10 best business bank accounts in Malaysia (2026 Guide)

Key takeaways

• Malaysia's business banking market includes established banks such as Maybank, CIMB, Hong Leong Bank, and UOB, alongside digital-first options like GXBank.

• When comparing business bank accounts, look at the initial deposit, service charges, account-opening process, introducer requirements, digital banking features, and support for international payments.

• For businesses that regularly make or receive international payments, fintech platforms like Airwallex may be a better fit. Airwallex lets you hold 20+ currencies and save up to 80% on FX fees as compared to traditional banks, with $0 setup fees and monthly fees.

The best business bank accounts in Malaysia depends on how your business operates, from the way you receive payments to how you manage expenses and pay suppliers.

Malaysian businesses can choose from established banks such as Maybank, CIMB, and Hong Leong Bank, as well as digital-first options like GXBank.

In this guide, we compare 10 business bank accounts in Malaysia based on factors such as initial deposits, service charges, account-opening requirements, digital banking features, and international payment capabilities.

We also look at fintech alternatives like Airwallex for businesses that need multi-currency accounts and cross-border payments.

What is a business bank account in Malaysia?

A business bank account is an account opened in a business’s name and used to keep company finances separate from personal spending. It can help businesses:

• Receive customer payments and pay suppliers or employees

• Track business income and expenses more clearly

• Keep company funds separate from the owner’s personal money

For Sdn Bhd companies and LLPs registered with the Companies Commission of Malaysia (SSM), a dedicated business account is generally recommended for day-to-day operations and accounting, although Malaysian law does not impose a blanket requirement for every company or LLP to maintain one.

Eligible deposits with PIDM member banks are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor per member bank, subject to PIDM’s coverage rules.

Traditional bank accounts vs fintech business accounts

This article focuses on business accounts from traditional banks, but these aren’t the only option for managing your company's money.

Fintech platforms can provide business accounts with features such as local and international payments, multi-currency balances, and business cards, often with a fully online application process.

For many businesses, opening a fintech account can be simpler than opening a traditional bank account. Applications can usually be completed online, with digital identity and business verification, and you may not need to visit a branch.

Looking for an alternative to a traditional business bank account? Airwallex lets Malaysian businesses open a business account online, with no setup fees, monthly fees, or minimum balance requirements.

With Airwallex, you can hold funds in 20+ currencies, make payments to 200+ countries, and unlock $0 transfer fees via local rails.

What are the 10 best business bank accounts in Malaysia?

We assessed business bank accounts in Malaysia on several factors, including their initial deposit, monthly fees, and more.

Here’s a quick overview, before we go through each business bank account in more detail:

This information is based on publicly available information accessed on 1 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

1. Maybank Business Account

Maybank is a strong choice for businesses that value a large physical banking network alongside digital banking.

Its SME First Account is designed for sole proprietors, partnerships, professionals, and private limited companies, and eligible businesses can apply online. Sole proprietors can also activate the account through the MAE app, while branch activation remains available.

Best for: Businesses that want the convenience of a large branch network alongside digital business banking

Key features¹:

• Digital banking: Maybank2u Biz lets businesses manage accounts, make local and overseas transfers, handle bill payments, and make payroll and bulk payments.

• Bulk payments: Businesses can make bulk payments to employees, suppliers, and other recipients through Maybank2u Biz.

• Business payments: Maybank offers integrated payment options including QRPayBiz and other cashless payment solutions.

• Financing and business services: The account can be paired with Maybank's SME financing, business cards, payroll, and other business solutions.

For more details, read our Maybank business account review.

Information in this section is based on Maybank’s official website as of 1 Oct 2026.

2. CIMB Business Current Account-i

CIMB’s Business Current Account-i is a Shariah-compliant operating account for businesses that want their day-to-day banking to follow Islamic finance principles.

It supports a range of business structures and can be opened online, with digital verification available before the account is processed.

Best for: Businesses that want Shariah-compliant business banking

Key features²:

• Shariah-compliant banking: Operates under Islamic banking principles rather than conventional interest-based banking.

• Digital business banking: CIMB OCTO Biz lets businesses manage accounts, make fund transfers, pay bills, and handle other day-to-day banking activities online.

• Business payment management: Businesses can use the account for everyday payments and transfers, with complimentary monthly statements for transaction tracking.

For more details, read our CIMB business account review.

