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How to Open a Bank Account in Malaysia

Looking to open a bank account in Malaysia? Whether you’ve just landed in Malaysia or you’re planning everything ahead of your arrival, opening a bank account in Malaysia can be a complex process.

This article guides you through how to open an account as a non-Malaysian resident, or when planning your relocation to Malaysia. We’ll cover the documents you need, the options available and the likely costs. We’ll also compare non-resident accounts from traditional banks against some more user friendly solutions, such as Wise or Revolut . But more on that later. Let’s dive right in.

Learn more about Wise Learn more about Revolut

What documents do I need?

To open a bank account with a traditional Malaysian bank as a non-Malaysian citizen, you’ll need to provide proof of identity and proof of address. This usually means you’ll need the following:

• Proof of identity – a valid passport and supporting documents like valid working/student permit, valid visa, letter of confirmation from Employer/Education Institutions.
• Proof of Malaysian residential address – a bank or credit card statement, utility bill or tax return in your name

Choosing these documents is often the easiest way for the bank to comply with Malaysian legislation designed to stop fraud, money laundering and illegal account use. It helps keep accounts and customers safe – but it’s not always easy to provide this paperwork as a non-resident or new arrival in Malaysia.

Luckily some specialist providers and expat services are more flexible in the ways they check customer identity – which can make it far easier for non-residents to legally get a Malaysian account. More on that, next.

Save the paperwork with alternative solutions like Wise or Revolut

All financial services companies in Malaysia need to verify customers’ identity and address details to comply with legislation and provide a safe service for everyone. However, while Malaysian banks usually require customers to provide address details showing a Malaysian residence, some specialist services, like Wise or Revolut , can accept an international proof of address which may be more convenient for expats, non-residents and digital nomads.

If you’re not yet in Malaysia, you’ll be able to use your proof of address from your country of residence to open a Wise or Revolut account, and spend MYR. That means you can get your account set up before you even move, to receive, hold, and spend MYR easily once you arrive in Malaysia.

With modern alternative providers like Wise and Revolut , verification is typically done online by uploading images of your paperwork, and – often –  a selfie to show your identity documents match your image. This is quick, convenient, and can be done from home whenever you have time.

How to open a bank account in Malaysia

There’s no legal restriction on non-residents or foreigners opening a bank account in Malaysia. However, that doesn’t mean it’s easy to do. Traditional banks tend to be wary of offering accounts to non-Malaysian residents because it makes it harder to complete legally required verification checks.

That’s why if you’d like to open a bank account with a traditional institution in Malaysia you’ll usually need to provide proof of residence and a Malaysia-based address. It’s just easier for the bank to verify addresses using Malaysian issued documents they’re familiar with. However, that can make it tricky for non-residents and new arrivals to get their Malaysian accounts up and running.

If you have your proof of ID and residence documents prepared already, you’ll have no problem opening a bank account with a major Malaysian bank. In many cases you’ll be able to get started online – but some banks will ask you to visit a branch to present your original paperwork. Generally all you need is:

• Proof of identity
• Proof of address and legal residence
• A completed application with all your personal details
• Opening deposit – there may be a minimum deposit requirement

Can I open a bank account in Malaysia before arrival?

It’s tricky to open a bank account in Malaysia prior to arriving in the country. That’s because most traditional banks need you to be able to show a Malaysian issued proof of address.

If you want to get ahead of the game and get your MYR bank account set up before you arrive you’ll probably be better off with a specialist service like Wise or Monzo. If you’re based in Europe already, Monese may also be an option. More on the best MYR account options for non-residents coming up in a moment.

Which account is best in Malaysia for foreigners?

Malaysian accounts for non-residents tend to fall into a couple of different categories:

• Multi-currency accounts from online specialists
• Expat accounts from major banks

Specialist services include financial technology companies which are not banks but which are regulated in a similar way to banks – which means that for the services they offer they’re just as safe. These options tend to be cheaper and more flexible. Expat accounts from major banks are usually aimed at high wealth individuals looking for a personal banking service. Let’s take a look at a few examples:

*Maybank Personal Current Account

**CIMB Regular Current Account

Non-residents and foreigners in Malaysia can choose between a range of account types depending on their preferences and priorities. Multi-currency accounts allow for flexibility if you travel, send, spend or receive in a range of currencies, while accounts from traditional banks offer a variety of banking services and transfers to almost anywhere in the world.

Learn more about Wise Learn more about Revolut  

We’ll take a look at these options in a little more detail now.

Wise Account

Wise is a financial technology company which serves millions of customers around the world with low cost international payments, as well as personal and business accounts. The Wise multi-currency account is free to open, and available to residents of any country where Wise has a presence. The account can be managed online or in the Wise app, and allows customers to hold 50+ currencies and exchange between them using the mid-market exchange rate with no markup. You can also send payments to 80+ countries and spend using your Wise international debit card all over the world.

Account types: Wise personal multi-currency accounts are free to open, with no minimum balance or monthly fees to pay.

Eligibility: Not all services and features are available in all locations – full details by location available on the Wise website.

Is it safe? Wise is regulated in Malaysia by Bank Negara Malaysia and overseen by global bodies around the world.

Go to Wise Read Wise Review

Revolut describes itself as a financial super app, and has some 18 million customers in the regions it serves.

Revolut offers a broad range of account services including multi-currency functionality for 30 fiat currencies, budgeting and saving tools, and opportunities to invest. You can choose between several different account types for yourself or your business, from a standard plan without an opening fee to a fee paid account which unlocks more features the more you’re willing to pay per month. Even the standard accounts that doesn’t have monthly fees or an opening fee come with some great features like a linked debit card and some no-fee currency exchange which uses the mid-market exchange rate. Paid account plans may also come with other perks like higher no-fee transaction limits, lounge passes and travel benefits.

Account types: Personal and business accounts available. Standard plans don’t have an opening fee for both personal and business customers. Or you can upgrade to a paid plan for up to $16.99/month as a personal customer or £100/month as a business customer.

Eligibility: Available to new Malaysian arrivals and non-Malaysian residents with addresses in the EEA, Australia, Singapore, Switzerland, Japan, and Malaysia.

Is it safe? Revolut is regulated by the FCA for all its activities. It also holds a European banking licence for the EU.

Read Revolut Review

Maybank Personal Current Account

Maybank is one of the largest banks in Malaysia, as well as the South East Asian region. The bank offers various traditional banking services such as savings and current accounts, loans, investments and more. These accounts can be opened at Maybank branches or online and is open to legal Malaysian residents. Most savings and current accounts require a minimum deposit of at least 1,000 MYR and has a low annual service charge. Current accounts typically are not subject to fall below fees, but the bank may charge a fee for dormant accounts.

Maybank accounts are offered in MYR and account holders can send money to more than 200 countries and hold 16 currencies in the Maybank Master Foreign Currency Account linked to any savings or current account.

Account types: A wide variety of accounts including savings accounts and current accounts.

Eligibility: Accounts come with minimum balance requirements of 1,000 MYR.

Is it safe? Maybank is one of the largest banks in Malaysia and a major bank in the region. It is fully regulated in Malaysia and around the world.

CIMB Regular Current Account

CIMB is a major Malaysian bank with branches all over South East Asia. It offers Malaysian residents, including foreigners, a wide range of traditional banking services including debit cards, current accounts and savings accounts. Most current and savings accounts require a minimum deposit of between 500 MYR and 1,000 MYR with low maintenance fees. CIMB may charge a fee on accounts with balances below 1,000 MYR.

CIMB savings and current account holders can send more than 25 currencies and send money to more than 200 countries through the bank’s Foreign Telegraphic Transfer (FTT) and linked Foreign Currency current or savings accounts.

HSBC Expat current accounts are offered in GBP. USD and EUR, but you can also open savings account products in 19 currencies. HSBC has a service to help customers set up local bank accounts when they move to new countries – so you could open an HSBC Malaysian account upon arrival more easily if you choose to.

Account types: Foreign Currency Savings or Current accounts can hold 5 different currencies, but FTT transfers can send 16 different currencies.

Eligibility: Accounts come with minimum balance requirements of 500 MYR to 1,000 MYR

Is it safe? CIMB is of the largest banks in Malaysia and the region. It is fully regulated in Malaysia and around the world.

What are the costs?

In many cases you can open a non-resident Malaysian account for free, especially if you pick a specialist online provider. Traditional banks may require you to deposit your salary or a hefty minimum deposit amount to get your account.

Once your account is up and running you’ll pay transaction fees for the services you use, and may incur monthly charges too – the costs to look out for can include:

• Monthly maintenance fees – or fall below fees
• International payment fees
• Foreign transaction fees when spending or withdrawing with your card
• Overdraft fees
• Credit card costs including cash advances and interest
• Chequebook and cheque cashing fees
• Account dormancy or early closure fees

Tips for transferring money

If you’re sending a payment overseas it’s good to know that you don’t necessarily need to rely on your bank to process the transfer. You could choose a specialist service and save money on both the fees and the exchange rate markups applied. Here are a few things to watch out for:

• Compare the exchange rate you’re offered against the mid-market exchange rate to see if a markup is being used
• Check the fees for different transfer types – arranging your transfer online is usually cheaper than doing so in a bank branch
• Ask about third party charges which can push up the overall costs significantly

Compare the overall costs of sending your payment with your regular bank against a specialist service like Wise to see if you can save. Wise uses the mid-market exchange rate with no markup, and low, transparent fees. This can work out 6x cheaper than using a regular bank for your international payment.

How to Avoid International Transfer Fees

Conclusion: Can you open a Malaysian bank account from the US?

