Are you an expat living and working in Malaysia? If you have just moved to Malaysia either for work or residence, opening a new bank account is definitely a must to make your financial activity easier. Setting up a new account makes sense especially if you don’t want to pay charges for every transaction that you make. Another advantage is easy access to the Ringgit. If you are earning in Ringgit rather than dollars or any other currency, a new bank account will certainly eliminate the hassle of converting your money to local currency.
Setting up a new bank account for foreigners is very straightforward. If you need to open a bank account in Malaysia, here are two easy ways for you to have one:
- Personal Appearance in the Bank:
- Present your visa and valid work permit to any OCBC branch. You need to present a proof of identity to set up a new account in any bank. If you don’t have a residency permit, you need to secure a reference from your workplace. This can come from either your boss or from the Human Resources department.
- Fill in some forms given to you by the staff. The bank will need to know more about you. You will provide important personal information such as your work, office address, your Malaysian address, and your contact numbers.
- You will be asked to secure a photocopy of important documents. The bank will need a copy of your work permit, passport, and your visa. You can also present your previous billing statements as proof that you live at the address that you provided on the form.
- Pay the initial deposit. At OCBC Malaysia, the minimum initial deposit is RM200. If you want to access more money using this new account, you definitely have to raise your deposit. Just make sure that there is as little as RM20 after all that shopping.
- Get your new passbook or new ATM card. After all of the documents and the forms that you filled up have been submitted, the bank personnel will verify it. Once you have been cleared, your account will be created and you will be able to get your passbook or ATM card after a short while.
- Online Application
Online banking is now a benefit that all people can enjoy. All you need to do is to click and supply the necessary information on the bank’s official website. The documents needed for the application such as your work and residence permit, your passport, and your visa can be provided to the bank by uploading either a .jpg or PDF file. The bank will then verify the information that you have given them. Once your application is approved, you will get your ATM card or your passbook within two to three weeks.
When you are considering opening a bank account, you need to fully weigh the benefits. This is to make sure that you won’t suffer financially. It will also significantly affect the charges that you are going to pay for every transaction that you will make. This is particularly true especially if you have other accounts that are connected to your new bank account.
Finally, if you are having a single shred of doubt, do not open a bank account hastily. Always consult an expert or ask a fellow expat about their experiences about opening a new bank account in Malaysia. This way, you will be able to have a firm grasp of the financial situation here in order to maximize every benefit that your new account provides.