Best free business bank accounts in Malaysia (2026)

Key Takeaways:

• In Malaysia, a business account advertised as “free” may still come with conditions. Some banks charge a half-yearly service fee if your average balance falls below a set threshold.

• For example, GXBank Biz Account has no account fees or minimum balance requirement, but requires a RM10 initial deposit and is available only to sole proprietors.

• Need another alternative? Airwallex has no monthly fee, minimum balance or opening deposit. It also lets you make international transfers via local rails with RM0 transfer fees.

Search for a free business account in Malaysia and you'll find plenty of options with no monthly fee. But that doesn't necessarily mean the account is free to use.

Some accounts have minimum balance requirements or charge a half-yearly service fee if your balance falls below a certain level. International transfers can also come with FX markups that add to the cost of doing business overseas.

This guide looks at five common costs to consider when comparing business accounts in Malaysia, then applies the same criteria to the most popular options.

That makes it easier to see which accounts are genuinely low-cost, and which come with fees or conditions you might not notice at first.

What does "free" mean in Malaysian business banking?

When a bank says a business account has no monthly fee, that only tells you one part of the cost. There are several other charges worth checking, especially if you make regular payments, keep a low balance or send money overseas.

1. Initial deposit

Some business accounts require you to put money into the account when you open it. You still own the money, but it is tied up in the account rather than available for other business expenses.

The amount varies significantly between accounts. Some digital or online applications require no initial deposit, while traditional business accounts can require RM1,000 or RM2,000 or more.

2. Half-yearly service charge

This is one fee that's easy to overlook: some Malaysian banks charge a service fee every six months if your average balance falls below a set threshold.

3. DuitNow Business and IBG transaction fees

DuitNow Transfer lets businesses send and receive money instantly, including payments to suppliers and employees. IBG is commonly used for bank transfers such as payroll and vendor payments, particularly when making bulk payments.

Some banks include these transfers at no extra cost, while others charge a small fee per transaction. If your business makes a high volume of payments, these fees can add up.

Airwallex gives you free DuitNow transfers, so you can pay local suppliers and employees without incurring per-transfer fees.

4. International transfer fees

Sending money overseas through a bank can involve several charges. These may include a transfer or telegraphic transfer fee, as well as fees from intermediary or beneficiary banks depending on how the payment is routed.

Airwallex routes 94% of transfers via local rails with RM0 transfer fees. This helps you save on international transfers.

5. FX markup

The cost of an international transfer isn't limited to the stated transfer fee. Banks and other providers may also build a markup into the exchange rate used to convert your money.

For example, a 1% FX markup on a RM50,000 supplier payment would cost RM500. That's why it's worth comparing the exchange rate as well as the upfront transfer fee when you're choosing a business account.

Free business accounts in Malaysia (2026)

The table below covers both traditional bank accounts and fintech platforms. They serve different needs, but the cost framework is the same.

Here’s a quick overview:

This information is based on publicly available information accessed on 8 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

Genuinely free business accounts with no fees and no minimum balance

1. Airwallex

Airwallex is a global fintech platform with no monthly fee, no minimum balance, no opening deposit, and no half-yearly service charge.

For international transfers sent via local payment rails, the transfer fee is RM0, and FX is priced at 0.4% to 0.6% above the interbank rate, saving you up to 80% on FX fees as compared to traditional banks.

You apply fully online with no branch visit required, and the application takes just 15 minutes to fill out.

2. GXBank Biz Account

GXBank is Malaysia's first digital bank, and its Biz Account has no account fees or minimum balance requirement. That makes it one of the few accounts with no fees, minimum balance or initial deposit requirements.

Another advantage is daily interest, with interest calculated and credited to your account daily. You can apply through the GXBank app using your MyKad and Business Registration Number, without needing to visit a branch or submit printed forms.

Worth knowing: The Biz Account is only available to sole proprietors with an active SSM registration. Sdn Bhd companies, partnerships and LLPs aren't eligible.