There’s no legal barrier to non-residents and new arrivals in Malaysia opening a bank account. However, non-resident accounts with traditional banks tend to be tricky to open, expensive and inflexible.

For many customers, choosing a specialist online service like Wise or Revolut will offer a better overall deal, including a more straightforward verification process, lower fees and better exchange rates.

FAQs on Opening Malaysian Ringgit Account

Can a foreigner open an account in Malaysia?

Yes. You can open a Malaysian account as a foreigner or non-resident. However, non-Malaysian residents will find it harder to open an account with a traditional bank, and may find it easier to get set up with a specialist online provider.

Can I open a bank account in Malaysia before landing?

If you’re not in Malaysia yet you might find it hard to open a traditional bank account. However, you can get a smart and flexible MYR account from an online specialist service like Wise or Revout instead.

How much do I need to open a bank account in Malaysia?

You can often open a bank account for free in Malaysia, although some traditional banks do ask for a minimum deposit amount to start with. Compare a few providers to get the best deal for your needs.

Can I open a Malaysian bank account online?

Yes. You can open a Malaysian bank account online with traditional banks if you have proof of a Malaysian address. If you don’t have this, you may be better off with a specialist online provider which allows you to open your account on your laptop or mobile device, with a more flexible verification process.

Breaking News: Foreigners Can Easily Open Bank Accounts in Malaysia

In an era of increasing globalization, financial inclusivity serves as a cornerstone for growth.

This article unravels the complexities of opening a bank account in Malaysia for foreigners.

It delves into the specific prerequisites set by leading banks like CIMB, Public Bank, and Maybank while also shedding light on non-banking alternatives like Wise.

With a focus on ease of access, this guide is a comprehensive tool for foreign residents seeking to navigate Malaysia’s banking landscape.

Key Takeaways

• Foreigners who are legal residents of Malaysia can open a Malaysian bank account.
• Wise offers a non-bank alternative for foreigners looking for a straightforward option to hold, send, spend, and exchange MYR and other currencies.
• Proof of ID, legal status in Malaysia, and Malaysian residence are required to open a bank account.
• CIMB, Public Bank, and Maybank offer bank accounts for foreigners in Malaysia with different requirements and services.

Opening a Bank Account: The Basics

In the realm of banking, the fundamental process of opening a bank account in Malaysia for foreigners entails several critical steps that require attention to detail and thorough preparation.

One of the benefits of using a non-bank alternative for opening a bank account in Malaysia, such as Wise, is the ease of account setup, as it can be done online, and the provision of local account details for up to 10 currencies.

This flexibility is particularly beneficial for foreigners making transactions across borders.

Furthermore, the comparison of international transfer fees between different Malaysian banks shows significant variations.

CIMB, Public Bank, and Maybank all have different fee structures for international transfers, highlighting the importance of understanding these costs before making a decision on where to bank.

Required Documents for Bank Account

To ensure a smooth account opening process, foreigners must gather several essential documents, which include proof of identity, legal status in Malaysia, and Malaysian residence.

One of the common challenges faced by foreigners when opening a bank account in Malaysia is the need for an introducer, often a local resident with long-standing ties with the bank.

Additionally, providing proof of Malaysian residence may be problematic for those new to the country.

However, there are solutions to these challenges.

For instance, using Wise can simplify the process for foreigners!

With just a passport, proof of address, and a visa or pass, foreigners can open a Wise account , removing the need for a local introducer.

This makes the process more streamlined, overcoming the common hurdles that foreigners face.

CIMB Bank: Accounts for Foreigners

CIMB Bank account options are diverse, offering both current and savings accounts tailored to suit the requirements of foreign clients.

Proof of a Malaysian address and valid identification are the fundamental requirements for account setup.

Among their offerings, some CIMB accounts carry low initial deposit requirements, making them an accessible choice for many.

International transfer fees, for instance, vary, with online transactions often emerging as the most cost-effective method.

Public Bank: Non-Resident Services

Why should foreigners consider Public Bank as a viable option for banking services in Malaysia?

Their account requirements are straightforward; foreigners need to provide identification, proof of legal status in Malaysia, proof of residence, and, in some cases, an introducer.

Public Bank’s account options offer competitive international transfer fees, which can be beneficial for those who frequently send money abroad .

Moreover, Public Bank has a strong branch and ATM network across the country, providing easy access to banking services.

Maybank: Foreign Currency Accounts

Shifting our focus to Maybank, it is worth noting that this bank offers foreign currency accounts, a feature that may be particularly attractive to foreigners living in Malaysia who are interested in investing in foreign currencies.

• Maybank’s foreign currency accounts provide an opportunity to invest in different currencies, which can act as a hedge against currency fluctuations.
• Maybank’s international money transfers feature allows easy and convenient transactions across borders.
• These accounts are designed with flexibility, allowing the conversion of currencies when rates are favorable.
• Maybank also offers Shariah-compliant banking, catering to those preferring Islamic banking principles.
• Lastly, the bank’s wide network and robust digital platform ensure seamless banking experiences for its foreign account holders.

This blend of features makes Maybank a viable choice for foreigners seeking multi-currency banking solutions in Malaysia.

Malaysia’s banking landscape offers a wealth of opportunities for foreigners, with options ranging from traditional banks to modern financial services like Wise.

While there may be hurdles, such as the need for an introducer or proof of residence, the solutions provided by these institutions are designed to streamline the process.

CIMB, Public Bank, and Maybank each present a unique set of services and requirements that cater to the needs of non-residents, ensuring that whether one’s priority is low transaction fees, accessibility, or foreign currency investments, there’s a banking option available.

By arming oneself with the right information and documents, the pathway to financial inclusivity in Malaysia is not only navigable but also ripe with benefits for foreigners looking to grow alongside this vibrant economy.

Whether you opt for the traditional banking route or a non-bank alternative, your financial journey in Malaysia can begin with confidence and ease.

Frequently Asked Questions

What Are the Benefits of Opening a Bank Account in Malaysia as a Foreigner?

Opening a bank account in Malaysia provides foreigners with foreign investment opportunities and favorable currency exchange rates. It facilitates easy transactions, secures money storage, and allows participation in Malaysia’s financial environment.

How Long Does It Take to Open a Bank Account in Malaysia for Foreigners?

The duration of opening a bank account in Malaysia for foreigners depends on account accessibility and documentation requirements. Typically, it takes 1-3 business days after the submission of the necessary documentation for successful account activation.

Are There Any Specific Banks in Malaysia That Offer Better Terms or Benefits for Foreigners?

CIMB, Public Bank, and Maybank offer distinct benefits for foreigners in Malaysia. A banking feature comparison can illuminate differences in account accessibility, financial services, and international transfer fees among these establishments.

Can a Foreigner Open a Bank Account in Malaysia Without a Work Permit or Legal Resident Status?

While account accessibility for foreigners in Malaysia has improved, without a work permit or legal resident status, opening a bank account may prove challenging due to stringent documentation requirements set by Malaysian banking institutions.

Are There Any Restrictions or Limitations for Foreigners When Using Their Malaysian Bank Accounts?

Foreigners may face restrictions regarding currency conversion and online banking features in Malaysian bank accounts. Regulations vary by bank but might include limits on online transactions and additional charges for currency conversion.

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Can Foreigners Open Bank Account In Malaysia

Opening a bank account in Malaysia for foreigners is a relatively simple and straightforward process, provided that you have the necessary documentation and follow the proper procedures.

To begin with, you will need to choose a reputable bank that offers accounts for foreign nationals. Some popular options include Maybank, CIMB Bank, and Public Bank. Once you have selected a bank, you can either visit a local branch or contact them online to ask about the specific requirements for opening an account. But if you’re just coming for a visit, please read a piece about “ can tourist open bank account in Malaysia “.

Bank account opening for foreigners in Malaysia

Can foreigners open bank account in malaysia.

Yes, foreigners can open a bank account in Malaysia, but the process and requirements may vary depending on the bank and the type of account.

Generally, to open a bank account, foreigners will need a valid passport, valid work permit or student visa, proof of address, and sometimes a reference letter from an employer or educational institution.

Some banks may also require a minimum initial deposit. It is recommended to contact the specific bank for detailed requirements and procedures.

How to open bank account in Malaysia for foreigners?

Opening a bank account in Malaysia for foreigners involves several steps. Here’s a guide on how to open a bank account in Malaysia as a foreigner:

• Choose the right bank: Research and select a bank in Malaysia that offers accounts for foreigners. Some popular banks for foreigners include Maybank, CIMB Bank, HSBC, RHB Bank, and Standard Chartered.
• Determine the type of account: Decide on the type of account you want to open, such as a savings account, current account, or fixed deposit account. Each type of account has different features and requirements. Make sure to check the minimum deposit and account maintenance fees.
• Gather required documents: You will need several documents to open a bank account in Malaysia. These may include:
• A valid passport
• A valid visa or work permit (such as an Employment Pass, Student Pass, or Social Visit Pass)
• Proof of residential address in Malaysia (such as a tenancy agreement, utility bill, or official letter from your employer)
• A reference letter from your employer or a sponsor (if applicable)
• Tax Identification Number (TIN) from your country of residence
• Visit the bank branch: Once you have gathered all the necessary documents, visit the chosen bank branch in person. Speak with a bank representative and inform them that you would like to open an account as a foreigner. They will guide you through the account opening process and provide you with the application forms.
• Complete the application forms: Fill out the application forms with your personal information, and make sure to provide all the required documents. The bank representative may ask some additional questions to verify your identity and background.
• Deposit the required amount: After completing the application forms, you will need to deposit the minimum required amount to open the account. The minimum deposit varies depending on the type of account and the bank.
• Wait for account approval: The bank will review your application and verify your documents. This process may take a few days to a couple of weeks. Once your account is approved, the bank will provide you with an account number, ATM card, and other account details.
• Activate online banking: If the bank offers online banking services, you may need to activate the service by setting up a username and password. This will allow you to access and manage your account online.

