You will need to open a bank account in Malaysia if you are living there as a local or as an expat. There are lots of accounts that you can choose from, so make sure that you hold a preliminary meeting with several banks.
They will discuss your options in order to make sure that you open the right bank account. There are three things that are most important to you:
- Good rate of interest
- Ease of use
- Online capabilities
Which kind of Malaysian bank account are you going to open?
The current account is the one that you are going to use for your monthly wages. Most current accounts do not have a rate of interest, but there is the capability for you to have an overdraft when you get yourself a Malaysia bank account in the future. This means that you have gone over your limit without having any fees from the bank. The current account is the most common account.
A savings account is going to help you set aside some money for your future and for your retirement. You should try and find a savings account with a good rate of interest and with the capability of withdrawing your money at any time that you like.
There are savings accounts which both you and your employer can contribute to each month, which is going to make you wealthier in the long-run. Choose the savings account which is the best one for you to use.
It might be your intention to put aside some money for your child’s future. You can open a child’s account for them and the money can be deposited in there. You can specifically ask that the bank account is impossible to access before the child turns eighteen.
However, you may want the child to be able to manage their money before their eighteenth birthday. They can put money from part-time jobs or relatives into the account and then they can use the money whenever they want.
This account is going to teach the children about the value of money and will allow them to take responsibility for the things that they really want to buy.
Foreign Currency Account
You might be working in Malaysia as a foreign national with the intention of moving on in a year or so. This means that you want maximum value. You can opt to open a foreign money account. Currencies such as the pound and the dollar are stronger than Malaysian currency, so you will have more spending power.
Islamic accounts do not have any interest at all, so this can be useful for people who are following the teachings of that faith.
There are many different types of bank account that you will be able to open whilst you are living and working in Malaysia.