Payment System (MEPS) affiliates
  • Cheque book and savings passbook
  • Credit cards - new applications, lost or damaged card replacements, and 24-hour stolen or lost card reporting
  • Foreign exchange
  • Loan facilities - car and housing loans, personal loans and company loans
  • Money transfer services - Western Union, MoneyGram, bank drafts, cashier cheques and foreign bank transfers
  • Online banking services - Internet transactions, balance check, third party transfer, utility payments online, facility applications
  • Telephone banking services
  • Time deposits
  • Offshore banking options for international banks - branch to branch banking

Foreign exchange services

Foreign exchange services are available over the counter in banks for values below MYR 100,000.

Larger sums of foreign exchange either have to be declared at a bank or at the Central Bank under the Anti-Money Laundering Act.

Foreign exchange is also available from authorised money changers in hotels, major shopping centres, and retail outlets.

Internet banking

Most banks in Malaysia provide online banking services for their customers; however, some banks are limited in the online transaction facilities they offer.

Some banks accept PayPal transactions; those who have PayPal accounts abroad can request PayPal withdrawal facilities from banks that offer this service in Malaysia.