Keep in mind that some banks may have additional requirements or restrictions for foreigners. It is essential to research and compare different banks before deciding on the best option for your needs.

How can a foreigner open a Maybank account in Malaysia?

A foreigner can open a Maybank account in Malaysia by following these steps:

• Determine the type of account: First, you need to decide which type of account you want to open, such as a savings account, current account, or a fixed deposit account.
• Gather necessary documents: Before visiting a Maybank branch, gather the required documents. Typically, you will need:
• Proof of residential address in Malaysia (e.g., utility bill, rental agreement, or a letter from your employer)
• A valid visa or work permit (if applicable)
• Reference letter from your employer or sponsor (if required)
• Visit a Maybank branch: Go to a Maybank branch in Malaysia with the required documents. You can find a list of branches on their website (https://www.maybank2u.com.my/).
• Complete the application form: At the branch, ask for an account opening form and fill it out with your personal information. Ensure the information is accurate to avoid any issues later on.
• Submit the required documents: Provide the necessary documents to the bank officer. They may make photocopies of your documents for their records.
• Make an initial deposit: Some accounts may require an initial deposit. Check the minimum deposit requirement for the type of account you are opening and deposit the required amount.
• Account approval and activation: After reviewing your application and documents, the bank officer will inform you if your account has been approved. If approved, your account will be activated, and you will receive your account number and other relevant information.
• Collect your ATM/debit card and register for online banking: After your account is activated, you can collect your ATM/debit card and register for online banking services.

It is important to note that the process and requirements may vary depending on the bank’s policies and the type of account. It is recommended to check with a specific Maybank branch for detailed information before starting the account opening process.

As a foreigner, how much do I need to open a bank account in Malaysia?

To open a bank account in Malaysia as a foreigner, you will generally need to meet the following requirements:

• Valid passport with a valid Malaysian visa or work permit, depending on the type of account you want to open.
• Proof of residential address in Malaysia (e.g., utility bill, rental agreement, or employment letter).
• A minimum initial deposit, which varies depending on the bank and type of account. This can range from RM250 to RM1,000 (approximately $60 to $240 USD) or more.
• Some banks may also require a reference from your employer or a letter from your home country bank.
• Some banks may require you to have a valid work permit or be a long-term resident to open a current or savings account.

It is essential to check with the specific bank and branch you are planning to open an account with, as requirements may vary.

Do I need a visa to open bank account in Malaysia?

A visa is optional to open a bank account in Malaysia. However, banks may have different requirements for non-residents or foreigners to open an account.

Generally, you will need to provide a valid passport, proof of address, and sometimes a reference from your employer or a bank in your home country.

Some banks may require you to hold a valid visa or work permit, while others might allow you to open an account with just your passport and other necessary documents. It is best to check with the specific bank for their requirements.

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Easy Beginner’s Guide to Opening a Bank Account in Malaysia for Foreigners

If you have recently just moved to Malaysia or are in the process of doing so, one of your most immediate goals is to create an open bank account in Malaysia. This article will touch on some of the most frequently asked questions surrounding this topic and other important tidbits to help shed more light on the matter.

Is it Possible to Open a Bank Account in Malaysia as a Foreigner?

Technically, any foreigner is capable of opening a bank account in Malaysia as long as certain parameters and requirements are met. Variables like one’s current financial situation and their desired banking needs must be taken into consideration when opening a new bank account in the country.  

The required paperwork to open a bank account in Malaysia doesn’t necessitate proof of address in the country. That means you can start the process of opening a bank account even while you’re still living abroad. Any non-resident of Malaysia is eligible to open any of the following types of accounts:

• Personal Savings Account
• Personal Current Account
• Combination Account

Steps to Open a Bank Account as a Foreigner in Malaysia

While opening a bank account as an expat in Malaysia can seem like such a tedious endeavor, the entire process can be condensed into three simple steps:

Step 1: Choose Your Bank

First, you need to choose your bank. In the later parts of this article, we will be listing some of the most popular banks that you can consider for this step. In totality, these banks will offer their own share of strengths and weaknesses. It’s all a matter of finding one that’s the best fit for your own personal financial needs. When choosing a bank, there are three key factors that you need to consider:

• Location – You always want to make sure that you choose a bank that is convenient for you to access. It would be incredibly inefficient and inconvenient on your part to open an account with a bank that’s too far from where you reside. Fortunately, many of the commercial banks in Malaysia have branches located all around the country.
• ATM Availability – Automated Teller Machines are incredibly useful for when you want to engage in transactions without having to line up at the bank itself. Some of the popular local banks like Maybank and CIMB will have an abundance of ATMs that are strategically located around the entire country. While this is not necessarily the only factor that you need to think about, it’s definitely a variable that you need to consider especially if you don’t plan on making too many trips to the bank to make constant withdrawals.
• Services Provided – Of course, you also need to consider the services that these banks are able to provide you. Some banks will offer credit cards that are bundled up with their savings accounts while others will offer comprehensive insurance packages. Go over the various services of each bank and choose the one that appeals the most to you.

Step 2: Prepare Your Documents

Preparing your documents can get pretty tricky as different banks may have different requirements as well. However, for the most part, these are the types of documents that you must always have prepared in order to give you better chances of approval in opening a bank account in Malaysia:

• Valid work or student visa
• Letter of recommendation from your place of work (if applicable)
• Letter of referral or recommendation from existing customer of the bank (if not employed)
• Completed bank account application forms

Step 3: Open Your Account

Once you have all the necessary documents in place, you may proceed to open the bank account. Usually, these banks will provide you with a relationship manager or customer support staff that will help you walk through the formalities and procedures of opening your account . Most banks in Malaysia have advanced digital services and it’s not rare for people to have opened a new bank account within 45 minutes.

The Best Banks in Malaysia

Considering that Malaysia is one of the most highly developed countries in Asia, it’s not too difficult to find a commercial bank that would be able to suit your personal banking and financial needs. The country has a good collection of both local and international bank brands that offer solid and reputable services.

Local Banks

• Public Bank

International Banks

• Standard Chartered
• United Overseas Bank Limited (UOB)
• Al Rajhi Bank
• Kuwait Finance House

What Makes Banking Services in Malaysia Unique?

One key variable that makes banking in Malaysia so unique is that the industry is divided into two categories: conventional banking and Islamic banking. This is to accommodate the fact that Malaysia is a majority-Muslim country. The key difference between both categories lies in the interest that is earned or charged by the bank. Here is a quick rundown of the key features of each:

Conventional Banking

• Income can come from any source.
• Financing is provided at a variable rate determined by market forces.
• Higher late payment penalties for hire purchase arrangements.

Islamic Banking

• Income must come from an income source that is legal in accordance to Muslim law (i.e. prohibits income from gambling, alcohol sales, etc.)
• Financing is provided at a variable rate with a maximum cap.
• Lower late payment penalties for hire purchase arrangements.

Tips to Help Ease the Process

Again, while it is possible for non-residents to open bank accounts in Malaysia, the process can get quite tedious and complicated. There are many requirements that need to be satisfied and a host of important papers and documents that need to be procured and organized properly. While you may think that you already have everything in line, it’s still possible that you will have missed a few details here and there, especially if you’ve never gone through this process before. That’s why one major tip that most first-time expats or emigrants tend to follow is to avail of the services of experts to help walk them through the process.

Premia TNC is a dedicated overseas business consulting and accounting firm that specializes in company formation, accounting, taxation, and trading services in Hong Kong, Singapore, Vietnam, Taiwan, Korea, and Malaysia. The company has a team of specialists who are professionally trained in the realms of financial knowledge and government regulations, which places them in the best position to assist you through this transitory process. More than just giving you the knowledge that you need to open a bank account in Malaysia , Premia TNC is positioned to provide you with all the relevant solutions that you need to make the process as easy and as efficient as possible.

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• HSBC Malaysia online banking

Opening an account for international customers

Convenient account opening.

• Straightforward account set-up Setting up your new account 1 is convenient and can be done in multiple locations throughout Malaysia.
• Diverse accounts We have a range of bank accounts to help meet your diverse needs and achieve your goals.

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Open an account in Malaysia

Before you get here.

Whether you are a new or existing customer, HSBC's International Banking Center may be able to help you open a bank account in Malaysia before you arrive.

To start your account opening process, simply visit your local HSBC branch, or contact your Relationship Manager. Our staff will connect you to our International Banking Center through a phone call.

If you have arrived in Malaysia

We have made it as easy as possible to open an account in Malaysia.Visit any of our branches and our friendly staff will help you set up an HSBC banking account.

Find your nearest branch .

What documents do I need? 

To open an account you will need to bring:

• Valid Passport
• National Identity Card
• Valid work permit or working visa in Malaysia (for employment in Malaysia)
• Employment letter (for employment in Malaysia)
• Approval Letter for Malaysia My Second Home program (for MM2H participants) 
• Sales and Purchase Agreement - signed and stamped (for Malaysian home property investments)
• University or College Acceptance Letter (for studying in Malaysia)
• Other supporting documents - i.e. Dependant Pass, Proof of relationship (spouse and children) etc.  

International customers can open an account in the following categories:

• Expatriates with employment in Malaysia and their immediate family members (i.e. legal spouse and children) 
• MM2H participants with placement of Time or Term Deposits with HSBC Bank / HSBC Amanah (excluding the state of Sarawak) 
• Malaysian home property investors 
• International Students in Malaysia

Recommended account:

Hsbc everyday global account 2.

