Looking for a digital business bank account? Explore Malaysia’s leading options for SMEs before you apply
Key takeaways
- Business bank accounts by providers such as Maybank, OCBC, GX Bank, UOB and CIMB enable businesses manage payments, expenses, and cash flow separately from personal finances
- Maybank SME First Account supports digital banking for SMEs with opening deposits from RM100
- OCBC eBiz Account offers fully online onboarding, digital banking tools, and business debit card access
- GX Bank BizAccount is a digital-first account for sole proprietors with no minimum balance requirement
- UOB Basic Current Account provides everyday business banking with online access and PIDM protection
- CIMB Business Current Account offers online banking and supports sole proprietors, partnerships, LLPs, and companies
- The World Account by WorldFirst is a multi-currency account that can be used alongside a Malaysian business bank account to manage international payments, foreign currency balances, and overseas supplier payments
Opening a business bank account is one of the first steps in running a business in Malaysia. Beyond receiving customer payments, a business bank account helps separate personal and business finances, manage cash flow, pay suppliers and employees, and access banking services such as financing, debit cards, and digital payment collection.
While business bank accounts are designed for day-to-day banking, businesses with international customers or suppliers may also need a multi-currency account. This guide compares the best business bank accounts in Malaysia for SMEs, including traditional and digital banking options, and also covers the World Account by WorldFirst for cross-border payments and foreign currency transactions..
1. Maybank SME First Account
The Maybank SME First Account is a business account designed for Malaysian SMEs. Businesses can apply online and activate the account through the MAE app.1 The account includes access to Maybank2u and M2U Biz, allowing businesses to manage payments, transfers, and account activity through both web and mobile banking platforms.1
Businesses can also connect their account with selected accounting software partners like AutoCount and SQL for bookkeeping and reconciliation.2 There is no monthly maintenance fee, and account holders can make unlimited withdrawals through Maybank’s branch network.1
The account’s minimum opening deposit requirements are1:
- RM100 via digital first-party transfer for sole proprietors
- RM1,000 via account transfer for partnerships
- RM1,000 via branch deposit for all eligible business types
The account also offers the Maybank SME Visa Platinum Debit Card for sole proprietors.1
Businesses seeking a Shariah-compliant investment option can also access the SME First Investment Account-i.1 It is available to sole proprietorships, partnerships, private limited companies, and professional firms.1
| Fee type |
Bank account name |
| Service charge |
Not specified |
| Minimum/Initial deposit |
Starting from RM1001 |
*Fees checked in July 2026
2. OCBC eBiz Account
The OCBC eBiz Account is a fully digital business current account designed for Malaysian SMEs.4 Businesses can apply entirely online through eKYC verification without visiting a branch, and approved accounts are typically activated within 1-2 working days.4 The account requires a minimum opening deposit of RM500.4 The account includes access to OCBC Velocity and the Business Mobile Banking app.4
Businesses can link the account to an OCBC Business Debit Card for day-to-day spending and expense management.5 There are no registration or annual fees for the card, although replacement cards incur a fee of RM12 for each card.5 Businesses can issue up to 12 Business Debit Cards per account, with each card assigned to a different individual within the organisation.5
| Fee type |
OCBC eBiz Account5 |
| Half-yearly service charge |
RM10 if the average balance falls below RM1,000 |
| Minimum/Initial deposit |
RM500 |
*Fees checked in July 2026
3. GX Bank BizAccount
The GX Bank BizAccount is a fully digital business deposit account designed specifically for SSM-registered sole proprietors in Malaysia.6 Applications are completed entirely through the GXBank app, allowing eligible business owners to open and manage their account without paperwork or branch visits.6
Once activated, businesses receive a 13-digit account number that can be used to receive funds directly into the account.6 The account has no minimum balance requirement, monthly fees, or maintenance charges.6
The onboarding process generally requires only a MyKad and Business Registration Number.6 It does not currently offer a debit card linked directly to the account.
| Fee type |
GXBank BizAccount6 |
| Service charge |
Zero |
| Minimum/Initial deposit |
Not specified |
*Fees checked in July 2026
4. UOB Basic Current Account
The UOB Basic Current Account is a business current account designed for SMEs like private limited companies, professional practices and more.7 It includes access to UOB Infinity and the UOB SME App, allowing businesses to manage payments, monitor balances, and perform banking transactions online.7
The account comes with no-cost free monthly statements and access to UOB’s 24-hour electronic banking services.7
| Fee type |
UOB Basic Current Account7 |
| Service charge |
RM100 |
| Minimum/Initial deposit |
RM10 if average balance is less than RM1,000 |
*Fees checked in July 2026
5. CIMB Business Current Account
The CIMB Business Current Account is a business current account designed for sole proprietors, enterprises, partnerships, Sendirian Berhad, religious bodies and more.8 Businesses can manage account inquiries, transfers, bill payments, and other banking transactions through the CIMB OCTO Biz online banking platform.8 Account holders also receive complimentary monthly statements to help track business transactions.8
The minimum opening deposit depends on the organisation type8:
- RM3,000 for sole proprietorships, partnerships, LLPs, Sendirian Berhad, and Berhad companies
- RM1,000 for associations, clubs, societies, and religious bodies
Eligible businesses can begin the application process online before completing account opening at a CIMB branch.8 Once the application requirements are fulfilled, businesses can receive their account number on the same day.8
| Fee type |
CIMB Business Current Account9 |
| Service charge |
RM10 per half year for an average credit balance below RM1,000 |
| Minimum/Initial deposit |
RM3,000 (most company types); RM1,000 (associations, clubs and societies) |
*Fees checked in July 2026
6. World Account by WorldFirst
The World Account by WorldFirst is a multi-currency account that lets Malaysian businesses send, receive, hold and convert funds across multiple currencies from one platform. It works alongside a Malaysian business bank account rather than replacing it.
