Malaysia Guide: Money

Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.

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  Introduction

  Malaysian banks and currency

  There is a wide network of different banks available in Malaysia, international, local and Islamic banks. Generally, most bank staff speak English.

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  Bank accounts

  How to open a bank account in Malaysia

  Opening a bank account in Malaysia is a straightforward process. Bank accounts are not only confined to Malaysian residents. Foreigners can freely set up bank accounts in Malaysia if they fulfill certain requirements.

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  Money in Malaysia

  Cash, cards and ATMs

  The popular international credit and debit cards, such as VISA, MasterCard, Cirrus and Maestro are generally accepted nationwide in larger establishments.

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  Money transfers

  How to transfer money in Malaysia and abroad

  Money transfers in Malaysia are very convenient, but international transfers tend to be very expensive. As for national transactions, you can pay most of your bills online and by telephone or use the wide network of banking service points to perform your banking transactions.

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  Taxes in Malaysia

  Income and other taxes

  Malaysia is a very tax friendly country. Income tax comparably low and many taxes which are raised in other countries, do not exist in Malaysia.

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