One bank account. A world of possibilities.

This multi-currency 3 account is packed with features and benefits to match your lifestyle and financial needs. The most useful include:

• Easy transactions With 1 multi-currency 3 debit card.
• More savings Zero currency conversion on spend & withdrawal 4 , no debit card issuance and annual fees 5 , plus no minimum balance requirement.
• Greater convenience Real-time foreign currency exchange 6 and convenient 24/7 currency conversion at competitive rates 6 via online and mobile banking.
• Instant Online Transfers Fee-free instant online transfer between your global HSBC accounts with Global View Global Transfer.

We can help with your international banking needs

Call us anytime, anywhere

In Malaysia: 1300 88 1388

International call number: (60)3 8321 5400

Operation hours: 7.30am - 9.30pm

In Malaysia: 1300 88 9393

International call number: (60)3 8321 5222

Operation hours: 24 hours

In Malaysia: 1300 80 2626

International call number: (60)3 8321 5200

Visit your nearest HSBC branch in Malaysia

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Additional resources

• HSBC Tariff and Charges HSBC Tariff and Charges View HSBC Tariff and Charges. Opens in a new tab. Download
• HSBC Amanah Tariff and Charges HSBC Amanah Tariff and Charges HSBC Amanah Tariff and Charges. This opens in a new tab. Download

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HSBC Visa Debit Card

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Important notes

HSBC Bank Malaysia Berhad 198401015221 (127776-V). Member of PIDM.

1  Subject to HSBC local policy and regulatory requirement

2 Protected by PIDM up to RM250,000 for each depositor.

3 The supported Foreign Currency Accounts will be opened automatically by the following working day.

4 Applicable to successful retail purchases, online shopping and cash withdrawals performed with Visa Debit Card under the available supported currencies only. For supported currencies: If you do not have sufficient foreign currency to complete a transaction, we will convert at prevailing rate as determined by the bank and bill you in Ringgit Malaysia. For unsupported currencies: The entire transaction amount shall be converted at a prevailing rate as determined by Visa International and billed to you in Ringgit Malaysia, except for cash withdrawals performed via HSBC Group ATMs (GATS) which the withdrawn amount will be automatically converted to Ringgit Malaysia at the prevailing rate as determined by the bank.

5 HSBC Advance customers will be charged RM8 for debit card issuance and annual fees respectively.

6  For HSBC Premier or HSBC Advance customers only. Subject to destination country/region's local regulation and HSBC internal policy requirement. HSBC Premier customers enjoy zero transfer fees.

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Bank Accounts in Malaysia: Fees and Cards for Foreigners

What are the top 10 banks for expats in Malaysia …

Money matters, and it matters for all. Some might require more of it to meet the demands of their lifestyle but it is universally needed by all and sundry. A lot of hard work is put in by professionals from all walks of life to save enough money so that they can spend it either during the time of use or invest it to gain future benefits.

In this regard, the banking network of a country gains substantial importance. If the citizens as well as the expatriates can trust the transparency of the banking sector, they will utilize the services offered to the maximum. This relationship has mutual benefits. The banks in Malaysia treat the expatriate community with great dignity and fairness and provide them with great opportunities to exceed.

Q&A – Banks in Malaysia for foreigners : our main answers

🌍 should i open a bank account in a malaysian bank or an international one.

Many expatriates go for international banks, as these institutions already have extensive experience of working with foreigners (investors, expatriate workers or even retirees). However, Malaysian banks are not any less reliable and efficient than the international ones. All in all, we would recommend checking all possible options in different banks to compare your advantages and make a right choice.

🇲🇾 What would I need a Malaysian bank account for?

BAlthough many international banks do operate and allow transactions in Malaysia, having a local bank account would significantly facilitate your daily life in Malaysia – from making quick on-the-go translations to your friends, partners or colleagues, to paying rent and receiving salary. You will also be able to receive money from abroad and go to any cash withdrawal machine and minimize the fees that would be required if you use a card from a foreign bank.

💳 Will it be possible to use my foreign credit card in Malaysia?

In most cases, yes. Nevertheless, credit cards are not as common in Malaysia as they are in Europe or the US. Many rural areas as well as small shops and markets do not accept any credit cards, so having cash on you is always a good idea. In addition, withdrawal fees (conversion, ATM fees) can start to add up and become significant, so arranging for an account at a local bank will be necessary if you really plan to spend several months a year there. Many rural areas as well as small stores and markets do not accept credit cards, so it is always a good idea to carry some cash.

In this article, we will delve into the banking network of Malaysia from an expatriate’s point of view.

Requirements

If an expatriate is looking to move to Malaysia on a long-term basis then the first requirement is to acquire an MM2H (Malaysia my 2nd home) visa.

On the other hand, if one does not hold a residency permit before relocating to the country, reference needs to be provided by either a Malaysian local or the company for which the individual is working. Apart from these, holding a legal passport is obviously a necessity.

Types of Bank Accounts

The expatriates are eligible to open three kinds of bank accounts in Malaysia. These are namely savings account, checking accounts, or a combination of both.

The salient feature of a savings account is that one can put their money in it to care for a future emergency if any or to save up for an important occasion like marriage. The initial deposit requirement is low so anyone with an unstable source of income for e.g. a student can use this account.

A checking account is one that is used mainly for the purpose of payments. It is a type of a deposit account and requires a high initial deposit and maintaining balance then for say a savings account. The main advantage is that it allows the account holder to issue checks on behalf of his name. A joint account as the name defines itself is opened in association with business partners, companies, or a working life partner.

Appropriate documents and proof of visa is a must to open such an account. All the international students are given permission of opening accounts in local banks. Branches of these local banks are present on the campuses so it becomes very convenient to use for the students.

Local Banks

The local banks of Malaysia are more numerous in number and have branches that are spread throughout the country. These banks are governed and regulated by the central bank. With an increased influx of tourists and expatriates in the community, the local banks have started tailoring and planning their services with the demands and requirements of them in mind. This makes foreigners much more confident in their dealings with these banks.

A lot of banks charge a very low, flat-fee for sending back money to their native countries. These banks further diverge into commercial banks, investment banks, and Islamic financial institutions. Almost all of these banks offer online, mobile internet facilities which are very vital keeping in mind the progression of the world. The top local banks are Maybank, CIMB, RHB, Public bank, etc.

International Banks

If one intends to open a bank account before even having shifted bases than selection should be made from an International bank. Fortunately, in this aspect too, the expatriates are left to choose from a lot at their disposal.

These banks provide a lot of ease and mental peace to the foreigners as they have immense expertise in expat banking and are best placed to tackle any issues if arisen. They allow people to keep their money in multiple currencies. The most popular amongst these are Standard Chartered, HSBC, CitiBank, etc.

Credit Card Usage

The custom or trend of using credit cards extensively in the UK and US is not as prevalent in Malaysia. Small scale shops and rural businesses, may not accept it all. Therefore, it is always advisable to keep the money to avoid inconvenience in such situations.

TOP 10 Banks in Malaysia for expats

This is the largest bank in Malaysia by many metrics. In terms of assets, loans, deposits, the number of employees and branches, no bank in the country comes close to its wide network. It offers all the banking services available such as personal and corporate accounts, insurance, loans, SME banking, wealth management, foreign exchange, and much more.

CIMB Group Holdings Berhad is the second-largest banking organization in Malaysia. In Asian countries, it is one of the largest Islamic and investment banks. It has a client total exceeding the 14 million mark and over 800 branches. International branches have also popped up in the nearby southeast countries as well as India, UK, and the USA. The graph of this bank is definitely on an upward curve.

Public Bank

The main target audience of this bank is retail customers and small to medium-sized enterprises. The bank also offers corporate banking, trustee and brokerage services, online banking, etc.

UOB Malaysia

United overseas bank is the largest foreign bank in the country. It provides world-class guidance to foreigners looking to rely on an international bank with 40+ branches having opened up steadily since its inauguration in 1993. It provides cash management, trade services, structured finance, foreign exchange, and a plethora of other facilities.

Hong Leong Bank

A subsidiary of Hong Leong Financial Group, a top financial institution of the country, is Hong Leong Bank. The first Malaysian bank to infiltrate the Chines financial sector was this bank.

The main facilities rendered by this bank are retail and transaction banking, shariah business, Singapore business operations. ATMs and cash deposit machines are plentiful.

Another foreign bank excelling in the Malaysian landscape is HSBC bank. It offers a varied palette of services, the best of which are, deposit and lending products, mortgages, capital markets, etc. It is also associated with HSBC Amanah Malaysia which is the largest foreign Islamic bank.

AmBank Group

Another very popular local bank provides services as diverse as REIT (Real Estate Investment Trust), assets management, life insurance, and stockbroking.

Rakyat Bank

The leading Islamic cooperative bank is Rakyat bank. It provides services in accordance with Islamic law. However, it is not religious exclusive.

Another bank keeping the foreign banks’ flag flying high is the OCBC bank. In terms of pure numbers of assets, loans, deposits it competes with any foreign compatriot. It is a subsidiary of Singapore Oversea-Chinese banking which is one of the largest banking networks in Southeast Asia and one of the most reputed ones in the world.

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Best International Banks in Malaysia [2024 Guide]

If you’re a Malaysian expat living overseas, a digital nomad moving around while working - or simply someone who loves to travel - an international bank account could be a smart way to manage your money.

Some international bank accounts offer ways to hold and exchange foreign currencies, and cut the costs of international transactions. However, international accounts aren’t always available from traditional US banks - and where they are offered, they can come with fairly high fees and restrictive features.