Information in this section is based on CIMB’s official website as of 1 Oct 2026.

3. OCBC eBiz Account

OCBC's eBiz Account is a fully digital business account aimed at smaller businesses that want to complete the account-opening process online. It's available to eligible businesses registered with SSM, with no branch visit required.

One important eligibility condition is that the business must have no more than two directors or partners. Businesses with more than two directors or partners should consider OCBC's MYR Business Current Account instead.

Best for: Digital-first SMEs, sole proprietors, and eligible businesses with up to two directors or partners

Key features³:

• Fully digital application: Apply and complete identity verification online without visiting a branch.

• Digital business banking: Manage accounts, payments, transfers, and other day-to-day banking through OCBC's digital platforms.

• Business payment tools: Access digital payment and collection solutions, including DuitNow and QR payment options.

• Cash-flow management: Track transactions and manage payments and collections through OCBC's business banking platform.

Information in this section is based on OCBC’s official website as of 1 Oct 2026.

4. Hong Leong Bank PrimeBiz Current Account

Hong Leong Bank's PrimeBiz Current Account is a good fit for businesses that want a traditional bank account with added benefits for maintaining their balances.

The account offers rebates that can be used to offset eligible banking fees and charges, while businesses can also access a range of HLB's SME banking and financing solutions.

Best for: SMEs that want a traditional business bank with rebates and access to broader SME banking services

Key features⁴:

• Fee rebates: Earn rebates based on your account balance, which can be used to offset eligible banking fees and charges.

• Digital banking: Manage business banking through HLB's online banking platforms and mobile app.

• Financing access: Connect your business account with HLB's wider range of SME financing solutions.

• Flexible deposit options: Pair the account with HLB's Business Flexi Fixed Deposit for additional interest returns.

• Online application: Eligible Sdn Bhd companies and sole proprietors can apply online without visiting a branch.

Information in this section is based on Hong Leong Bank’s official website as of 1 Oct 2026.

5. RHB Business Current Account/-i

RHB's Business Current Account is a good option for SMEs that want their banking connected to accounting, HR, and payroll tools.

With RHB Reflex Premium Plus, businesses can connect their account to solutions such as Financio, SQL Accounting, Kakitangan, and Talenox, bringing banking, accounting, payroll, and statutory payments into one setup.

One thing to note before applying: RHB requires an Introducer's Declaration as part of the account-opening process for private limited companies. This means you'll need an existing RHB customer to act as the introducer for the application.

Best for: SMEs that want their banking connected to accounting, HR, and payroll tools

Key features⁵:

• Accounting integrations: Connect RHB Reflex with accounting platforms such as Financio and SQL Accounting for account visibility, payments, and reconciliation.

• HR and payroll integrations: Kakitangan and Talenox can connect through RHB Reflex Premium Plus for payroll, leave management, and statutory payments.

• Digital banking: RHB Reflex provides online access for managing accounts, payments, transfers, and cash flow.

• Multi-currency banking: Businesses can add an RHB Multi-Currency Account to manage foreign-currency balances.

• Online account opening: RHB now offers an online portal for opening its Business Current Account/-i.

Information in this section is based on RHB’s official website as of 1 Oct 2026.

6. UOB Basic Current Account

UOB's Basic Current Account is a straightforward option for SMEs that need a basic current account for day-to-day banking.

It provides access to UOB's digital business banking tools, including UOB Infinity and the UOB SME App, while eligible businesses can apply through UOB's online account-opening process.

One thing to note before applying: UOB requires an introducer acceptable to the bank for the Basic Current Account.

Best for: SMEs that want a straightforward current account with UOB's digital banking tools

Key features⁶:

• Digital business banking: Manage accounts and authorise transactions through UOB Infinity and the UOB SME App.

• Payments and collections: UOB Infinity provides access to business payments, collections and cash-management functions.

• Online account opening: Eligible businesses can start their application online and complete identity verification through the UOB SME App.

• Cheque facilities: The account supports traditional cheque-based banking alongside digital transactions.

Information in this section is based on UOB’s official website as of 1 Oct 2026.

7. Public Bank Plus Current Account

Public Bank's Plus Current Account is a straightforward option for businesses that prefer a long-established Malaysian bank and access to a broad branch network.

The account supports day-to-day business banking through Public Bank's branches and digital banking services.

