So, you’re here to learn about how you can open a bank account online in Malaysia. Well, we understand. Pretty much everything can be done online now, so why not open your bank account online as well, right?
That would be so much more convenient – you can skip the traffic jam, skip the queues and long waits that you need to endure when you open your bank account at the branch nearest to you.
Let’s start again. In this article, we will guide you on how you can open a bank account the offline way first – where to open a bank account, what are the requirements, what you need to bring et cetera. Then, we can move on to how you can open a bank account online.
If you aren’t sure which bank to start with for information seeking, why not start with the top 5 banks in Malaysia? The more widely used the bank is in Malaysia, the more facilities you can find for that bank anywhere you go.
Try to choose from the banks below to open your bank account so that you can easily locate the ATM machines, bank branches or any other facilities that you need!
- CIMB Bank
- Public Bank Berhad
- RHB Bank
- Hong Leong Bank
There are also several other banks that Malaysians use, although on a less frequent basis than the top 5 banks in Malaysia listed above.
- United Overseas Bank (UOB)
- Bank Rakyat
- OCBC Bank
- HSBC Bank
You can choose where to open your bank account based on your interests. Are you looking to open a savings account, or a fixed deposit account? It’s best to take a look at the available account types on the top few banks in Malaysia to decide for yourself which bank suits your interests the best.
As an example, if you are planning to open a savings account, why not refer to one of our other posts here to take a look at the requirements for that individual bank and their annual interest rates?
Let’s take a look at the types of bank accounts available in Malaysia in the section below.
There are several other bank account types offered by banks in Malaysia, but the three types of accounts below are more common.
Current accounts are usually used by business owners. This type of account enables a person to pay with a cheque. Current accounts are also referred to as transaction accounts. Businesses with a current account can enjoy interest rates much higher than that of a normal savings account, but these rates only apply for large deposited sums.
Saving accounts are the most common account types to be opened for most banks due to how easy it is to open for personal use. While you are not able to pay by cheque, you can still enjoy debit payments, ATM access and much more just like a current account does. The interest rates are a lot lower than that of current accounts, but there are junior saving accounts that may be beneficial for you.
You can think of a fixed deposit account as a time capsule. You commit a certain amount of money into the bank account for a term of your choice. If you do not terminate the fixed deposit savings throughout the saving term that you chose, you will earn a decent interest rate. You can have fixed deposit savings for up to several years if you want to!
While the actual requirements may vary, most of the documents you need to open a bank account in Malaysia are similar. You can usually call the bank customer service number or check the bank’s official website for information on what you need to open a bank account at any of their branches.
Take this screenshot below as an example – this is the listed requirement for a basic savings account in Maybank.
All you need to do is to bring a copy of your I/C to the bank branch after you know which bank account type you want to open and wait for your turn. You will be given some forms to fill up – your contact details, mostly – and you might be asked to key in your digital signature and record your thumbprint, but that’s about it. The bank officer will take care of the rest!
With a savings or current account, you will be given a debit card and a default PIN number.
The bank officer will ask you to go to the ATM machine and set a 6-digit PIN number. Remember to set a PIN number that is not too easy to guess, such as your DDMMYY birth date digits.[the_ad_placement id=”content”]
Usually, there will be a few ATM machines located right within the bank branch, so you don’t need to worry about wandering too far away from the bank branch before you complete your bank account opening process.
You can also get assistance from the bank officers should you face any difficulties in this process.
- Insert your debit card into the ATM Machine
- Choose the language interface you want to use
- Key in the default PIN number given by the bank officer
- Choose ‘PIN Change’ or other similar phrases in the menu screen
- Key in your new 6-digit PIN number
- Key in the new PIN number again when prompted
That’s it! You will be issued a receipt to confirm that you have changed your PIN number, but don’t worry – your new PIN number will not be displayed on the receipt. Just return to the bank officer to complete the remaining parts of your bank account opening process, and you’re good to go.
If you want to be able to open bank accounts online in the future, you will then need to activate your online banking access. You can do this once you have obtained your ATM debit/ credit card and reset your PIN. We will be using Maybank2u to show you the example below, since it is the most-used bank in Malaysia.