Join us as we walk through some of the best international banks in Malaysia , and also look at some alternatives which can be cheaper and more flexible, like Wise and BigPay.

5 Best Banks for International Travel for Malaysians

Before we get started, let’s look at the banks and providers we’ve picked as the top 5 banks for international travel and money management, for expats and digital nomads. We’ve looked at a cross section of options which may suit, depending on whether you want to spend easily when you travel, send payments, or even invest in a selection of currencies from the US.

Wise : great for anyone looking to hold 40+ currencies, spend with a linked debit card in 150+ countries, and receive payments like a local from 30+ countries

BigPay : offers 12 currencies and allows you to send money to over 45 countries. It also comes with its own linked international debit card and in-app budgeting tools.

HSBC: The Everyday Global account is the all-in-one account for your everyday needs in Malaysia and overseas where you can hold up to 11 currencies.

Hong Leong Bank: Foreign Currency account with a range of 10 currencies that’s ideal for those who are working, traveling, studying or have businesses abroad.

Maybank: Hold up to 16 different currencies with the Master Foreign Currency account for both business and personal customers and accrue interest on balances of 5000 USD or more.

What is an international bank account?

International bank accounts can have a pretty broad selection of features, from accounts for daily use which let you hold foreign currency balances and get international travel cards, to accounts aimed at international investors.

There are quite a few international account options for Malaysian customers, although it’s helpful to note that the accounts available from traditional banks can have fairly limited features compared to specialist providers.

We’ll look at some smart options in just a moment - for now, here’s a rundown of some of the features you may get from an international account:

Hold a select of foreign currencies and convert between them

Send payments overseas with low or no fees

Access preferential exchange rates

Spend internationally with a linked debit or credit card

Invest internationally in foreign currencies

Can you open an international bank account?

Some traditional Malaysian banks offer international bank accounts, although these do tend to have relatively limited features compared to international accounts from specialist services. Providers like Wise and BigPay offer flexible accounts which can hold multiple currencies and be used easily for everyday transactions.

We’ll look at all of this in more detail a little later.

What is the best international bank in Malaysia?

The best international bank account for you will depend on your specific preferences and needs. Here we’ll look at an overview on each provider  - and then later we’ll explore more in detail so you can see if any may suit your needs.

Not sure how to pick? Don’t worry. We’ll also cover what to consider when choosing an international bank.

International accounts can come from bank brands you’ll know well, or online and digital specialists which have been built with a great range of international functions, such as Wise and BigPay. Accounts from traditional banks are familiar and reliable but may have rather more restrictive functionality compared to specialist providers.

Here’s a quick reminder of the accounts we’ve looked at:

Wise Account : Hold and exchange 40+ currencies and get paid with local bank details from 30+ countries, plus a linked card for everyday spending

BigPay Account : Free money app with a linked international card that you can use anywhere across the globe.

HSBC Everyday Global Account: Everyday account with multi currency convenience. Hold and exchange 11 currencies.

Hong Leong Foreign Currency Account: Savings account that safeguards against exchange rate fluctuations.

Maybank Master Foreign Account: Save in multiple currencies of your choice while enjoying reduced costs on transfers.

Let’s look at each provider in more detail now.

Wise Account

Personal customers can open a Wise account for free, to hold and exchange 40+ currencies and spend with the Wise debit card in 150+ countries.

You’ll also get local bank details for up to 10 currencies which makes it easy to get paid, with no Wise fee, from 30+ countries.

Wise currency exchange used the mid-market rate - the one you find on Google. You’ll only pay a low conversion fee which is from 0.43%, with no fees to spend any currency you hold in your account.

Wise account is best for: People traveling or shopping online internationally, looking for flexible and low cost currency conversion

• Wise travel card: Order a card for a one time low fee, spend around the world - and if you don’t have the currency you need the card can convert for you using the lowest possible fee. Spend in 150+ countries
• Wise foreign transaction fees: Currency conversion from 0.43%, no fee to spend currencies you hold in your account
• International ATM withdrawals: Free to make 2 withdrawals up to 1000/MYR per month, with low fees after that

BigPay Account

BigPay Malaysia is a digital account and e-wallet managed via their free app and linked international card that can be used worldwide. BigPay also offers fully digital personal loans, providing quick access to funds within minutes. You can enjoy competitive exchange rates, gain control over your finances with budgeting and management tools that automatically track and categorize your spending and benefit from a range of features that include:

BigPay account is best for: Convenient international spending and travel with competitive exchange rates, expense tracking, and global card usability.

BigPay Travel card: BigPay offers a linked international card that can be used anywhere abroad. It’s good to note that there is a 20 MYR fee for those wanting a physical plastic prepaid card.

Foreign transaction fees: Up to 1% + network charges for purchases made in currencies other than Malaysian Ringgit.

International ATM withdrawals: Domestic withdrawals cost 6 MYR per transaction while overseas withdrawals cost 10 MYR.

Learn more: BigPay review

HSBC Everyday Global Account

The HSBC Everyday Global Account provides personal customers with an everyday banking solution that simplifies international transactions and everyday financial management. With access to 11 currencies in one account, it offers the convenience of fee-free shopping, global ATM access and competitive currency exchange rates.

HSBC account is best for: Those seeking an everyday multi currency account for their everyday financial needs.

HSBC travel card: Receive a linked multi currency debit card for fee-free shopping in local currencies worldwide and for accessing cash at worldwide ATM’s.

Foreign transaction fees: Minimal fees with no charges for transactions carried out in supported currencies, plus competitive currency conversion rates based on the HSBC rate, which may include a markup.

International ATM withdrawals: Benefit from waived fees for cash withdrawals in local currencies at ATMs around the world for easy access to your funds when you’re abroad.

Hong Leong Foreign Currency Account 

The Hong Leong Bank Foreign Currency Account provides versatile banking to a wide range of financial needs, and offers a secure way to manage funds in multiple currencies. This savings account safeguards against exchange rate fluctuations and eliminates the need for double currency conversions for foreign remittances. However this is a 30 MYR service charge every half a year in June and December.

Hong Leong account is best for: Individuals working abroad, parents supporting children studying overseas, frequent travelers and those making frequent international business transactions.

Hong Leong travel card: Hong Leong’s Foreign Currency account doesn’t offer a linked debit card.

Foreign transaction fees: Transaction fees apply, with 10.00 MYR or the equivalent charged depending on the transaction type. Additional costs, such as commissions or cable charges, may also apply.

International ATM withdrawals: The account doesn’t specify fee details as it doesn’t come with a linked debit card.

Maybank Master Foreign Account 

Maybank’s Master Foreign Currency account allows customers to invest and save in multiple currencies, making it an ideal option for anyone who wants to manage their international finances efficiently. With access to 16 different currencies, the account charges a minimum 0.01 MYR and a maximum or 50k MYR per transaction and transaction charges are equivalent to 4 USD.

Maybank account is best for: those wanting to invest or save in foreign currencies of their choice.

Maybank travel card: The Master Foreign Account doesn’t come with a dedicated travel card.

Foreign transaction fees: Transaction charges apply and vary depending on the currency involved.

What are the advantages of international banks?

So why bother with an international bank account at all? Here are some key advantages to know about:

Hold and exchange multiple currencies so you don’t need to switch back to MYR unnecessarily

Spend overseas with a linked card - which can mean lower costs and no foreign transaction fees

Manage your money on your phone with transaction alerts and an instant overview of all your currency balances

Open local receiving accounts to get paid easily and with no or low fees, in a selection of currencies

How to choose the best international bank account for your needs

There’s no single best international account, so you’ll need to review a few, looking at features and fees, to pick the one that suits you best.

Here are a few key points to consider when choosing the right account for you:

Availability of Foreign Currencies: Check that currencies you use frequently are supported for holding, exchange and spending

Monthly charges: Accounts are available with no monthly fees - although you may also choose to upgrade to an account with a maintenance charge to get more features

International fees: Check for foreign transaction and foreign cash fees, and ATM charges when you travel - these can mount up steeply depending on the account you select

Currency conversion rates: Ideally look for an account which uses the Google exchange rate with no hidden charges. This is transparent and makes it easier to assess what you’re actually paying for overseas transactions

International travel cards: If you’ll be traveling it’s worth checking you’ll have a linked debit or credit card, issued on a major global network

Overseas transfers: See how much you’ll pay to send money overseas, and how many countries are available for transfers - handy for sending payments to friends and family or covering overseas bills

Ease of use: Choose an account with easy mobile and online access, so you can use your account wherever you are

Extra features: Different accounts have their own features, like investment options and local bank details to get paid for free from overseas

Safety: Finally, pick a reputable provider which is licensed and regulated in Malaysia and internationally

How to open an international account

The process can vary widely for opening a digital bank account offered by a traditional bank, and a multi-currency account like Wise . Some banks may ask you to visit a branch to get started, or you may also need a linked account with the same bank in order to apply for an international account.

In either case you’ll normally need the following documents to open an international account:

Proof of ID, such as a passport

Proof of address - which may need to be in Malaysia if you choose a traditional bank

How to open international bank account online

While some traditional banks offer online options for account opening, you may still need to visit a branch or make a phone call to complete the process. With Wise and BigPay the whole process takes place online including verification.

Here’s how to open an international account with a specialist provider:

Download the provider app or head to their desktop site

Register an account using your email address and add your personal information

Get verified by uploading images of your documents

You’ll receive a physical card in the mail, and can often access a virtual card as soon as your account is verified

What are the best international banks with no fees?

