Introduction: Why Choose Maybank for Opening a Foreign Currency Account?

With the growing needs for cross-border investments, international remittances, and overseas education, more individuals living or working in Malaysia are looking into how to open a foreign currency account. As the largest commercial bank in Malaysia, Maybank offers multi-currency account management and a seamless digital experience, making it a top choice for many users.

So, what types of foreign currency accounts does Maybank offer? What documents are needed to open one? Is online application supported? This article will provide a detailed breakdown.

1. About Maybank: Leading Local Bank in Malaysia

Maybank (Malayan Banking Berhad), founded in 1960, is the largest bank by market capitalization and branch network in Malaysia, with over 2,500 branches across Malaysia, Singapore, Indonesia, and various ASEAN countries.

Its online banking service, Maybank2u (M2U), is widely popular and supports multi-currency account management, currency exchange, international remittance, and more, providing great convenience to foreign currency account holders.

2. How Good is Maybank?

Maybank remains a leader in the Southeast Asian financial market due to its extensive branch coverage, comprehensive financial services, strong brand presence, and excellent customer experience.

• Extensive Branch Network: 334 branches in Malaysia alone, with overseas presence in Singapore, Indonesia, the Philippines, China, the UK, and the US.

• Diverse and Comprehensive Services: Offers one-stop financial solutions ranging from personal banking to corporate finance, insurance, and asset management.

• Convenient Digital Services: Provides advanced online banking (Maybank2u) and mobile banking apps, allowing users to transfer, pay, and invest anytime, anywhere.

• Strong Brand Influence: According to Brand Finance, Maybank has been named Malaysia’s most valuable bank brand multiple times and holds a notable position among global bank brands.

3. Types of Maybank Foreign Currency Accounts and Suitable Users

Maybank offers a range of foreign currency accounts to meet diverse customer needs. The main types include:

1. Foreign Currency Savings Account

• Suitable for: Individuals or SMEs with regular small foreign currency transactions

• Available Currencies: Common currencies include USD, EUR, GBP, SGD, AUD, JPY, etc.

• Interest: Some currencies offer interest, but usually at low rates

2. Foreign Currency Fixed Deposit Account

• Suitable for: Investors looking to earn higher interest on foreign currency funds

• Tenure Options: Ranging from 1 month to 12 months

• Interest Rate: Higher than savings accounts, but early withdrawal leads to loss of interest

3. Foreign Currency Account-i (Shariah-compliant)

• Suitable for: Customers adhering to Islamic principles or those who prefer non-interest products

• Operating Model: Returns are based on Islamic contracts rather than traditional interest

4. Requirements and Documents for Opening a Maybank Foreign Currency Account

This section focuses on the requirements and documents for individual customers. Corporate account information is not covered here.

(1) Account Types

Maybank offers two types of foreign currency accounts for individual customers:

1. Master Foreign Currency Account - i: Available to both residents and non-residents of Malaysia, supports multiple foreign currencies.

2. Foreign Currency Cash Account: Mainly offers cash deposit and withdrawal services in foreign currencies, with limited features.

(2) Basic Requirements

1. Account Linking Requirement: A Maybank savings or current account is required before applying. The foreign currency account must be linked to it and managed at the same branch.

2. Identity Requirements:

• • Malaysian residents: Must present original MyKad.

  • Non-residents: Must present original passport and valid residency proof (e.g., student visa, work permit, etc.).

3. Account Purpose Description (if applicable):

• • For study: An admission letter or related document from the educational institution is required.

  • For work: A letter of employment issued by the employer is required.

(3) Required Document Checklist

5. Account Opening Process: From M2U to Branch Activation

1. Online Application Submission

• • Log in to Maybank2u (M2U) website or app, and select “Foreign Currency Account Application.”

  • Choose an existing savings/current account for linking, or apply for a new account simultaneously.

2. Branch Verification

• • After submission, bring all required documents to the designated branch for identity and document verification.

  • If applying for a new account, the setup and linkage must also be completed at the branch.

3. Account Activation

• • Once verified, the foreign currency account will be activated and ready for deposits and transactions.

6. Account Opening Notes and Fees

• Minimum deposit requirement: Varies by currency and account type. For USD, usually starts from USD 1,000.

• Monthly maintenance fee: RM10–RM20 may be charged if the balance falls below the minimum.

• Currency exchange fee: Exchange rate margin applies for cross-currency transactions.

• Tax reporting obligation: The account may be subject to CRS or FATCA compliance.

• Account management limitation: Transactions must be conducted via linked local savings/current accounts.

• Forex regulations: Non-residents must comply with Malaysia’s foreign exchange control rules. Special usage or high-value transactions may require prior approval.

• Overnight balance cap: For study or work-related accounts, the overnight balance must not exceed USD 150,000.

7. Frequently Asked Questions (FAQ)

Q1: Can I open a Maybank foreign currency account online?

A: If you already have a Maybank main account, you can add a foreign currency account via Maybank2u. New users must open the main account in person.

Q2: What currencies are available?

A: Common currencies include USD, SGD, EUR, GBP, AUD, JPY, and CNY. Please refer to the official website for updates.

Q3: Can non-Malaysian residents open a foreign currency account?

A: Yes, with a valid visa and proof of address. A recommendation letter may also be required.

Q4: Can Maybank foreign currency accounts receive international transfers?

A: Yes. They can receive SWIFT remittances using the SWIFT Code and account details.

Q5: Is there a cheque book or ATM card?

A: Foreign currency accounts generally do not include cheque books or ATM cards. They are for deposits and currency exchange only.

Summary

As one of Malaysia’s most popular banks, Maybank offers flexible, secure, multi-currency account services. Whether you're an investor, overseas student, or cross-border businessperson, you can choose a foreign currency account that suits your needs.

It is recommended to prepare relevant documents in advance, understand the currency options, account fees, and application process beforehand...