Malaysia has a mature and well-regulated banking sector. As an expatriate with a valid Employment Pass, opening a local bank account is straightforward and highly recommended — it enables salary deposit, bill payment, online banking and debit card usage throughout Malaysia.
Opening a Malaysian Bank Account
- Choose a bank Major local banks include Maybank, CIMB, Public Bank, RHB and AmBank. HSBC and Standard Chartered offer international banking with global account links. Maybank and CIMB have the widest ATM and branch networks in Cyberjaya and Putrajaya.
- Prepare documents Bring your passport, valid Employment Pass or Residence Pass, and proof of address in Malaysia (a recent utility bill, tenancy agreement or employer letter will suffice). Some banks also require a letter from your employer.
- Visit a branch in person Most banks require in-person account opening for foreign nationals — online-only account opening is generally not available. Branches in Cyberjaya City Centre and Putrajaya are familiar with expatriate applications.
- Initial deposit Most standard savings or current accounts require a minimum initial deposit of RM 250–1,000. Some premium accounts have higher minimums but waive monthly fees.
- Activate online banking and debit card Internet banking and a Visa/Mastercard debit card are issued with most accounts. Activate online banking immediately — it enables fund transfers (IBG/DuitNow), bill payment, and Touch 'n Go eWallet top-up.
Sending Money Overseas
Bank Telegraphic Transfer (TT)
All major Malaysian banks offer international wire transfers. Fees typically range from RM 10–25 per transaction plus a percentage spread on the exchange rate (0.5–1.5%). Processing time is 1–3 business days. Suitable for large or infrequent transfers where rates are negotiated.
Wise (TransferWise)
Wise offers mid-market exchange rates with transparent low fees — typically 0.4–0.7% of the transfer amount. Fast transfers (often same day) to most major currencies. Widely used by expatriates for regular salary remittance. The Wise multi-currency account also allows holding and receiving in multiple currencies.
Money Service Businesses
Licensed money changers and remittance agents (Western Union, MoneyGram, local operators) offer walk-in cash remittance to most countries. Convenient for smaller amounts or for sending to countries with limited banking access. Always use Bank Negara-licensed operators — a list is available on the BNM website.
Digital Wallets
For intra-ASEAN transfers, GrabPay, Touch 'n Go and BigPay offer competitive rates and fast transfer times to Singapore, Thailand, Indonesia and other ASEAN countries. BigPay in particular is popular among Malaysians and expatriates for regional transfers and comes with a Mastercard debit card.
Income Tax for Expatriates
Tax Residency
You are a Malaysian tax resident if you are in Malaysia for 182 days or more in a calendar year. Residents are taxed at progressive rates (0–30%) on Malaysian-sourced income. Non-residents are taxed at a flat rate of 30% on Malaysian income. Most full-time MSC Malaysia employees qualify as tax residents.
MSC Malaysia Tax Incentives
MSC Status companies may apply for Pioneer Status or Investment Tax Allowance — granting qualifying companies full income tax exemption for up to 10 years. Expatriate employees at MSC Status companies may also be eligible for personal income tax exemption on employment income, subject to MDEC approval and conditions.
Filing Requirements
Malaysian residents must file an annual income tax return (Form BE for employees, Form B for those with business income) with the Inland Revenue Board (LHDN) by 30 April each year. Employers deduct Monthly Tax Deduction (MTD/PCB) from salary — ensure your employer is deducting correctly to avoid a large settlement at year end.
Double Taxation Agreements
Malaysia has double taxation agreements (DTAs) with over 70 countries, including the UK, USA, Australia, Japan, Germany and most ASEAN nations. These prevent the same income from being taxed in both Malaysia and your home country. Consult a tax advisor familiar with both Malaysian and your home country tax law.