Madame Blossom's Book of Poems

Sunday, October 27, 2013

Opening a Maybank Account in Malaysia for Singaporeans/foreigners.

To avoid the hassle of going back and forth to the bank and all over the place, here are some tips and pointers for those who want to open an account.

This is from my understanding and my experience.

You will need :
Introducer form, endorsed by introducer and introducer's bank branch.

I was told I cannot open a savings account, since I'm a foreigner. So I must open a Current Account. For Muslims, you can choose an Islamic Current Account.

If you don't have a Maybank Account in Singapore, then if you want to open a current account in Malaysia, you need to have an 'introducer'. The introducer MUST be an existing current account holder in Malaysia, who has issued a cheque in the last 6 months.

This current account holder can be a company or an individual. There is a card form that needs to be filled by the introducer - which they can obtain from their bank branch. Then they need to fill up their account details and for the individual, sign with a signature matching the bank's record. If it's a company, then all signatories required for the banking account must sign the form PLUS the company stamp that was used to open the current bank account.

The bank branch of the introducer will validate the card and endorse it. (sign and stamp).

Only then, with the introducer card, can the foreigner go to Maybank to open a current account.

As for those with a Singapore Maybank Account, I understand from my sister in law that you can apply to open the Malaysian bank account online.

Minimum RM2000 is required for the foreigner to open a current account.

You may as well now apply for phone banking and INTERNET BANKING at the same time. You only need to put a check on those options in the bank account opening form.

At the counter, apply also the TAC (setting your phone number in which the bank can send approval code for your INTERNET BANKING online payments/banking). You'll need to sign a form.

Once you're done, you will get a Maybank Debit Card, and dummy password. You need to go to the ATM (normally outside the bank) to set your Maybank ATM password.

If you have also applied for the internet banking, then you also need to set your INTERNET BANKING activation password from the ATM. You will need this to access your internet banking for the first time online.

When completed, you can only collect your first CHEQUE BOOK in about 3 work days from the day you open the account. They will call you when it's ready and you'll need to collect it within Monday-Friday banking hours.

For internet banking, when you first login, you will be requested for the ATM card no, and the internet banking activation password. Thereafter you set your username and password, along with other security validations.

You should be good now.

That's all I have encountered and learnt so far. I didn't do it smoothly as above, because i had to learn the hard way by going back and forth with my cousin to her bank branch and office, and having delays in activating my internet banking and hitting the TAC problem when trying to pay my bills online for the first time.

So I hope, insyaa Allah, with this it will be smoother for you all.


Manoj Kumar said...

Thanks for sharing good and helpful article with us. This is very helpful for me.
Nre fixed deposit rates

Anonymous said...

Is it a must to have introducer for foreigner to open an account? Last visit to Maybank JB, they did not mention anything regarding this.

Kay said...

Would anyone share their experience using Citibank services? I am interested to open an online acct with them cos now they don't charge for transferring funds globally.

NAGAEMAS said...

Hi there, I know this article is old but does this still apply?