Best for: Businesses that prefer an established traditional bank with a wide branch network

Key features⁷:

• Branch banking: Access account services through Public Bank's branch network.

• Digital banking: Manage accounts and transactions through Public Bank's online banking platform.

• Cheque facilities: Supports cheque-based business payments alongside electronic transactions.

• Business account access: Available for different types of business entities, including sole proprietorships, partnerships and companies.

Information in this section is based on Public Bank’s official website as of 1 Oct 2026.

8. Alliance Bank Business Current Account/-i

Alliance Bank's Business Current Account is a practical option for SMEs that want digital tools for managing day-to-day banking, alongside access to the bank's wider range of business services. Alliance BizSmart supports multi-user access, payment approvals and scheduled transactions.

Alliance Bank’s account-opening process is somewhat different to other banks: eligible businesses can complete verification with a relationship manager at their business premises instead of visiting a branch.

Best for: SMEs that want digital business banking with hands-on support

Key features⁸:

• Digital banking: Manage accounts, payments and transactions through Alliance BizSmart.

• Multi-user controls: Set user roles and approval limits for business transactions.

• Payment scheduling: Schedule payments in advance through Alliance BizSmart.

• Business services: Access SME financing, trade finance and other business solutions.

Information in this section is based on Alliance Bank’s official website as of 1 Oct 2026.

9. AmBank Basic Current Account/-i

AmBank's Basic Current Account/Current Account-i is a straightforward option for SMEs that want a simple business account with digital banking access.

It supports day-to-day business payments and account management through AmBank's internet banking services.

Best for: SMEs that need a simple business account for everyday banking and payments

Key features⁹:

• Digital banking: Manage the account and transactions through AmBank's internet banking services.

• Cheque facilities: Issue cheques for business payments.

• Monthly statements: Receive regular account statements for transaction tracking.

Information in this section is based on AmBank’s official website as of 1 Oct 2026.

10. GXBank Biz Account

GXBank's Biz Account is designed specifically for sole proprietors that want fully digital business banking.

The account can be opened through the GXBank app without paperwork or a branch visit, while businesses earn daily interest on their balance and can access financing through Biz FlexiLoan.

Best for: Sole proprietors that want fully digital banking and interest on their business balance

Key features¹⁰:

• Fully digital banking: Open and manage the account through the GXBank app.

• Daily interest: Business balances earn interest daily.

• No monthly fees: The account has no monthly fee and no minimum balance requirement.

• Business financing: Biz FlexiLoan provides access to a revolving credit line that can be drawn when working capital is needed.

• 24/7 support: Access customer support around the clock through GXBank's digital channels.

Information in this section is based on GXS Bank’s official website as of 1 Oct 2026.

What should you compare before opening a business bank account in Malaysia?

The right business bank account depends on your business structure, transaction volume, and whether you make or receive international payments. Before choosing an account, compare these four factors:

1. Initial deposit and minimum balance

Check the initial deposit required and whether the bank charges a service fee when your balance falls below a certain threshold. This can make a difference if you expect to keep only a small balance in the account.

2. Account opening process

Some accounts can be opened entirely online, while others require a branch visit or an introducer. Check the requirements before applying, particularly if your business has foreign directors or shareholders.

3. FX and international payments

If you pay overseas suppliers or receive international payments, compare the bank's exchange rates, FX fees, and international transfer charges. These costs can add up quickly for businesses with regular cross-border transactions.

Airwallex gives you competitive rates of 0.4% to 0.6% above interbank, helping you save up to 80% on FX fees as compared to traditional banks.

4. Digital banking and integrations

Look for features such as multi-user access, role-based permissions, payment approvals, bulk payments, and accounting integrations. These become more useful as your business grows and more people need access to the account.

What documents do you need to open a business bank account in Malaysia?

Document requirements vary by bank and by business structure. The list below covers what most Malaysian banks ask for.

Sdn Bhd (private limited company)

• Certified SSM company profile / SSM extracts (e.g., company info, directors/shareholders, and registered address details)

• Company Constitution (if applicable)

• Board resolution authorising the account opening and naming authorised signatories

• Identity cards (MyKad) or passports for all directors and authorised signatories

• Proof of registered business address (tenancy agreement or utility bill)

• Business licence or permit, where applicable

Sole proprietorships and partnerships

• Business Registration Certificate issued by SSM (or Enterprise Registration)

• Identity card (MyKad) of the proprietor or all partners

• Partnership deed, if applicable

• Business licence, if applicable

Can non-residents and foreign directors open a Malaysian business bank account?

