Malaysia (MY)

Monthly fee: Free (Maybank2u online banking account, no monthly fee for Savings Account with RM20 minimum balance)

Requirements: Valid Employment Pass, passport, proof of address in Malaysia (utility bill or tenancy agreement), employer letter. Visit any branch in person — cannot open online as a new foreigner.

• + Largest bank in Malaysia with the most ATMs and branches nationwide
• + Maybank2u app is English-friendly and widely considered the best digital banking experience in Malaysia
• + Easiest for new expats to open — most tolerant of EP holders without 3+ months' payslips
• + JomPAY bill payment built-in for all Malaysian utility payments
• + Interbank GIRO (IBG) and DuitNow transfers free or RM0.10
• + Maybank Gold Account for FX savings and gold investment

• - Physical branch visit required for new account opening — cannot open online as a new foreign national
• - International transfer rates not competitive — Wise is significantly cheaper for overseas remittances
• - Some branches have long queues — book an appointment via the Maybank website to reduce wait time
• - Standard savings account requires RM20 minimum balance — account falls dormant without regular activity

Monthly fee: Free (CIMB Clicks savings account with RM1 minimum balance)

Requirements: Employment Pass, passport, proof of address. CIMB also offers digital account opening for some account types via CIMB Clicks app after initial in-branch verification.

• + Strong ASEAN-wide banking presence (Singapore, Thailand, Indonesia, Philippines) — useful for regional transfers
• + CIMB Clicks app is well-rated with full English support
• + OctoSavers Account earns decent interest rates
• + CIMB Visa Signature card widely accepted for travel
• + Active promotions for new-to-bank customers

• - Branch experience can be inconsistent across locations — service quality varies significantly
• - International telegraphic transfer (TT) rates are poor — use Wise for overseas remittances
• - In-person branch visit required for initial account opening — digital opening only after first visit
• - Monthly fees may apply if minimum balance conditions are not maintained

Monthly fee: Free (PB e-Savings Account)

Requirements: Employment Pass, passport, proof of address, employer letter. Branch visit required.

• + Consistently rated Malaysia's most stable and best-managed bank
• + Very strong mortgage product — preferred lender for property buyers including foreigners
• + Excellent corporate/SME banking for business account needs
• + PBe app for banking on the go
• + Competitive fixed deposit rates

• - Less focused on consumer digital experience than Maybank or CIMB — app less polished and user-friendly
• - Smaller ATM network than Maybank — fewer locations at petrol stations and convenience stores
• - International wire transfer fees not competitive — Wise is cheaper for overseas remittances
• - Branch service can be slow — long queues at popular Kuala Lumpur and Penang branches

Monthly fee: Free (HSBC Everyday Global Account with qualifying balance; RM10/month if below RM2,000 average balance)

Requirements: Employment Pass, passport, proof of address. International staff may be able to open via HSBC Expat (expat.hsbc.com) before arrival if employer is an HSBC Global Corporate client.

• + International reputation and cross-border banking with HSBC accounts in UK, HK, Singapore, Australia
• + HSBC Premier: multi-currency account, free international transfers to other HSBC accounts globally
• + English-first customer service with international expat experience
• + Credit card options with international acceptance
• + Excellent for expats who bank with HSBC in their home country

• - HSBC Premier requires RM200,000 in relationship balance — high threshold for most expats
• - Smaller branch network in Malaysia than Maybank or CIMB — fewer locations outside Kuala Lumpur
• - Standard HSBC Advance account has minimum balance requirements — monthly fee applies if not met
• - International wire fees apply even for non-HSBC-to-HSBC transfers — Wise is cheaper for personal remittances

Monthly fee: Free account; transfer fee 0.4–1.5% of amount (mid-market exchange rate)

Requirements: Online only — email, Employment Pass scan, passport scan. No Malaysian bank account needed to open.

• + Mid-market exchange rate for all international transfers — significantly cheaper than any Malaysian bank
• + Malaysian Ringgit account for sending money home from Malaysia
• + Hold multiple currencies in one account
• + Wise Debit Card (Mastercard) for international spending at mid-market rate
• + Essential tool for remitting salary home, paying overseas suppliers, or receiving overseas income

• - Not a full Malaysian bank account — cannot receive Malaysian employer salary or set up DuitNow transfers here
• - No physical branches — all support is online or via app; in-person service not available
• - Not suitable as a primary salary account for Employment Pass holders — a local Malaysian bank account is required
• - MYR account functionality subject to Wise's current BNM regulatory arrangements — verify at wise.com

Monthly fee: Free — digital bank with no minimum balance

Requirements: Online account opening via app. MyKad or passport + valid Malaysia visa. Uses eKYC (selfie + document scan). One of the first fully digital licensed banks in Malaysia (licensed by BNM 2023).

• + Fully digital — open account in 10 minutes from phone, no branch visit
• + No minimum balance, no monthly fees
• + Linked to Grab ecosystem — GrabRewards points integration
• + GX Main Account: 2% p.a. (2026); GX Bonus Pocket: up to 3.55–4% p.a. for qualifying balances — verify current rate in app
• + DuitNow instant transfers included

• - No physical branches for complex issues — all support via app or call centre
• - Limited product range compared to traditional banks — no mortgage, no business banking, no investment products
• - Relatively new bank (licensed 2023) — limited track record; may not yet be accepted by all employers for payroll
• - Not suitable as a sole banking account for new Employment Pass holders — a traditional bank account is recommended alongside