bank account in Malaysia
One of the most important things that the students should do after arriving in Malaysia and is the basic needs of a student in Malaysia is opening a bank account in Malaysia.
Types of bank account in Malaysia:
- Current Account: This account is reserved for those with work permits in Malaysia or personally have company in Malaysia.
- Savings Account: All foreign students in Malaysia can open a savings account.
Types of banks in Malaysia:
- Local banks: Most popular Malaysian Local banks are CIMB Bank, May Bank, AM Bank, RHB Bank; these banks belongs to Malaysia.
- Foreign banks: Most popular foreign banks include HSBC England Bank branch, City Bank India Bank branch, and Bank Of China Bank branch of China.
Note: All students can open a savings account in Local banks of Malaysia.
The best Local banks in Malaysia are CIMB and May Bank with considering the number of branches and ATMs throughout Malaysia and also providing the broadband internet services to consumers and online shopping capabilities and providing Visa card and MasterCard. Our group propose to open a bank account in Malaysia is CIMB or May Bank.
The process of opening bank account in Malaysia:
The opportunity to open a savings accounts in Malaysia’s banks for foreign students is not possible under no circumstances without having student visa; you need to get enrollment certificate from the university after the final registration at the university and receiving the student visa. When you received the letter, you should announce to the university that the enrollment certificate is in order to open a bank account. Then, go to the bank with having the account opening letter and passport and visa and ask for opening an account.
A letter which will be issued on behalf of the university includes the bank name, the bank branch name, the bank’s address and telephone, and the letter will be usually issued for the nearest branch bank to the university.
The dedicated employee in bank applies the amount of 100 to 300 ringgit to transfer your account during the opening date merely to activate your bank account, and the amount is recoverable after the process of opening the account through ATMs and ATM card that you have received.
ATM cards issued by CIMB banks are MasterCard and ATM cards issued by May Bank are Visa card that both have the usability in Malaysian stores and internet purchases.
According to the contract with the banks CIMB or MAY Bank, some Universities and English Language institutes,a branch of the respective Bank is on the campus, and the student can get the introducing letter to the bank from the university after arriving in Malaysia and depositing the university tuition and before getting the student visa, and go to the bank with having the original passport, the origin of introducing letter to the bank and genuine letter of acceptance and open an account.
for more detail about two popular local bank in Malaysia, refer to their official website :