Open a personal account in Malaysia, non resident

[minotari]

I'm aware that one, non resident, can't open a personal account in Malaysia. I'm looking for legal or semi-legal ways, or legal workarounds, to do so. And of course, without having to pay for "Malaysia my second home", opening a company or something like that. And I'll be willing to make an effort and pay something, if required, as long as it's nothing too complicated, costly and time consuming.

And I'm aware that Malaysia currently is closed for visitors.

What are the ways?

 

[Runway]

Do you need a proper bank account or would a local wallet be ok (max 10k rm)?

Do you need to receive MYR funds or just pay out?

There used to be a loophole to get a Maybank savings account but it's long gone...

 

[nomad999]

Do you need a proper bank account or would a local wallet be ok (max 10k rm)?

Do you need to receive MYR funds or just pay out?

There used to be a loophole to get a Maybank savings account but it's long gone...

can you iterate on the local wallet ?

I am on the same boat, sooo annoying ... only solution for a bank account in Malaysia is to get a visa I think, marriage visa would be the cheapest, perhaps education visa also.
I am planning to get a business visa but its freaking expansive ...

 

[Runway]

There is no guarantee you will get an ewallet without visa but you can try to apply for a Maybank MAE, register with a local address.
Even you have a visa the bank will set the lifetime of your account according to the visa and block it once it expires.

I however fail to understand what's so special about a Malaysian account why would you want to get one. If you want to hold MYR and make local payments you could use also TransferWise

 

[nomad999]

Even you have a visa the bank will set the lifetime of your account according to the visa and block it once it expires.

damn didn't thought they would do that ...
the visa is also to stay in the country and get tax residency, not just the bank account obviously

I can't stand paying fees to the banksters and so far the only solution have been to get a local bank account with visa in the country and swallow a 1 time low fees transfering from transferwise every now and then.
easy to do in thailand, vietnam, philippines, indonesia and cambodia, only malaysia is getting annoying ...

will check maybank MAE, thx for the tips.

 

[Runway]

If you don't need to receive local payments on the account you can hold MYR in the TransferWise borderless account and spend them with the TW card, payments to local banks out the TW MYR funds are also inexpensive

 

[nomad999]

If you don't need to receive local payments on the account you can hold MYR in the TransferWise borderless account and spend them with the TW card, payments to local banks out the TW MYR funds are also inexpensive

unfortunately you can't get the transferwise card with a residency in south east asia ...

 

[Runway]

Depends where, not an issue to get it in Singapore

 

[nomad999]

Depends where, not an issue to get it in Singapore

sure lol, I don't really think of singapore when talking about south east asia countries
way too expansive to live there ... kind of defeat the purpose of moving to SEA imho.

 

[troubled soul]

Can I open an account as a non-resident?​

It is possible to open a Malaysian bank account as a non-resident. The documentation required to open an account is not fixed in law, so each bank has its own policy. You will usually need to show a reference from your company, or a reputable Malaysian contact, as well as a work permit or other documents proving your right to be in Malaysia.

transferwise.com/gb/blog/opening-a-bank-account-in-malaysia

 

[Runway]

Can I open an account as a non-resident?​

It is possible to open a Malaysian bank account as a non-resident. The documentation required to open an account is not fixed in law, so each bank has its own policy. You will usually need to show a reference from your company, or a reputable Malaysian contact, as well as a work permit or other documents proving your right to be in Malaysia.

transferwise.com/gb/blog/opening-a-bank-account-in-malaysia

It basically says you don't need to live in Malaysia but you need to hold a visa (work permit)

 

[timonka]

Can I open an account as a non-resident?​

It is possible to open a Malaysian bank account as a non-resident. The documentation required to open an account is not fixed in law, so each bank has its own policy. You will usually need to show a reference from your company, or a reputable Malaysian contact, as well as a work permit or other documents proving your right to be in Malaysia.

transferwise.com/gb/blog/opening-a-bank-account-in-malaysia

"Reference from a company" - Oh, God, what a news! Everybody in basically any country on the Earth can open an account with a work permit of a country. Or with a reputable local contact. Surprise.


The original question doesn't ask what DOCUMENTS required to open an account in Malaysia, but how to open it in the situation the topic starter is.

 

[timonka]

Do you need a proper bank account or would a local wallet be ok (max 10k rm)?

Do you need to receive MYR funds or just pay out?

What are the ways to obtain those, at least?

 

[Runway]

What are the ways to obtain those, at least?

There is no guarantee you will get an ewallet without visa but you can try to apply for a Maybank MAE, register with a local address.
Even you have a visa the bank will set the lifetime of your account according to the visa and block it once it expires.

I however fail to understand what's so special about a Malaysian account why would you want to get one. If you want to hold MYR and make local payments you could use also TransferWise

 

[daxbr]

I'm aware that one, non resident, can't open a personal account in Malaysia. I'm looking for legal or semi-legal ways, or legal workarounds, to do so. And of course, without having to pay for "Malaysia my second home", opening a company or something like that. And I'll be willing to make an effort and pay something, if required, as long as it's nothing too complicated, costly and time consuming.

And I'm aware that Malaysia currently is closed for visitors.

What are the ways?

One way... visit Labuan.

 

[timonka]

One way... visit Labuan.

Everyone who visits Labuan gets granted a bank account automatically?

 

[timonka]

If you don't need to receive local payments on the account you can hold MYR in the TransferWise borderless account and spend them with the TW card, payments to local banks out the TW MYR funds are also inexpensive

You try to answer anything but the original question and the way it is.

How on Earth one would receive MYR to a Transferwise borderless account in the first place? Namely, MYR, from a local Malay bank, not via SWIFT and by as dollar that one would convert to MYR then.



Question was: how to get a Malaysian bank account? Not how to receive MONEY in general, and not how to store MYR somewhere.



"Oh, you can receive dollars or euro, then convert them into MYR". No, that's not what the question is about.

 

[Runway]

You try to answer anything but the original question and the way it is.

How on Earth one would receive MYR to a Transferwise borderless account in the first place? Namely, MYR, from a local Malay bank, not via SWIFT and by as dollar that one would convert to MYR then.



Question was: how to get a Malaysian bank account? Not how to receive MONEY in general, and not how to store MYR somewhere.



"Oh, you can receive dollars or euro, then convert them into MYR". No, that's not what the question is about.

Read carefully. If you know a better solution then please tell us all, don't forget there is no obligation to provide an answer

 

[timonka]

Read carefully. If you know a better solution then please tell us all, don't forget there is no obligation to provide an answer

The question isn't about some substitute, but only about opening an account in Malaysia, in a given situation.

 

[Runway]

I was just waiting for a new member to come here giving lessons on how to read OP questions. Thanks.

There is no official way you will get a bank account in your name without a valid visa, accounts to foreigners are issued only for the exact validity of their visa. Some banks may be less centralised and a branch director may be able to open you a savings account without asking to compliance. As mentioned above things may be easier in Labuan, depending also on how much you plan to deposit.
Try and let us know