Malaysia's banking system is governed by the Central Bank which is located in Kuala Lumpur. Some of the local banks are: Affin Bank, Alliance Bank Malaysia, Ambank Malaysia, CIMB Bank, Citibank, Hong Leong Bank, Maybank2u, RHB Bank and etc. HSBC and Standard Chartered Bank are some of the major international banks which have set up in Malaysia.
Required Documents to Open a Bank Account
Foreign investors and work permit holders wishing to open a bank account in Malaysia must provide the following documents:
i) a valid work permit;
ii) a partnership certificate;
iii) a partner who already has an account in this bank;
iv) Proof of address.
For the foreigners wish to settle for a long-term in Malaysia are required to produce the following documents:
i) Malaysia My Second Home visa (MM2H);
ii) Original passport along with a copy;
iii) Work permit;
iv) An employment certificate stamped and signed by the employer if they have a work permit proof of address.
Main Types of Bank Accounts
1. Current accounts
Used for daily banking. Current accounts may include an ATM/debit card, a cheque book and credit card facility on request. They typically offer a low rate of interest, but provide easy access to account funds.
2. Savings accounts
Typically offer higher rates of interest than current accounts, but may have limited access to funds, with restrictions or interest penalties applied for making account withdrawals. Savings accounts may offer either fixed or variable rates of interest, and may be fixed for a period of time (e.g. one year).
3. Deposit accounts
Typically offer higher interest rates than savings accounts or current accounts, but access to funds may be limited or not available until the account maturity date. If you require regular access to funds, deposit accounts may not be suitable.
Offshore accounts may also be available, and can be useful for tax efficient long-term savings and for general tax planning purposes. Offshore savings accounts can be held in various worldwide currencies. You should get independent advice before opening an offshore account.
If you have further enquire, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Malaysia Office hotline by 603- 2141 8908 or email to email@example.com. Add: Unit 6.06, Level 6, Amoda 22, Jalan Imbi, 55100, Kuala Lumpur, Malaysia.
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