How to Open a US Bank Account From Malaysia (And Whether You Actually Need One) [2026]

A practical guide for Malaysian businesses that need to receive, hold and spend US dollars.

Key takeaways

• Confirm what you actually need before applying, because most Malaysian businesses want USD collection rather than a US banking relationship.
• Expect a US-registered entity, a US tax identification number and business formation documents as the starting point for any US business bank account.
• Plan for a branch visit in many cases, since online applications at US banks are usually limited to simple, single-owner business structures.
• Consider a multi-currency account opened from Malaysia, which gives you local USD account details without a US company or US address.
• Compare total cost, not headline fees, including monthly service charges, minimum balances and the conversion cost when USD becomes ringgit.

Working out how to open a US bank account from Malaysia usually starts with one real problem: your customers pay in US dollars. This guide covers who is eligible, which documents US banks ask for, whether you can apply online, and why many Malaysian exporters and marketplace sellers reach the same goal with a multi-currency account instead. It is written for SMEs trading with the United States.

Can Malaysian businesses open a US bank account?

Yes in most cases, but rarely as a Malaysian-registered company on its own. US banks open business accounts for businesses formed and registered in the United States, so the usual route is to set up a US entity first. That extra step is what stops many Malaysian SMEs before they begin.

Your nationality is not the main obstacle. Chase, for example, accepts non-US citizens as business owners and signatories, using a passport as primary identification.¹ What the bank needs is evidence that the business itself exists under US state law, including the legal business name, state of registration and registration date.²

If your company is registered only with the Companies Commission of Malaysia (SSM), incorporating in the United States comes first. That means formation fees, annual filings and US tax obligations for a business that may only want to collect USD.

Who is eligible to open a US business bank account?

Eligibility rests on the company rather than the passport of its owners. A business registered in a US state, holding a US tax identification number and able to produce formation documents can be opened by a non-resident owner. Without a US entity, the application does not usually get started.

One requirement catches Malaysian applicants out. An Employer Identification Number (EIN) is the tax number the US Internal Revenue Service (IRS) issues to businesses, and its online EIN tool only serves applicants whose principal place of business sits in the United States or its territories.³ Applying from Malaysia means Form SS-4 by telephone, fax or post instead.⁴

Requirements for opening a US bank account as a non-resident

The document list runs longer than most Malaysian owners expect, and almost all of it is US-issued paperwork. The table below uses Chase business checking as the reference point.

Note: Features and availability may vary by region and are subject to change. Always verify current offerings directly with each provider before making a decision.

The practical difficulty is sequencing. A tax number is needed before the account,¹ and the IRS only issues one to a business that already exists.⁴ Each step waits on the one before it, so the timeline runs in weeks rather than days.

Can you open a US bank account online?

Sometimes, and only for straightforward structures. Chase accepts online business applications from sole proprietorships with one owner, single-member or single-manager LLCs, and privately held S and C corporations with a single authorising representative.² Multi-member LLCs, non-profits and companies owned by another business are directed to a branch instead.¹

Fintech platforms are the more common remote route, and their rules repay close reading. Mercury states that the company must be formed and registered in the United States or a US territory, that applicants need not be US citizens or residents, and that a physical operating address plus existing or planned US operations are required.⁵ Its guidance also lists businesses without a US legal or residential address as not a fit for the platform.⁶

Why opening a US bank account is difficult for Malaysian businesses

None of this rejects foreign owners. The friction comes from a system built around US residency, US tax numbers and US-issued proof of address, none of which a Malaysian SME holds by default.

• Residency and address. Verification assumes a US address, and accepted ID documents reflect that.¹
• Tax numbers. An SSN or ITIN belongs to an individual, so obtaining one adds a second application.¹
• Entity formation. A US company brings formation costs, a registered agent, annual filings and federal tax reporting.
• In-person attendance. Beyond simple single-owner structures, owners or managers are expected at the branch.¹
• Ongoing cost. Chase Business Complete Banking charges a monthly service fee of USD 15, waivable by keeping a USD 2,000 minimum daily ending balance, among other options.²

Weighed against the original reason for searching, that is a great deal of structure to build for one currency.

Do you actually need a US bank account to receive USD?

Often, no. Collecting USD from US customers and marketplaces is already possible from Malaysia. Amazon’s own currency service pays sellers into a local bank account without requiring a foreign bank account, with funds generally arriving in one to five business days.⁷

There is a catch. Amazon Currency Converter for Sellers disburses in the home currency of the bank account’s country, so USD revenue lands as ringgit at the rate applied on the day the transfer starts.⁷ Pay US suppliers, ad platforms or software in USD as well, and you convert out of the currency and straight back into it, paying a spread each way.

Holding the currency removes that double conversion. Providers operating in Malaysia issue foreign currency account details for this purpose: Airwallex states that Malaysian businesses can open a USD account online with local US bank and branch codes, with no account opening fees, monthly maintenance charges or minimum transaction requirements.⁸ Comparing the foreign currency accounts available to Malaysian businesses is worth doing before committing to a US company.