Businesses can hold funds in 20+ currencies, including USD, GBP, EUR, SGD, and CNH, using local receiving account details to collect payments from marketplaces, and payment gateways worldwide. The account also supports payments in 100+ currencies across 200+ countries and regions.
While a Malaysian business bank account remains the primary account for local banking activities, the World Account can be used to collect, hold, convert, and send foreign currencies from a single platform.
Other key features of the World Account
- Collect payments from 130+ marketplaces and payment gateways
- World Pay, the authorised international payment provider for 1688.com, for direct CNH payments to 1688 suppliers
- Multi-user access and integrations with Xero and NetSuite
How to choose the right business bank account for your small business
The right business bank account depends on how your business operates today and how you expect it to grow. A sole proprietor processing a small number of local payments may prioritise low fees and digital onboarding, while an established SME may need payroll capabilities, accounting integrations, financing options, and support for higher transaction volumes.
Key factors to evaluate
- Business structure and eligibility: Some accounts are available only to SSM-registered sole proprietors, while others support partnerships, LLPs, private limited companies, associations, and other entity types. Check eligibility requirements before applying
- Fees and balance requirements: Compare opening deposits, minimum balance rules, and ongoing service charges
- Account opening: Check whether the account can be opened online or requires branch visits and additional documentation
- Banking tools: Look for online banking, payroll features, bulk payments, transaction exports, and accounting integrations
- Payment capabilities: Consider DuitNow QR, merchant payment acceptance, cash deposits, and recurring payments
- International needs: Businesses receiving foreign currency or paying overseas suppliers can explore a separate multi-currency account to manage foreign currency balances and international payments
- Cards: Business cards can help you manage everyday business expenses
FAQs
What is the minimum deposit to open a business bank account in Malaysia?
The minimum deposit varies by provider and account type. In this guide, opening deposits range from RM100 for some traditional business accounts to RM3,000 for others, while certain digital business accounts do not specify a minimum deposit. Always check both the opening deposit and any ongoing minimum balance requirements.
Can I open a business bank account online in Malaysia?
Yes, some Malaysian banks and digital banks offer fully online account opening with electronic identity verification. However, certain business accounts may still require branch visits, physical documentation, or verification by authorised signatories depending on the business structure and provider.
Do I need an SSM registration to open a business bank account?
In most cases, yes. Malaysian banks require a valid registration with the Suruhanjaya Syarikat Malaysia (SSM) before opening a business account. Additional documents may be required depending on whether the business is a sole proprietorship, partnership, LLP, or company.
What’s the difference between a business bank account and a multi-currency account?
A business bank account is primarily used for domestic banking activities such as receiving payments, making transfers, managing cash flow, and accessing banking services. A multi-currency account is designed to hold, receive, convert, and send multiple currencies and is often used alongside a business bank account by businesses with international transactions.
Can a small business in Malaysia use the World Account to receive payments from international customers?
Yes. The World Account allows businesses to receive payments using local receiving account details in supported currencies. It can be used to collect payments from international customers, marketplaces, and payment gateways, making it useful for businesses that operate across borders.
Sources
- https://www.maybank2u.com.my/maybank2u/malaysia/en/business/deposits/deposit_account/sme_first_account.page
- https://www.maybank2u.com.my/maybank2u/malaysia/en/business/sme/promotions/smepartner-accounting.page?utm_source=m2u&utm_medium=web&utm_campaign=sme_mass_accopening-accounting290825&utm_content=sme
- https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/frequent_queries/m2u_first_time_registration/m2u_expiry.page?
- https://www.ocbc.com.my/business-banking/smes/accounts/ebiz
- https://www.ocbc.com.my/iwov-resources/my/ocbc/business/pdf/smes/accounts/ebiz/EN_eBiz_Account_Opening_FAQ.pdf
- https://gxbank.my/bizaccount
- https://www.uob.com.my/business/accounts/business-current-account.page
- https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/online-business-current-account.html
- https://www.cimb.com.my/en/business/help-and-support/rates-charges/interest-rates-charges/fees-charges/current-account.html
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.