Information in this section is based on GXBank’s official website as of 8 Oct 2026.

Conditionally free: business accounts with balance requirements

The accounts below don't charge a regular account fee, but they come with a balance requirement. If your average balance falls below the bank's threshold, a service charge can apply.

For businesses that can comfortably maintain the required balance, these accounts can effectively be free to run.

3. OCBC eBiz Account

OCBC's eBiz Account is one of the more digital-first options from a traditional Malaysian bank.

You can apply online and complete identity verification through eKYC, without needing to visit a branch. OCBC says accounts can typically be opened within 1–2 working days, subject to completing the application process.

The account comes with a business debit card, OCBC Velocity internet banking and access to digital tools for collections, payments and foreign exchange. It also supports DuitNow QR collections through OCBC OneCollect and online FX transactions.

Worth knowing: The eBiz Account has specific eligibility requirements. It's available to businesses registered with SSM that are wholly owned by Malaysians or Singaporeans, and the business can have a sole proprietor or up to two directors or partners.

Businesses with more than two directors or partners need to consider OCBC's conventional MYR Business Current Account instead.

Information in this section is based on OCBC’s official website as of 8 Oct 2026.

4. Alliance Bank Business Basic Current Account

Alliance Bank's Business Basic Current Account is a straightforward option for SMEs that want traditional current-account facilities without a regular account fee. It comes with cheque facilities, monthly statements, access to Alliance Bank branches and Alliance BizSmart online banking.

The account is available to SME customers as defined by SME Corporation Malaysia, covering different business structures including companies, sole proprietorships, partnerships and LLPs.

Worth knowing: Alliance BizSmart provides online account access, although the free inquiry package is more limited than the full transactional service. If you need to make transactions online, check which BizSmart package applies to your business before opening the account.

Information in this section is based on Alliance Bank’s official website as of 8 Oct 2026.

5. Maybank SME First Account

Maybank's SME First Account is designed for small and medium-sized businesses and can be used by sole proprietorships, partnerships, professional businesses and private limited companies that meet the bank's eligibility requirements.

It also integrates with Maybank2u Biz for day-to-day business banking. This makes the account a practical option for businesses that want the convenience of Maybank's established business banking infrastructure.

Worth knowing: Maybank also offers benefits for eligible SME First Account customers making overseas fund transfers. Check the current terms and conditions to see which transfers qualify.

Information in this section is based on Maybank’s official website as of 8 Oct 2026.

Why Malaysian businesses choose Airwallex for business banking

Airwallex is genuinely free to open and maintain. There are no setup fees, monthly fees, half-yearly service charges or minimum balance requirements, so you don't have to keep a certain amount of money in the account just to avoid being charged.

On top of that, if you sell internationally or pay suppliers from other countries, Airwallex helps you keep the cost of moving money across borders low. Here’s what you get with Airwallex:

• Free local transfers: Local transfers via DuitNow and GIRO are free.

• Free international transfers via local rails: Airwallex lets you transfer to 200+ countries. 94% of our transfers go through local rails, with $0 transfer fees (FX fees apply).

• Save up to 80% on FX fees: Airwallex offers competitive rates of 0.4% to 0.6% above interbank. This lets you save up to 80% on FX fees as compared to traditional banks.

Airwallex is regulated as a licensed remittance business in Malaysia under the Money Services Business Act 2011.

How to choose the right free business account in Malaysia

The best free business account depends on your business structure, cash flow and how you use the account. Before choosing one, ask yourself these questions:

What's your business structure?

If you're a sole proprietor, GXBank is the only genuinely free bank account in this comparison. The GX Biz Account has no account fees or minimum balance requirements, but it's only available to sole proprietors registered with SSM.

For Sdn Bhd companies, OCBC eBiz, Alliance Bank Business Basic Current Account and Maybank SME First Account are among the options worth considering. OCBC eBiz has specific eligibility requirements around the number of directors or partners, while Alliance and Maybank cater to a broader range of business structures.

