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Money: Tips for Opening a Bank Account In Malaysia

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Did you know that Malaysia ranks as the 28th best place in the world for expatriates to live?

When you sit down and consider all the livable locations, 28th in the world isn’t bad. The country is ranked so high thanks to its economic prospects and quality of life. However, before you can take advantage of everything that Malaysia has to offer, you are going to need a bank account. A bank account will allow you to rent, pay utilities, and collect payments.


Below, you are going to learn everything that you need to know about opening a bank account in Malaysia.

Consider Monthly Fees

When you are searching for a provider, you will find that it is more and more difficult to find a provider that doesn’t charge a monthly fee. Fees can range anywhere from as low as a few dollars to as much as $15 a month. Such fees might be included with services like checking accounts or debit cards. Whatever the situation is, you want to look for a provider that offers the lowest monthly premiums.

Consider Low Minimum Balances

Did you know that there are some banks in Malaysia that will charge their customers a monthly fee for not maintaining a minimum amount of money in their accounts? Each bank out there can be different, but there are many banks that have minimum balances of anywhere from $2,500 to $10,000. You are probably going to want to seek out a financial provider that doesn’t charge these monthly expenses or at least offers lower rates.

Remember You Have Online Options

When most people think about banking in Malaysia they tend to think about land-based banking. Sure, there are a number of land-based providers that can handle your banking needs but don’t forget about the power of the Internet. Due to the fact that this is an era of online retail, you literally have access to more vendors and providers than ever. Just check out sites like https://www.ocbc.com.my/personal-banking/accounts/index.html. When you are looking for Malaysia bank account you should start opening today, you without a doubt have to consider the Internet as a viable option.

Interest Bearing Accounts

Did you know that there are some bank accounts in Malaysia that should draw interest? This means that the money that you are depositing into your bank should earn interest upon the deposit. There are too many individuals out there that are letting banks get away without paying this extra surcharge. Just imagine if you have a bank account that offers 1 percent on every thousand dollars that you deposit. This is a pretty decent amount of money that you do not want to miss out on.

Consider The Availability

It is safe to say that in today’s time many people do not carry a whole lot of cash on them. Why should they, when just about every vendor takes credit or debit? Well, there are times when you are going to find yourself in need of cash. This is where access to the right ATM machine can come in handy. If you withdraw money for a non-partnered ATM you will be charged a fee.

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