It costs to offer international services. That means that while some banks may look like they have no fees, the chances are that they’ll have transaction and service fees, and exchange rate markups which can be tricky to spot.

Here is fee the structure of the providers we’ve explored in this article:

Wise fees : Accounts are free to open, there is no maintenance fee, there are low transaction fees.

BigPay fees: Accounts are free to open and there are also no maintenance fees

HSBC fees: No fee for the Everyday Global account, no foreign transaction fees for transactions in supported currencies and no fees for ATM cash withdrawals in local currencies.

Hong Leong fees: 10 MYR transaction fee (or its equivalent) and a 30 MYR service charge every half year in June and December.

Maybank fees: 4 USD (or its equivalent) transaction charge.

What is the safest international bank?

All of the providers we feature on Exiap are regulated and licensed providers, with industry level security measures.

Here’s a look at how the providers we have featured which offer international spending keep you safe when you spend:

Wise Safety : Get transaction alerts in the app, freeze and unfreeze the card easily when you travel

BigPay Safety: Only you can access your account via Touch ID and it is protected by PIN and OTP. You can also freeze your card and order a new one if you lose it.

HSBC: Access online and mobile banking 25/7 to keep on top of your account when you’re away.

Best ways to withdraw money when traveling abroad

Sometimes you can’t manage with digital payments and need to get some cash. Here are some ways to cut the costs of cash withdrawals overseas:

Always check your banks foreign transaction fees so you know if you’ll pay a premium when abroad

Check which ATMs you can use for no extra fee when you travel - providers like Wise offer some fee free international withdrawals every month

Always withdraw in the local currency wherever you are, to avoid dynamic currency conversion

Avoid withdrawals with a credit card as these have extra fees

How to avoid foreign transaction fees

But what about when you spend with your card overseas? Here are some ideas to keep down costs:

Check your bank’s foreign transaction fees and exchange rates - you may be better off with a specialist like Wise or BigPay.

• Pay in the local currency to avoid dynamic currency conversion 

Look at multi-currency accounts from Wise to keep your money in local currencies to avoid paying high conversion fees with bad exchange rates

Conclusion: Best international bank for expats

There are a few different options for international accounts for expats - either from traditional banks or specialist online services.

Traditional bank options can be somewhat limited, with a focus on payments and investing rather than day to day spending. As an alternative, look at specialists like Wise , which can be handy for easy everyday use, and to hold a broad range of currencies all in the same place.

FAQs on Best Banks for International Travel

Can you open an international bank account online?

Some traditional banks offer online international accounts - but you’ll normally already need to be a customer to apply. Alternatively, look at specialists like Wise for online onboarding and verification.

All banks and financial service providers have some fees - it’s just that these may not be easy to spot with some account options. Look for an account with a provider which is transparent about charging, so there are no surprises.

Which bank account is best for international travel?

There’s no single best account for international travel, but an account which lets you hold multiple currencies and spend with a linked debit card can help you cut the costs of currency conversion and international spending. Check out Wise for some great international account options.

How can you avoid bank charges when traveling internationally?

Double check your own account’s terms and conditions carefully before you head overseas, looking for foreign transaction fees and international ATM costs. You may find you’re better off with a specialist international account for when you’re abroad.

What bank does not charge international ATM fees?

Your own bank may have some fee free international ATM options with partner banks - or you can check out options like Wise which offers an account with some fee free overseas ATM withdrawals every month.

Should you have a separate bank account for travel?

It’s not entirely necessary to have a separate account for travel, but it can help you manage your budget, and add an extra layer of security. Pick a provider like Wise and you may also get more transparent fees and a better exchange rate compared to your bank.

How to open a bank account in Malaysia

You are here.

Malaysia has been drawing people to its borders for a long time as it lures people with its powerful economic backbone, a high standard of living, great weather and friendly people. Multiple strong economic sectors, good schools and a highly livable city infrastructure attract people in droves to the land that is home to the highest twin towers in the world.

If you are looking to move there as a student, worker, investor or retiree, you will need a bank account. Here is your guide on how to open a bank account in Malaysia. Tip: you will need a friend to help out.

Documents needed to open a bank account in Malaysia

Because of the large influx of expats, Malaysia has policies in place to make people's lives as easy as possible. For example, because of the existence of the MM2H visa program, if a foreign national holds a fixed amount of money in a bank account in Malaysia, they are entitled to renew their visa. These and other relatively easy requirements make it easy to open a bank account in Malaysia.

Here are the requirements you need, generally speaking:

• Resident permit or MM2H visa docs
• Employment details, such as a letter from the employer or other proof of business activity
• Acceptance Letter from your Malaysian university or college (if you’re moving to Malaysia to study)
• Photo ID (e.g. passport)
• A minimum deposit which is set by the bank depending on the type of account
• Your fingerprint (some banks may require this for identification)

Check with the bank for particular requirements. The visa requirements may be broader in some cases, for example. One particular note: if you aren't carrying all the typical documents, have a talk with the bank manager and have a Malaysian friend go along especially if this friend has an account at the bank. This may facilitate the process as it accounts as a referral.

Can I open a bank account in Malaysia as a non-resident?

Yes, it is possible to open a bank account in Malaysia as a non-resident. You just need to provide the necessary paperwork, which as you see, does not require proof of address in Malaysia. If you choose a foreign bank, you can even start the process from abroad. As a non-resident, you have these account type options to choose from:

• Personal Savings Account
• Personal Current Account
• Combination Account

Best banks in Malaysia

There are hundreds of banks in the country and altogether will give you plenty of ATM coverage and a full spectrum of products and services, from basic accounts to investment products. It is important to pick a bank that will have both conveniently located ATMs according to your lifestyle and a pricing structure that matches your financial situation.

• Maybank: Malayan Banking is the largest bank in the country. As such, it offers a full range of retail products including basic current accounts, savings accounts and even products for children. It has all the amenities you grew to expect such as debit cards, internet banking and quality phone customer service. Their branch and ATM  networks are extensive.
• CIMB: This is a very popular bank in the ASEAN region with over three  thousand branches and thousands of ATMs and millions of customers. It offers the CIMB Bank Regional ATM Service, a cross-border ATM facility linking Malaysia, Indonesia, Cambodia and Thailand. This will come in handy for you if you travel to these neighboring countries. Their offers include ATM cards, debit cards, online banking and this is always included in packages that may be customized.
• Public Bank Berhad: PBE is a large retail bank that operates across the country with special offers such as cashback and interest in deposits. Their selection of basic accounts include debit and optional credit cards. They also have multi-currency accounts which can be handy if you do a lot of international business. Here are their ATMs and branch locations.
• RHB Bank: With an impressive range of financial offers such as savings products and mortgages, they are quite a popular bank in the country. With that said, their best offers are for citizens of Malaysia and for those who have achieved permanent resident status, leaving expats out of the picture. Still, accounts come with cards, can be multicurrency if you prefer them, and there are plenty of loan options for individuals and businesses. Here is their ATM and branch network.

It should be simple to open a bank account in Malaysia as there are English websites and friendly, well-trained English-speaking staff. Once you complete the account activation, you should be able to walk out of the branch with a working basic ATM card.

It is important to read the contract as fine print can hide surprises especially in terms of odd charges and the like. There could be charges to keep accounts open, to use ATMs off your bank's network and some banks may even charge you when your balance drops below a certain amount or if you do not use the account often enough.

Also, perhaps it is wise to visit international banking giants such as HSBC and Citi as these may be easier to work with and may offer simpler packages especially if you rarely use the account.

Can I open a bank account online in Malaysia?

Yes, you can open a bank account online with a Malaysian bank, BUT there’s a prerequisite. Malaysian banks like CIMB and Maybank offer limited products that can be set up online without the need to personally go to the branch. However, this is only applicable to existing clients of the bank. Meaning to say you need to have an existing account with them. Depending on the circumstances, it could be a business account, or in the case of younger clients, a parent’s account.

This may not be useful for most expats who have no existing relationship with a Malaysian bank yet. The alternative would be going with an international bank with Malaysian operations, such as HSBC, or the Virtual Bank Account Alternative.

The virtual bank account alternative

It is expensive to do international money transfers from malaysia.

Sending money overseas can be expensive if you use a bank. This happens because banks charge a lot above the mid market rate which is the rate they use to transfer money to each other. For example, if you transfer 10 thousand dollars to India, you get only about 9000 dollars worth of rupees in India, if you use your bank.

The virtual bank account with B2B Pay is a better alternative. If you send the same 10 thousand dollars to India, you get 9900 dollars worth of rupees instead. You save 900 dollars then, a good deal. You also get a European IBAN number you can use to send and receive money all over Europe for free and send money to over 200 countries in 32 currencies.

Page content

• 1. How to open a bank account in Malaysia
• 2. Documents needed to open a bank account in Malaysia
• 3. Can I open a bank account in Malaysia as a non-resident?
• 4. Best banks in Malaysia
• 5. Can I open a bank account online in Malaysia?
• 6. The virtual bank account alternative
• 7. It is expensive to do international money transfers from Malaysia

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate .

How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate .

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Opening a bank account in Malaysia when you have a tourist visa

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I decided to live in Penang for a year or two on a series of 90 day tourist visas before going to the trouble of getting my MM2H visa. So I am only 9 months in when I have an opportunity to sign a two year lease on a good property. So suddenly I want a Malaysian bank account to use to pay my rent, but I don't have the MM2H visa yet. In fact since I understand that the MM2H lasts for the life of your passport, and my passport expires in a bit over a year, I need to get a new passport before I want to get my MM2H visa, so the whole process will take awhile. In the meantime I want to open a local bank account immediately. So I stopped by a RHB and the first thing they wanted to see was my passport with my work permit and/or MM2H visa. I explained that I did not have ether. I was retired and planning on staying long, but did not have a MM2H visa yet. They said I could not open an account. So, I want a local bank account into which I can transfer money from the US (I understand that I will need a 2nd account for this piece of magic to occur) and from which I can pay local bills. Does anybody have any advice on how to do this?  