Airwallex is another option if you want a business account without a minimum-balance condition, particularly if your business also operates internationally.

Can you consistently maintain the minimum balance?

The conditionally free accounts above don't charge a regular monthly fee, but a service charge can apply if your average balance falls below the bank's required threshold.

If your cash flow is predictable and you can comfortably maintain the required average balance, these accounts can effectively cost nothing to maintain.

If your balance fluctuates, particularly when you're starting out, a no-minimum-balance option such as GXBank or Airwallex gives you more certainty over your account costs.

Do you need international payments?

If you regularly pay overseas suppliers or receive money from international customers, don't compare accounts based on account fees alone. International transfers can involve transfer charges as well as FX costs, and these can become more significant as your overseas activity grows.

Airwallex is designed for businesses with international operations, with fee-free transfers via local rails and competitive FX rates that save you up to 80% on FX fees as compared to traditional banks.

Do you need accounting integrations for LHDN e-invoicing?

If you already use accounting software such as Xero or QuickBooks, check whether your business account can connect to it. Direct integrations can reduce manual data entry and make it easier to reconcile transactions.

Airwallex supports integrations with Xero, QuickBooks and other accounting platforms.

If you're still deciding which account to open, see our guide to the best business bank accounts in Malaysia. It covers more options, including accounts that aren't free but may offer features that better suit your business.

Frequently asked questions (FAQs)

Is there a truly free business bank account in Malaysia?

Yes. GXBank Biz Account is a digital bank account for sole proprietors with no account maintenance fees, minimum balance requirement or initial deposit. Airwallex is another option for eligible businesses, although it is a fintech business account rather than a bank account. It has no monthly account fees, opening deposit or minimum balance requirement.

Which business bank account in Malaysia has no minimum balance?

GXBank Biz Account and Airwallex have no minimum balance requirements. Some traditional bank accounts, including OCBC eBiz, Alliance Bank Business Basic Current Account and Maybank SME First Account, charge a half-year service fee every six months if the account's average balance falls below a certain amount. Check each provider's terms, as the balance calculation and other fees may differ.

Can a sole proprietor open a free business account in Malaysia?

Yes. GXBank Biz Account is designed specifically for sole proprietors and has no account maintenance fees or minimum balance requirement. Sole proprietors can also apply for accounts such as OCBC eBiz, Alliance Bank Business Basic Current Account and Maybank SME First Account, subject to each provider's eligibility criteria. OCBC eBiz and the traditional bank accounts may incur a half-yearly service charge if the required average balance is not maintained.

Can an Sdn Bhd company open a free business account in Malaysia?

Yes, an Sdn Bhd company can access business accounts with no monthly maintenance fee, although some traditional bank accounts have other conditions. Options include Alliance Bank Business Basic Current Account and Maybank SME First Account. OCBC eBiz is another option for eligible companies, but it has restrictions on the number of directors and ownership eligibility. These traditional accounts may charge a fee every six months if the average balance falls below a certain amount.

What is a half-yearly service charge and how does it work?

A half-yearly service charge is a fee charged every six months when an account's average balance falls below the bank's specified threshold. For several Malaysian business accounts, including OCBC eBiz, Alliance Bank Business Basic Current Account and Maybank SME First Account, the fee is RM10 if the average balance falls below RM1,000 during the relevant period. This means an account with no monthly fee may still incur a maintenance charge if you don't maintain the required balance.

Is Airwallex safe to use for my Malaysian business?

Airwallex (Malaysia) Sdn Bhd is licensed to provide money services in Malaysia, including currency exchange and remittance services. It also holds the relevant registrations for electronic money issuance and merchant acquiring. Customer funds are safeguarded in accordance with applicable regulatory requirements and held separately from Airwallex’s own operating funds.

Sources:

1.  https://gxbank.my/bizaccount

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

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

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

5.  https://www.airwallex.com/my/pricing