Best Banking Services in Malaysia for International Students

20 September 2025

Managing your money wisely is a big part of living abroad, especially when you study in Malaysia. Among the first things to do after one’s arrival is opening up a bank account in their host country. Apart from ease of payment processing and transfer of funds, it helps save money on foreign transaction charges, makes one’s funds more accessible, and helps in managing daily expenses with greater convenience.

The banking system in Malaysia is up-to-date, trustworthy, and convenient for students. Regardless of if you are paying your tuition, dividing bills with flatmates, or remittance back home, selecting the best bank will significantly impact your experience. In the modern day, all banks also come with easy-to-use phone applications, value accounts, and extensive ATM networks. Selecting the best one makes your financial life go as smoothly as possible while you study.

At BCES Admissions Abroad, our services go beyond just facilitating admissions; we also cater to crucial aspects of acclimatization, including the process of opening a student bank account and understanding foreign financial systems.

The Urgency to Open a Domestic Bank Account

Convenience – Personal accounts are highly convenient in settling payment for rent, groceries, and other services.

Monetary Savings – Avoid excessive charges for currency exchange or cross-border transactions.

Security – Carry less cash in-store and indulge in secure electronic payment.

Budget control – Cut costs without hassle through banking apps and budgeting.

Streamlined payment of tuition – Pay fees directly to your school, thus avoiding unnecessary charges.

Recommended Banking Institutions for Foreign Students in Malaysia

1. Maybank

Maybank is the largest bank in Malaysia and is favorite among students because of low minimum requirements, extensive ATM network, and Maybank2u mobile app. It is a perfect choice for easy bill payment, transfer, and daily spending.

2. CIMB Bank

CIMB offers affordable student banking and is praised for its CIMB Clicks mobile application. Its products are best fit for people who require budget-friendly banking services with smooth virtual functions.

3. Public Bank

Well-known for prompt customer care, Public Bank is a trustworthy option for convenient savings accounts and low fees. It is specifically helpful in facilitating school fee payment and conducting daily transactions.

4. HSBC Malaysia

HSBC offers international accounts designed for students requiring global flexibility, which facilitate convenient cross-border transfers. Despite potentially higher minimum deposit requirements, the extensive global presence of HSBC proves beneficial for individuals engaged in frequent international transactions.

5. RHB Bank

RHB’s Student Savings Account-i is an Islamic banking-friendly product that is popular among students. It is known for offering sturdy digital services as well as physical presence close to most campuses.

The process of opening a student bank account in Malaysia.

1. Research banks and pick one that is convenient for you (cost, ATM usage, and transfer).
2. Round up your documents: passport, student visa, admission letter, and sometimes proof of residence.
3. Look up your branch using your documents or start your application in person if the bank allows.
4. Fill in the mandatory minimum sum, somewhere between RM 20 and RM 500.
5. Establish mobile banking services so you can operate from anywhere.

Guidelines in Selecting an Appropriate Financial Institution

• Check for hidden fees or maintenance charges before you agree.
• Select a bank with branches or bank machines near your school or home.
• Look for mobile banking applications with functions including transfer instantly and payment of bills.
• If you’ll get money from overseas regularly, shop around for international transfer rates.
• Research other benefits students are eligible for, such as discount programs or savings programs.

Choosing the right bank is one of the smallest but very important details in planning a hassle-free study experience. Choosing a bank that specifically serves students will allow one to save funds, avoid problems, and focus better on studies and college activities. For personalized guidance on relocation or study in Malaysia, kindly get in touch with BCES Admissions Abroad; we aim to make your relocation as seamless as possible.