AFFIN bank Thanks for the reply, I ended up trying 4 or 5 banks before AFFIN bank let me open an account!  

AFFIN bank didnt ask for a work pass? Thats weird. What happened exactly? And also, did you get an ATM card and do they offer online banking for bill payment? Did you also ask if they are working under FATCA? By the way, that 90-day door is closing fast. Both Malaysia and Thailand are beginning to disallow visa runs, a policy that started a year ago. You may try to come back after a trip out and find you can only get a 7-day visa which is only valid if you immediately visit the immigration office in Penang where you will be told to leave. Happened to me and others too. My workpass expired and I dont plan to renew. Im going a different route now but thats the deal with immigration. Where in Penang are you? Im happy to meet up for coffee. Ive been here almost 16 years, you might want to pick my brain about something.  

Same as the other banks, I went in and said I wanted to open a current account, but did not have my MM2H visa yet, but was planning on getting it later in the year. They said no problem. Yep, ATM and online banking. I am actually planning on getting my MM2H in a year, and understand (hope) that doing visa runs for a year or so is not much problem, it is after you have two or three years of stamps that they really start asking questions. I was asked once about my multiple entries into Malaysia and I just explained that I wanted to live here a year before bothering with the long term visa. It was no problem. I am in the Gurney area if you want to send me a private message for a meetup.  

Ok I can message you but how? I see no link on any page to send a PM. What am I missing?  

Ah wait, I see in the Welcome letter Im not senior enough to use PMs. Have to wait for five posts to be liked by others then the PM link should be visible. Wonderful. Meantime i had looked on Affins website and its even more restrictive than others, requiring either citizenship or Permanent Residency to open an account. I was right to say your experience was weird! For meeting, im in Bukit Mertajam but come to the island when its needed. I could meet on the weekend, you can choose a place around Gurney. At the roundabout on the northside there is a big outdoor food court, could meet there to avoid the plaza itself. Or could meet at Kapitan Tandoori on Chulia St, most people know that place and its easy for me to take the ferry.  

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Money latest: The 'German classic' that's a healthier and cheaper alternative to crisps

Crisps are on the menu as we see where you can make healthier choices for the best value. Elsewhere, the boss of Sainsbury's has insisted customers like self-checkouts - do you agree? Leave your thoughts in the box below.

Friday 26 April 2024 18:20, UK

• New research reveals cost of having children
• Sainsbury's boss insists customers like self-checkouts
• FTSE 100 hits another record high
• Halifax hikes mortgage rates - as entire market moves upwards

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Ask a question or make a comment

"Status symbol" pets are being given up by owners who get scared as they grow up, an animal charity has said, with the cost of living possibly paying a part in a rise in separations.

The Exotic Pet Refuge, which homes parrots, monkeys, snakes and alligators among others, says it receives referrals across the country, including from zoos and the RSPCA.

"They're a status symbol. People will say, 'OK, I'll have an alligator or a 10ft boa constrictor'," co-owner Pam Mansfield told the BBC.

"But when the animal gets big, they will get too frightened to handle them, and then the pet has to go."

She added people who want to get rid of the pets sometimes call zoos for help, which then call on her charity.

In some cases, owners don't have licences to own dangerous animals, she says, blaming a "lack of understanding" for what she says is a rise in the number of exotic animals needing to be rehomed.

She says people "just don't have the space" for some snakes, for example, with some growing to as much as 12ft and needing their own room.

The cost of living crisis has also forced owners to give their pets away, she says.

Her charity has also been affected by those increased costs, with the electricity bill rising to £10,000 a month at their highest, to fund things like heated pools for alligators.

Private car parks are accused of "confusing drivers" after introducing a new code of conduct - despite "doing all they can" to prevent an official government version.

The code of practice launched by two industry bodies - British Parking Association and the International Parking Community - includes a ten-minute grace period for motorists to leave a car park after the parking period they paid for ends.

It also features requirements for consistent signage, a single set of rules for operators on private land and an "appeals charter".

Private parking businesses have been accused of using misleading and confusing signs, aggressive debt collection and unreasonable fees.

That comes after a government-backed code of conduct was withdrawn in June 2022, after a legal challenges by parking companies.

RAC head of policy Simon Williams said: "We're flabbergasted that the BPA and the IPC have suddenly announced plans to introduce their own private parking code after doing all they can over the last five years to prevent the official government code created by an act of Parliament coming into force.

"While there are clearly some positive elements to what the private parking industry is proposing, it conveniently avoids some of the biggest issues around caps on penalty charges and debt recovery fees which badly need to be addressed to prevent drivers being taken advantage of."

BPA chief executive Andrew Pester said: "This is a crucial milestone as we work closely with government, consumer bodies and others to deliver fairer and more consistent parking standards for motorists."

IPC chief executive Will Hurley said: "The single code will benefit all compliant motorists and will present clear consequences for those who decide to break the rules."

Sky News has learnt the owner of Superdry's flagship store is weighing up a legal challenge to a rescue plan launched by the struggling fashion retailer.

M&G, the London-listed asset manager, has engaged lawyers from Hogan Lovells to scrutinise the restructuring plan.

The move by M&G, which owns the fashion retailer's 32,000 square foot Oxford Street store, will not necessarily result in a formal legal challenge - but sources say it's possible.

Read City editor Mark Kleinman 's story here...

NatWest says its mortgage lending nearly halved at the start of the year as it retreated from parts of the market when competition among lenders stepped up.

New mortgage lending totalled £5.2bn in the first three months of 2024, the banking group has revealed, down from £9.9bn the previous year.

The group, which includes Royal Bank of Scotland and Coutts, also reported an operating pre-tax profit of £1.3bn for the first quarter, down 27% from £1.8bn the previous year.

An unexplained flow of British luxury cars into states neighbouring Russia continued into February, new data shows.

About £26m worth of British cars were exported to Azerbaijan, making the former Soviet country the 17th biggest destination for UK cars - bigger than long-established export markets such as Ireland, Portugal and Qatar.

Azerbaijan's ascent has coincided almost to the month with the imposition of sanctions on the export of cars to Russia.

Read the rest of economics and data editor Ed Conway 's analysis here...

Rishi Sunak has hailed the arrival of pay day with a reminder his government's additional National Insurance tax cut kicks in this month for the first time.

At last month's budget, the chancellor announced NI will be cut by a further 2p - so some workers will pay 8% of their earnings instead of the 12% if was before autumn.

The prime minister has repeated his claim this will be worth £900 for someone on the average UK salary.

While this additional cut - on top of the previous 2p cut in January - does equate to £900 for those on average full-time earnings of £35,000, there are two key issues with Mr Sunak's claim:

• Once the effect of all income tax changes since 2021 are taken into account, the Institute for Fiscal Studies reports an average earner will benefit from a tax cut of £340 - far less than £900;
• Moreover, anyone earning less than £26,000 or between £55,000-£131,000 will ultimately be worse off.

In short, this is because NI cuts are more than offset by other tax rises.

We explain below how this is the case...

Tax thresholds

This is partly down to tax thresholds - the amount you are allowed to earn before you start paying tax (and national insurance) and before you start paying the higher rate of tax - will remain frozen. 

This means people end up paying more tax than they otherwise would, when their pay rises with inflation but the thresholds don't keep up. 

This phenomenon is known as "fiscal drag" and it's often called a stealth tax because it's not as noticeable immediately in your pay packet.

That low threshold of £12,570 has been in place since April 2021. 

The Office for Budget Responsibility says if it had increased with inflation it would be set at £15,220 for 2024/25.

If that were the case, workers could earn an extra £2,650 tax-free each year.

Less give, more take

Sky News analysis shows someone on £16,000 a year will pay £607 more in total - equivalent to more than three months of average household spending on food. 

Their income level means national insurance savings are limited but they are paying 20% in income tax on an additional £2,650 of earnings.

In its analysis , the IFS states: "In aggregate the NICs cuts just serve to give back a portion of the money that is being taken away through other income tax and NICs changes - in particular, multi-year freezes to tax thresholds at a time of high inflation."

Overall, according to the institute, for every £1 given back to workers by the National Insurance cuts, £1.30 will have been taken away due to threshold changes between 2021 and 2024.

This rises to £1.90 in 2027.

The UK could face a shortage of cava due to a drought in the sparkling wine's Spanish heartlands.

The Penedes area of Catalonia is dealing with its worst drought on record, with vineyards across the region so parched the roots of 30-year-old vines have died.

It's left shrivelled red and green grapes languishing under intense sun, fuelled by fossil-fuel driven climate change.

Cava is an increasingly popular drink in the UK, with 17.8 million bottles sold in 2023 - an increase of 5% from the previous year, when Britons stocked up on 16.8 million bottles, according to the Cava Regulatory Board.

That makes the UK the fourth-biggest buyer, behind only the US, Belgium and Germany.

Workforce slashed

The problems have been compounded after Catalonia-based cava producer Freixenet announced it will temporarily lay off 615 workers, almost 80% of its workforce.

Under Spanish law, companies facing exceptional circumstances can lay off staff or reduce working hours.

This measure is expected to take effect from May and it is not known how long it will last.

Price rises

One industry source told retail publication The Grocer  that cava shortages would push up prices "certainly for next year" if there isn't enough supply.

