The Guide For International Student Banking in Malaysia
Student banking in Malaysia as an international student is quite simple, and the account opening procedure is straightforward. You can only begin the procedure once the visa endorsement has been completed and you have received the student visa sticker on your passport in Malaysia.
Once your visa endorsement has been completed, you can begin the process for opening a student bank account in Malaysia. The first step is to collect your passport from the international office once your endorsement has been completed. Along with the passport, you can request the international office at your university to issue a bank letter on your behalf. This bank letter usually validates your status as a current student in the university and other details pertaining to your status which helps the bank to verify your status as well.
Here is the list of documents that you must prepare before you visit any branch to start the procedure.
Documents to prepare
Once you have prepared all the documents, you can visit the nearest branch of the bank and go to the information counter and notify them that you want to open a direct savings account. International students can usually only open a savings account.
They will provide you with a bank account form which you must fill up and return it to the bank officer. They will then request for the rest of the documents that you have prepared and upon verification of all the documents they will start your account opening procedure the account can be opened on spot and you will be able to receive a debit card as well. You can also request to start internet banking service at the same time to save you another visit to the branch. Once your account has been opened and activated, you will be able to perform transactions online as well as off-line.
Best Banks For Students
Malaysia has some of the largest banks in Southeast Asia, offering extensive banking and financial services. As an international student, you will be able to access most of the banking services for retail customers.
The following are some of the most commonly used banks by international students in Malaysia that you may want to consider when planning to open your bank account in Malaysia.
It is advisable that you choose a bank with a broad network of ATMs, branches, online banking services and e-wallet capabilities to have the best banking experience as an international student.
The most common bank account type you can open as an international student is a regular savings account. You will also have the option to choose a conventional or Islamic banking system, as most banks in Malaysia offer both options.
Regarding banking charges, different banks may have their conditions. The following are necessary charges that you will need to be aware of while banking in Malaysia:
- Regular service charges
- Minimum deposits
- Debit card fees
- ATM fees
- Early closure charges
- Cheque processing fees
You can sign up and access e-wallet mobile applications to make your day-to-day spending easier. Major e-wallet applications will help you pay at most convenience stores, supermarkets, shopping malls, retail stores as well as restaurants.
You can reload your e-wallet apps from your bank account and spend directly from the e-wallet application. This can also help you budget your weekly expenses in an orderly fashion.
Some popular e-wallet apps in Malaysia are:
- Touch n go
- MAE by Maybank