How WorldFirst helps Malaysian businesses receive and pay in USD

WorldFirst is a payments provider, part of Ant International, and the World Account is a multi-currency account for cross-border trade. You open it as a Malaysian-registered business, with no US company, US address or overseas banking relationship needed.

For USD, the account gives you receiving details you can share like any account number. You can collect international payments using local account details in 20+ currencies, connect to 130+ marketplaces and payment gateways, and hold what arrives rather than converting on receipt. Sellers can get paid by Amazon into the matching currency account, while exporters can put USD details on invoices to US buyers.

The outbound side matters just as much to importers. Payments reach 200+ countries and regions, and outbound currencies include USD, MYR and CNH, the offshore Chinese yuan traded outside mainland China. A Johor exporter invoicing US buyers can hold that USD, pay overseas business partners in USD or CNH, and convert to ringgit when it suits the margin.

Applications are submitted online and typically confirmed within two business days, after which a receiving account is set up in the portal. Have your SSM business registration, company registration number, directors’ identification and shareholder details ready before starting. WorldFirst sits within the Ant International group behind Alipay+ and Antom, and publishes its licensing position for each market it serves. 

Traditional US banks versus a multi-currency account

The useful comparison is not which option ranks higher, but which one matches your intention. A US bank account gives you a domestic US banking relationship, while a multi-currency account opened from Malaysia gives you USD collection and payout without one.

Fees checked in July 2026. Pricing, eligibility, and product features may change over time. Always confirm the latest information directly with the provider.

Read the table by row rather than by column. The first two rows settle most cases, because a business with no reason to register in the United States is ruled out of the first two columns before cost enters the discussion.¹ ⁵ Fees matter for whatever remains, since a waivable monthly charge stays waived only while the qualifying balance holds.²

How to set up USD collection from Malaysia, step by step

1. Define the job. Note whether you need to receive USD, hold it, pay in it, or all three. A collection-only need rarely justifies a US entity.
2. Gather documents. Prepare your SSM registration, company registration number, directors’ identification, beneficial shareholder details, and evidence of trade such as invoices or marketplace accounts.
3. Apply online. Submit the application and wait for confirmation, usually two business days.
4. Open a USD receiving account. Create the currency account in the portal, then copy the local details.
5. Share the details. Put them on invoices to US buyers, or update the deposit method in Amazon Seller Central, Shopify or your gateway.
6. Choose your conversion moment. Hold USD for US costs, or convert to ringgit when the rate suits your margin.

Frequently asked questions

Do I need to fly to the United States to open a US business bank account?

Not always, though your structure decides it. Some US banks accept online applications from sole proprietorships and single-member LLCs, while multi-member LLCs, partnerships and company-owned entities are usually asked to attend a branch with all members present. Fintech platforms allow remote applications, but still want a US company and a US operating address.

Is an ITIN the same as an EIN?

No. An ITIN is a tax number for an individual who cannot obtain a Social Security number, while an EIN identifies a business for US federal tax purposes. Business applications generally rely on the EIN, though single-member LLCs may use the owner’s ITIN. Either one adds a separate waiting period.

Can I pay US suppliers from a multi-currency account in Malaysia?

Yes. A multi-currency account holds balances by currency, so USD from customers can settle USD invoices directly, with no conversion to ringgit and back. Importers buying from China can also pay in CNH. Check which payout currencies and destinations your provider supports before agreeing a supplier payment schedule.

Is it possible to receive Amazon US payouts without a US bank account?

Yes. Amazon can disburse to a bank account held in a country it supports, converting into that country’s currency, so Malaysian sellers get paid without a US account. To keep revenue in USD for advertising, software or supplier costs, take the payout into a USD receiving account and convert separately.

How do I choose between a US bank account and a multi-currency account?

Start from your reason for wanting one. US payroll, US lending or a genuine US legal presence points towards a US bank. Collecting USD, holding it and paying international costs points towards a multi-currency account opened in Malaysia, avoiding US incorporation, US tax filings and minimum balance conditions.

Conclusion

Most Malaysian businesses researching how to open a US bank account are solving a currency problem, not a banking-relationship problem. If US incorporation serves other purposes, the requirements above show what to prepare. If the aim is receiving, holding and spending USD as a Malaysian company, a multi-currency account is the shorter path, using documents you already hold.

Sources

1. https://www.chase.com/business/resources/business-bank-account-information
2. https://www.chase.com/business/banking/checking/business-complete-banking
3. https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number
4. https://www.irs.gov/businesses/employer-identification-number
5. https://support.mercury.com/hc/en-us/articles/28770467511060-Eligibility
6. https://support.mercury.com/hc/en-us/articles/35623024962324-Mercury-account-eligibility-requirements-for-clients
7. https://sell.amazon.com/programs/amazon-currency-converter
8. https://www.airwallex.com/my/business-account/global-accounts/usd-account

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.