A step-by-step guide to opening a Maybank savings, current, foreign currency or CDS account online in Malaysia.
Key takeaways
- Malaysians can open a Maybank savings or current account entirely online through the MAE app, using MyKad verification and a selfie for e-KYC.
- Existing Maybank customers have an even shorter online flow, with most personal details pre-filled.
- Maybank also offers foreign currency and multi-currency accounts (Master Foreign Currency Account and Global Access Account-i)
- For Malaysian businesses with international receiving and payment needs, the World Account from WorldFirst is a multi-currency account with no fees for setup or receiving funds
Maybank is Malaysia’s largest bank by assets and the first choice for many Malaysians opening a current or savings account. Over the past few years, Maybank has moved most of its personal account openings online through the MAE app, with branch visits now largely optional rather than mandatory for individual customers.
This guide walks through what Maybank accounts you can open online, the eligibility requirements, and the step-by-step process. It also covers how to pair your Maybank account with a foreign currency account for international business needs.
Can I open a Maybank account online?
Yes. For individual customers, Maybank allows savings accounts, current accounts and investment accounts to be opened entirely online through the MAE app. The process uses e-KYC with MyKad scanning and selfie verification, replacing the branch visit for identity checks.
For Maybank business accounts (SME or corporate current accounts), the online application typically covers the initial submission, but a branch visit is usually still required to complete signatory verification and account opening paperwork, in line with Bank Negara Malaysia’s AML and KYC framework.
A fully online digital business bank account may not be possible, so corporate customers often start the process online and complete it in-branch.
Types of Maybank accounts you can open online
Maybank savings account
A savings account is the most common starting point for a new Maybank customer. Options include basic savings accounts, youth and student accounts, and higher-tier savings accounts offering tiered interest rates on balances. All can be opened through the MAE app with no minimum initial deposit for the entry-level savings tier.
Maybank current account
Maybank business accounts suit customers who need chequing facilities and higher transaction limits for day-to-day banking. The Basic Current Account can be opened online with a RM100 minimum initial deposit. For Shariah-compliant banking, the Basic Current Account-i and Current Account-i are available.
Maybank Global Access Account-i
This is Maybank’s multi-currency account for personal customers, supporting 18 currencies including USD, SGD, EUR, GBP, AUD, HKD and JPY. The account has a RM50 minimum initial deposit and comes with a multi-currency Mastercard debit card. It can be opened through the MAE app once you already hold an eligible Maybank current or savings account.
Maybank Master Foreign Currency Account
Maybank foreign currency account supports 16 currencies, requires a minimum initial investment of US$1000 or equivalent and charges US$4 per eligible transfer. This account is suited to customers holding significant foreign currency balances rather than everyday international transactions.
CDS account
A Central Depository System (CDS) account is required to buy or sell shares listed on Bursa Malaysia. Maybank CDS accounts are opened through Maybank Investment Bank. The application can be started online, but final verification and signatory execution typically still require a branch visit or a visit to a Maybank Investment Bank office.
Requirements to open a Maybank account online
Before starting the online application, make sure you have the following ready:
- A valid MyKad for Malaysian citizens, or passport and visa for foreign nationals
- Malaysian mobile number registered to your name for OTP verification
- Email address for account correspondence and verification
- Residential address in Malaysia (used for debit card delivery)
- Employment details (employer name, occupation, monthly income range)
- A smartphone with a working camera for e-KYC and the ability to install the MAE app
- Minimum deposit based on the account type (RM0 for basic savings, RM100 for Basic Current, RM50 for Global Access Account-i)
Have your MyKad clean and in good condition. A faded or damaged MyKad can slow down the scanning step, which is one of the more common reasons online applications get flagged for manual review.
How to open a Maybank account online: Step-by-step
For new Maybank customers
Step 1: Download the MAE app
The MAE app is available on Google Play and the App Store. Make sure you are downloading the official Maybank app rather than a lookalike.
Step 2: Start the application
On the welcome screen, close the introduction prompt and tap “Apply” in the bottom-right of the navigation bar.
Step 3: Choose your account type
Select between a savings account, current account or investment account based on your needs.
Step 4: Verify your identity
Scan your MyKad using the app’s camera. Follow this with a selfie, which the app matches against your MyKad photo for e-KYC verification.
Step 5: Fill in your employment details
Enter your employer, occupation, monthly income range and any other required information. The app may request supporting information depending on your profile.
Step 6: Apply for a debit card
Choose whether to receive a debit card alongside your account. Enter your residential address for card delivery, typically arriving within 7 to 10 business days.
Step 7: Review and confirm
Check all details for accuracy and submit the application. Approval often happens the same day for straightforward profiles.
Step 8: Activate Maybank2u online banking
Once your account is approved, set up Maybank2u online banking access and activate it before you can start making transactions.
For existing Maybank customers
Step 1: Launch the MAE app and log in.
Step 2: Tap “Apply” in the bottom-right of the navigation bar.
Step 3: Select the account type you want (savings, current or investment).
Step 4: Review and confirm the pre-filled personal and employment details.
Step 5: Submit the application. The account typically appears in your MAE app shortly after approval.
You can also apply through the Maybank2u website if you prefer a desktop experience.
Managing international payments with WorldFirst
The World Account from WorldFirst is a multi-currency account for Malaysian businesses. It’s built for businesses in global trade expanding around the world at a fast pace. You can open local currency accounts in USD and MYR, and send payments in several currencies. Here is how it fits alongside Maybank business banking:
Receive USD and MYR with dedicated local receiving details: Share your USD receiving details with international clients and marketplaces. Payments arrive through local payment rails rather than SWIFT, which is faster and cheaper on both sides.
Collect from 130+ marketplaces and payment gateways: Platforms like Amazon, Lazada, Shopee, Etsy and Shopify can send marketplace payouts to your World Account in the matching currency.
Pay suppliers in USD, MYR or CNH: Send international payments in these currencies and convert between them when the rate suits you. Chinese suppliers accepting CNH can be paid directly without going through USD first.
Pay 1688.com suppliers through World Pay: World Pay is the authorised international payment provider for 1688.com, allowing Malaysian buyers to pay 1688 suppliers without opening a Chinese bank account.
Lock in 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 rate.
Fully online account opening: The entire application is completed online, with no branch visits required.
FAQs
1. Can I open a Maybank current account online?
Yes, personal current accounts can be opened online through the MAE app. For business current accounts (SME or corporate), the online application is typically supported for the initial submission, but a branch visit is usually required for final signatory verification.
2. Can I open a Maybank CDS account online?
The CDS application can be started online through Maybank Investment Bank, but final verification and signatory execution typically still require a branch visit. A CDS account is needed to trade shares listed on Bursa Malaysia.
3. Can foreigners open a Maybank account online?
Online account opening through the MAE app is primarily available to Malaysian citizens with a valid MyKad. Foreign residents typically need to visit a Maybank branch with their passport and valid visa or employment pass for account 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.