Yes, but requirements vary by bank and business structure. Foreign directors and non-resident applicants may need to provide additional identification and immigration documents, and some banks require in-person verification.

If your business is not registered in Malaysia but you need to make or receive MYR payments, a fintech business account may be an alternative to opening a local bank account.

Why Malaysian businesses choose Airwallex over traditional banks

Airwallex is a fintech platform that gives Malaysian businesses a simpler way to manage their finances. You can set up your account fully online, with no setup fees or monthly account fees.

Once your account is set up, you can use Airwallex to manage local and international payments, currencies, and business spending from one platform.

• Multi-currency accounts: Hold and manage funds in 20+ currencies.

• Local transfers: Send free local transfers via DuitNow and GIRO.

• International transfers: 94% of our transfers go through local rails, with $0 transfer fees.

• Competitive FX: Convert currencies at competitive rates that save you up to 80% on FX fees compared to traditional banks.

• Business cards and expense management: Issue company cards and manage employee spending from the same platform.

Frequently asked questions (FAQs)

Are funds in a Malaysian business bank account protected by deposit insurance?

Yes. Eligible deposits at PIDM member banks are protected up to RM250,000 per depositor per member bank. Business accounts held by sole proprietorships, partnerships and companies can receive separate protection from the owner's personal deposits.

Can an Sdn Bhd company open a business bank account fully online in Malaysia?

Yes, some banks offer fully digital account opening for eligible Sdn Bhd companies. For example, AmBank offers digital account opening through AmAccess Biz, while OCBC's eBiz Account is fully digital for eligible businesses with no more than two directors or partners. Requirements vary by bank, so some businesses may still need to visit a branch or complete additional verification.

What is DuitNow Business and do all Malaysian banks support it?

DuitNow Business refers to DuitNow payment services that allow businesses to send and receive payments electronically, including through DuitNow IDs such as a business registration number. Availability and supported DuitNow services vary by bank, so check with your bank before opening an account if DuitNow payments are important to your business.

What is the typical minimum deposit required to open a business bank account in Malaysia?

Initial deposit requirements vary by bank and business structure, ranging from no minimum deposit for GXBank's Biz Account to several thousand ringgit for some traditional business accounts. Check both the initial deposit and any minimum-balance requirement before applying, as some banks charge a service fee when your balance falls below a specified threshold.

Can a foreign director open a Malaysian business bank account without visiting a branch?

It depends on the bank and the company's ownership and director structure. Foreign directors may need to provide additional identification or immigration documents, and some banks require in-person verification. Check the bank's requirements before applying, as digital account opening may be limited to eligible locally owned businesses.

Which Malaysian business bank accounts pay interest on balances?

One of the few Malaysian business accounts currently offering interest on balances is GXBank's Biz Account, which pays daily interest at a published rate of 2.50% p.a. through 30 September 2026. Some Islamic business accounts may also offer profit-based returns depending on the account structure.

How can businesses reduce FX costs when paying or collecting internationally through a Malaysian bank?

Compare the bank's exchange rate, FX spread, and international transfer fees rather than looking at the transfer fee alone. For businesses making frequent cross-border payments, a multi-currency business account can also reduce conversion costs by letting you hold and convert funds when needed. Airwallex lets you hold 20+ currencies, and if you need to convert, you get access to competitive FX rates that save you up to 80% on FX fees as compared to traditional banks.

Sources:

1. https://www.maybank2u.com.my/maybank2u/malaysia/en/business/deposits/deposit_account/sme_first_account.page

2. https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/online-business-current-account-i.html

3. https://www.ocbc.com.my/business-banking/smes/accounts/ebiz

4. https://www.hlb.com.my/en/business-banking/business-and-corporate-banking/deposits/current-account/primebiz-current-account.html

5. https://www.rhbgroup.com/business/sme-banking/deposits/current-account/index.html

6. https://www.uob.com.my/business/accounts/basic-current-account.page

7. https://www.pbebank.com/en/banking/current-accounts/plus-current-account/

8. https://www.alliancebank.com.my/business/SME/Banking/Business-Current-Account

9. https://www.ambank.com.my/small-medium-enterprise/business-current-account--i

10. https://gxbank.my/bizaccount