How to open an international bank account from Malaysia

Key takeaways

• An international bank account lets Malaysian businesses and individuals hold, send and receive funds in foreign currencies, giving control over conversion timing and reducing FX markups
• Traditional international bank accounts opened with Malaysian or offshore banks typically require minimum deposits and a few weeks of processing time
• A multi-currency account from a provider like WorldFirst offers an online alternative with zero account setup fee, zero fee for receiving payments and fast onboarding
• Documents required typically include SSM registration, directors’ identification, beneficial ownership details and proof of business address.

For a Malaysian business trading with overseas clients, buying from international suppliers, or managing payments across multiple currencies, a domestic ringgit account is often not enough. International receipts get converted to MYR at the bank’s rate on arrival, outgoing payments pay through the SWIFT network at correspondent bank fees, and foreign currency balances cannot be held for timing or hedging.

An international bank account addresses this by giving businesses the infrastructure to hold and transact in foreign currencies. This guide covers what an international bank account is, who needs one, what the opening process involves, and the online alternatives available to Malaysian businesses.

What is an international bank account?

An international bank account is a bank account that supports holding, sending and receiving funds in currencies other than the account holder’s domestic currency.

International bank accounts come in two main forms:

• Foreign currency accounts: Opened locally with banks like Maybank, CIMB, HSBC or Public Bank, usually holding one currency per account
• Offshore accounts opened in other jurisdictions: Opened in Singapore, Hong Kong, the US or the UK, giving access to those markets’ banking infrastructure and local payment rails

Both let Malaysian businesses receive international payments and manage foreign currency exposure, but the opening process and ongoing costs differ significantly.

Who needs an international bank account in Malaysia?

• You export goods or services: Overseas customers paying in USD, GBP or EUR benefit when their payments land in the original currency rather than converting to MYR on arrival.
• You import from overseas: Chinese suppliers invoicing in CNH or USD, Thai suppliers invoicing in THB, or European suppliers invoicing in EUR all need to be paid in their local currency.
• You sell on international marketplaces: Payouts from Amazon US, Shopify, Etsy and other marketplaces arrive in the marketplace’s currency rather than MYR.
• You run a business with foreign ownership: A Malaysian subsidiary of an overseas parent often needs international banking to settle intercompany balances and distributions.
• You hire overseas contractors or freelancers: Monthly contractor payments in multiple currencies work out cheaper from a dedicated foreign currency account.

If you are a Malaysian-only business with no foreign counterparties, a domestic business bank account is usually enough. The time to open an international bank account is when international flows become regular for your business.

What you need to open an international bank account in Malaysia

For a business international bank account opened with a Malaysian bank, most providers ask for:

• SSM Notice of Registration or Certificate of Incorporation (Form 9, Form 24, Form 49 for pre-2016 companies)
• Company constitution, if adopted
• Board resolution authorising the account opening and naming authorised signatories
• MyKad for Malaysian directors and signatories, or passport and visa for foreign directors
• Beneficial ownership identification for shareholders holding 25% or more
• Proof of registered business address (utility bill or tenancy agreement)
• Any industry-specific operating licences

Note: For opening a bank account as a foreigner in Malaysia, additional identity and address verification from the home country usually applies.

How much it costs to open a Malaysian international bank account

The costs vary considerably by provider and account type:

• Minimum initial deposits: Malaysian bank options typically require some minimum deposit to open the account
• Transaction fees: There can be charged on each payment received or sent Outward SWIFT fees RM 30 to RM 100 plus correspondent bank charges.
• FX conversion: Traditional banks typically add markup on the mid-market rate

How long it takes to open an international bank account in Malaysia

For a Malaysian-registered business with clean documentation applying to a Malaysian bank’s foreign currency account:

• Document preparation: 1 to 2 weeks
• Application submission and initial review: 3 to 7 business days
• KYC and AML checks: 1 to 3 weeks
• Signatory verification (usually in-branch): scheduled around the signatory’s availability
• Account activation: 3 to 7 business days after verification

Step-by-step process to open your international bank account

Step 1: Choose a provider

Compare traditional banks, offshore banks and multi-currency account providers against your currency needs, transaction volumes and timeline.

Step 2: Gather the required documents

Have scanned copies ready as PDFs. Mismatches between documents and application details are a common reason for delays.

Step 3: Submit the application

Traditional banks typically require an initial branch meeting or an online submission followed by a branch visit. Offshore banks may require physical visits to the overseas branch.

Step 4: Complete KYC and AML checks

Respond to follow-up queries promptly. Document requests that take a week to answer add weeks to the overall timeline.

Step 5: Attend signatory verification

Most banks require at least one authorised signatory to be verified in person. Plan the branch appointment ahead if the signatory is overseas.

Step 6: Fund the account

Make the minimum initial deposit to activate the account.

Step 7: Set up online banking access

Register for the bank’s business online banking portal to begin managing the account digitally.

The World Account: A multi-currency account for international businesses

The World Account from WorldFirst is a multi-currency account built for Malaysian businesses handling cross-border payments. It sits alongside your domestic MYR account, handling the international side.

Here is what you can do with a World Account:

Collect international payments: Receive USD and MYR through dedicated local receiving account details. Share your USD receiving details with international clients, marketplaces and payment gateways, and funds land in the matching currency balance.

Marketplace collection: Add your local currency receiving details as payout destinations on 130+ marketplaces and payment gateways, including Amazon, Lazada, Shopee, Etsy and Shopify.

Pay overseas suppliers: Send international payments in USD, MYR and CNH. Chinese suppliers accepting CNH can be paid directly from your CNH balance without going through USD first. World Account holders can transfer to each other instantly with zero transfer fees.

Pay 1688.com suppliers: World Pay is the authorised international payment provider for 1688.com, letting Malaysian buyers pay 1688 suppliers directly in CNH without a Chinese bank account.

Lock in future rates with Firm Orders: Set a target exchange rate for USD, MYR or CNH, and the conversion executes automatically when the market reaches your target.

FAQs

1. Can Malaysians open an international bank account?

Yes. Malaysian businesses and individuals can open international bank accounts either through foreign currency accounts offered by Malaysian banks, or through offshore accounts in Singapore, Hong Kong, the US or the UK. Multi-currency accounts from providers like WorldFirst also offer international receiving and payment infrastructure with fully online opening.

This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.