This could last for years if the drought persists, they added.

Consumer expert Helen Dewdney told MailOnline the staff cuts at Freixenet can only mean one thing - price rises.

However, she added, supermarkets say they are not experiencing any issues right now.

Parents are being hammered by rising childcare costs, according to a new study that suggests they may spend more than £160,000 raising their child to the age of 18.

Research by Hargreaves Lansdown has found that parents with children pay £6,969 a year more than couples without.

Over 18 years and assuming an annual inflation rate of 3%, that amounts to a whopping £163,175, the investment platform said.

Its study also found that parents were less likely to have money left at the end of the month.

Single parents carry the biggest burden, with the research suggesting they have just £85 left on average compared to £365 for couples with children.

Hargreaves Lansdown also found just 23% of single parents reported having enough emergency savings to cover at least three months' worth of essential expenses, compared to 63% of couples with children.

Parents are also at a slight disadvantage when it comes to pensions, the research found, with only 43% of couples with children on track for a moderate retirement income, compared to 47% without. Only 17% of single parents have a decent projected pension fund.

Sarah Coles, head of personal finance at the firm, said "having children is one of the most expensive decisions a person can make".

She adds that as a result of having a child, "financial resilience suffers across the board", and added: "For single parents, life is even tougher, and they face far lower resilience on almost every measure.

"It means we need all the help we can get."

By Daniel Binns, business reporter

One of the top stories shaking up the markets this morning is that UK-based mining company Anglo American has rejected a major $38.8bn (£31bn) takeover bid.

Details of the attempted buyout by Australian rival BHP emerged yesterday  - sending Anglo American shares soaring.

The deal would have created the world's biggest copper mining company - with the news coming as the price of the metal hit record highs this week.

However, Anglo American has now dismissed the proposal as "opportunistic" and said BHP had undervalued the company.

Anglo's shares are slightly down by 0.8% this morning - suggesting investors may not have given up hopes that a deal could eventually be agreed.

However, overall the FTSE 100 is up around 0.4% this morning, buoyed by strong reported earnings from US tech giants Microsoft and Google owner Alphabet.

It's helped the index, of the London Stock Exchange's 100 most valuable companies, hit yet another intraday (during the day) record of 8,136 points this morning.

The winning streak comes after a week of all-time highs on the index - including a record close of 8,078 points yesterday. The score is based on a calculation of the total value of the shares on the index.

Among the companies doing well this morning is NatWest - despite the bank reporting a fall in pre-tax profits of nearly 28% for the first quarter of the year.

Shares in the lender are up more than 3% after its results were better than expected by analysts.

On the currency markets, £1 buys $1.25 US or €1.16, almost on a par with yesterday.

Meanwhile, the price of a barrel of Brent crude oil has crept up slightly to $89 (£71).

Self-checkouts - they're like marmite, people seem to either love them or hate them.

But the boss of Sainsbury's has claimed that his customers do  enjoy using self-checkouts, despite criticism that that machines don't always provide the convenience promised.

Simon Roberts told The Telegraph that there are more of them in Sainsbury's stores "than a number of years ago" as shoppers like the "speedy checkout".

But despite this, he said there won't be a time when they'll replace cashiers completely.

"Over the last year, where we've put more self-checkouts in, we're always making sure that the traditional kind of belted checkout is there," he said.

His comments come after northern supermarket Booths ditched self-checkouts at all but two of its sites after customer feedback. 

Walmart and Costco in the US have also scaled back on the systems.

Let us know in the comments - do you love or hate self-checkouts?

We've all heard consumer advice that's repeated so often it almost becomes cliché. So, every Friday the Money team will get to the bottom of a different "fact" and decide whether it's a myth or must.

This week it is...

'Smart meters save you money'

For this one, we've enlisted the help of Dr Steve Buckley, also known as the Energy Doctor and head of data science at Loop...

So do smart meters help you save? 

"The short answer is both yes and no," Steve says.

"Installing a smart meter by itself won't magically reduce your energy consumption. But, by giving you easy access to your energy usage data, smart meters pave the way for savings that you couldn't achieve otherwise."

Before smart meters, most households only found out how much energy they had used when the bill arrived. 

By that stage it's too late to address wasteful usage, leading to what's known as "bill shock". 

"With a smart meter, you can see your usage and costs in real-time through an in-home display or an app provided by your supplier," Steve says. 

"This immediate feedback encourages you to use less energy. If you measure it, you can control it."

In 2022, the Department for Energy Security and Net Zero found that homes with smart meters used about 3.4% less electricity and 3% less gas. 

"This might not seem like a lot, but it adds up to a saving of over £50 per household annually," Steve says.  

If all homes in the UK made similar cuts, that would amount to savings of around £1.5bn and a potential reduction in CO2 emissions by about 2.7m tonnes each year. 

"Good for individual households but also great for the planet," Steve says. 

Smart meters are often installed at no extra cost to the consumer - it's effectively free data for households. 

Limitations

Smart meters are more or less what you make of them - a simple, free tool that allows you to see headline figures. 

However, "without detailed analysis, it's tough to identify and eliminate" where you could be wasting money, Steve says. 

Apps like Utrack, Loop and Hugo Energy can help you work out where you might be losing money by offering a more detailed breakdown if connected to your smart meter. 

Those tools are often free, but you may need to register your card details as proof of address. 

The tools give a number of useful insights, including looking at consumption in other households of similar size or monitoring where chunks of your money are going, such as to a faulty boiler or the "phantom load" (energy wasted by devices left on unnecessarily).

Myth or must?

Although smart meters alone don't reduce energy bills, they are a vital tool to help energy efficiency and cost savings. 

By Ollie Cooper, Money team

It can be hard to balance getting nutritious foods that make you feel good without spending a lot.

In this series, which ends today after digging into yoghurt, bread, pasta, fruit juice and plant-based milk, we've tried to find the healthiest options in the supermarket for the best value.

Sunna Van Kampen,  founder of  Tonic Health ,  who went viral on social media for reviewing food in the search of healthier choices, has given his input for the past six weeks.

And for the final part of the series, we're looking at the nation's favourite snack: crisps. 

The series does not aim to identify the outright healthiest option, but to help you get better nutritional value for as little money as possible.

We're a people obsessed: in the UK, we get through six billion packets of crisps a year.

Sunna has three easy tips for finding the tastiest options that are kinder to your body...

1. Understand the fat facts

"Typical crisps can be oil sponges and contain over 30% fat from low-quality vegetable oils that have been fried," Sunna says. 

"What we are on the lookout for those that buck the trend and stay away from the fat." 

So, he says, aim for crisps that contain less than 15% total fat.

2. Fibre up your snack time

"While crisps aren't exactly salad, some can offer more nutritional value than others," Sunna says.

"Check the labels for options that have more fibre or protein."

These help you feel fuller for longer and also keep your digestive system happy.

3. Portion control

"It's easy to demolish an entire bag in one sitting - however, many brands offer multipack bags that are portion-controlled, usually around 25g a bag," Sunna says.

Sticking to these helps to manage calorie intake and stops overindulging.

The big picture

"Small changes might not immediately seem like a lot but if you eat a bag a day with your lunch, we are talking about up to a whopping two litres of oil cut from your diet over the course of the year," Sunna says,

"This is not permission to eat crisps every day (enjoy as an occasional treat) but rather an indication of how small changes add up quickly overtime."

The good news is Sunna's recommendations are all similar in price to their popular, fattier rivals - so you don't need to make a bigger investment to reap some health benefits. 

We've included the prices for the brands' standard multipacks at Tesco - correct as of time of writing. 

Walkers Oven Baked - £1.95 for six-pack

"Around £1.95 for a pack of six, these crisps are baked, not fried, slashing the fat content to 13%, so a great option."

Popchips - £2.25 for five-pack

"These have just 13% fat content as they're popped rather than fried so are a great way to go reducing fat without compromising on the crunch."

And for some non-crisp options...

ProperCorn Popcorn - £2 for six-pack

Often described as "the healthier, lighter option", Sunna says ProperCorn "isn't actually the best option on the market for fat content at 17.4%".

That being said, you do get "double the fibre of standard crisps at 10.9g per 100g". 

At only £2 for a pack of six, it's well-priced, too.

Snack A Jacks - £2.20 for five-pack

"At only 8.3% fat per 100g, it's a great option at £2.20 for a pack of five."

Penn State Baked Pretzels - £1.50 for 175g bag

Now for Sunna's winner.

"The German classic is a great option at only 4.6% fat per 100g," he says.

One downfall is that they are not available in portioned bags, so be careful with the whole 175g bag for £1.50.

Want another option altogether?

"If you want to be even healthier, consider the switch to nuts, seeds or even dried cheese snacks," Sunna says.

"Higher in calories yes, but higher in good healthy fats too and are more satiating which will limit the chance of overeating."

The nutritionist's view -  from  Dr Laura Brown , senior lecturer in nutrition, food and health sciences at Teesside University...

"Baked instead of fried crisps is definitely a way forward as well as the popcorn suggestion," she says.

"We should also be aiming to look at the amount of protein and fibre found in products. For example, lentil and pea snacks are growing in popularity due to their higher protein and fibre values, so the focus should be more on looking for ingredients other than potatoes, oil and salt. 

"I also feel 'crisp' based snacks made in an air fryer are becoming more popular. These can include a wholemeal wrap with a small amount of oil added, and placed in the air fryer with paprika and other seasoning added for flavour. 

"Also, chickpeas in the air fryer make for a super delicious protein and fibre rich snack. They are cheaper than crisps and lower in fat since no oil has to be added."

Read more from this series... 

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