- Go to Maybank2U by visiting https://www.maybank2u.com.my
- Click on the “Register Now” button
- Insert your card number & PIN number for first-time log-in.Remember the debit card and the new 6-digit PIN that you set at the bank branch earlier? This is where it comes to use! Just key in according to the instructions and click on ‘Continue’.
- Create your login credentials
After you click on ‘Continue’, you will be brought to a screen where you need to fill in several details. Have your phone ready by your side! These are the fields that you will need to fill in:
This is like any other usernames – you will use this to log in later on, so choose a username that you can remember easily.
Set a password for your online banking account. This is not the PIN number! You can choose a more complex password with uppercase and lowercase letters, numbers and special symbols to ensure that your login is secure.
- Confirm Password
Key in your chosen password again.
- E-mail address
Use an e-mail address where you would like to receive your online bank statements or other promotional offers from
- TAC Number
You have registered for a bank account with a phone number earlier at the bank branch. Click on ‘Request TAC’ and you will receive a 6-digit code on your phone via SMS. Key in those numbers into the TAC number box to confirm your identity and you’re all set to go.
- Click on ‘Next’.
- Image Verification
On the next screen that comes up, you will be prompted to enter a word based on the picture provided. Usually, these are simple pictures, and you will only be asked to fill in words such as ‘fish’, ‘strawberry’ or other similar items. It won’t be something like ‘flamingo with a blue and pink filter with a sunset backdrop’, so don’t worry too much about it.
- Security Questions
There could be scenarios where you get locked out of your own account after multiple log-in attempts, or maybe you need to change some contact details for your bank account. These are the questions that you will need to answer to confirm that it is indeed you who are making these changes. Select 3 questions and key in your own answers. No one else should know the answers to these questions but yourself.
- Click on ‘Next’.
If you have keyed in all the required information, you will see a message showing that you have successfully created your Maybank2U account.
Congratulations! You are now one step closer to creating your sub-accounts online! Let’s move on to how you can create other bank accounts online. One of the accounts that you can open and close online for Maybank, as an example, is Maybank2U Savers or M2U Savers.
You can complete the entire registration process via Maybank2U Online. Convenient, isn’t it? While the actual steps may differ, opening the online bank account access works similarly even for other banks. Just head to a bank branch for the registration, activate your ATM card, and complete the first time log-in on their bank website!
Since you have opened your Maybank2U online account, you can now access many more menus online. You can apply for other bank accounts, loans, insurances, and several other features that Maybank offers to their users.
Of course, we only use Maybank here as an example. There are also other banks that allows you to open accounts and apply for other services once you have access to their online account. Meanwhile, let’s look at how you can open your M2U Savers account online.
- Log in to Maybank2U.comKey in your username that you have set while you created your Maybank2U online account and press ‘Log In’
- Confirm your security phrase and enter your password.An image and a phrase will come up. Are these the security image and phrase that you set when creating your account? If so, click yes. You will then be prompted to enter your password. Click ‘log in’ when you have entered your password and you have successfully logged in.If those were not your security phrase and chosen image, do NOT enter your password. Check if your have entered the right username. If your username is correct but the image and security image is wrong, leave the website instead.
- Click on ‘Apply’ on the top of the screen.Scroll a little lower and you will see the ‘Accounts’ tab.
- Click on ‘Apply Now’ for M2U Savers and complete the application.
- Choose ‘M2U Savers’ for Product Type.
- Click on ‘Account Details’.
Three more form fills will be available for you. Enter your e-mail address, where you want to transfer your funds from, and how much you want to deposit into this account for starters. You can only choose to transfer funds from your existing Maybank2U account right now. Once you have filled in these information, click on ‘Submit’.
- Review your information
Check if all the information is correct. And click on the ‘Confirm’ button at the bottom of the screen. If it’s successful, a ‘Successful’ message will show up. Alternatively, if you have opened a Maybank2U Savers account and closed it within the last 6 months before, you will not be eligible to open a new one just yet.
That’s it! You have opened a bank account online!
Remember that banks usually only allow you to open your online account after you have visited any of their bank branches to open your first account with them. Sub-accounts can be created online afterwards for eligible bank account types via their online website after you have opened your first bank account with them and activated your ATM card.