10 best business bank accounts in Malaysia (2026 Guide)

Key takeaways

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

• When comparing business bank accounts in Malaysia, the most important factors are initial deposit requirements, monthly service charges, online onboarding, DuitNow Business support, and FX fees.

• Also consider fintech platforms like Airwallex, which offer multi-currency Global Accounts, payouts to 200+ countries, and competitive FX rates that let you save up to 80% on FX fees.

If you're registering a business in Malaysia or already running one, choosing the right bank account has real consequences: how quickly you get paid, how much you spend on fees, and how easily you manage day-to-day cash flow.

Malaysia's business banking market covers everything from traditional banks to fully digital accounts you can open from your phone in minutes. The challenge is finding a business bank account that fully fits your structure, transaction volume, and business needs.

This guide covers the 10 best business bank accounts in Malaysia, what to compare before you apply, and what documents you'll need to open one. We'll also show you how Airwallex can cut your international payment costs and eliminate hidden FX markups.

What is a business bank account in Malaysia?

A business bank account is a dedicated account held in your company's name, separate from your personal finances. Every customer payment, supplier invoice, and payroll transaction flows through one place, keeping your business finances distinct from your personal spending.

Malaysian law effectively requires incorporated companies to hold a business bank account. If you've registered a private limited company (Sdn Bhd) or limited liability partnership (LLP) with the Companies Commission of Malaysia (SSM), you'll need a corporate account to operate legally.

Deposits held at licensed Malaysian banks are protected by Perbadanan Insurans Deposit Malaysia (PIDM), Malaysia's deposit insurance body, up to RM250,000 per depositor per bank.

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:

The information in this table has been reviewed to be accurate as of 9 March 2026.

1. Maybank Business Account

Maybank is Malaysia's largest bank by assets and branch network, making it the natural starting point for businesses that need wide physical coverage across the country. The SME First Account is its dedicated product for sole proprietors, partnerships, and Sdn Bhd companies, and for most business types, you can apply online and activate without visiting a branch.

Best for: Businesses that need a large branch and ATM network across Malaysia

Key features¹:

• Initial deposit: RM1,000 (RM100 via digital transfer for sole proprietors)

• Service charge: RM10 per half-year, waived if monthly average balance is >RM1,000

• Standout feature: Maybank2u Biz supports bulk payroll uploads of up to 100 payees at once; SME Digital Financing offers loan approvals of up to RM500,000 within minutes for eligible businesses

For more details, read our Maybank business account review.

2. CIMB Business Current Account-i

CIMB's Shariah-compliant account operates under Islamic finance principles. This means no conventional interest is charged or received; instead, profit-sharing contracts apply.

This is an MYR operating account for day-to-day business transactions. If you also need to hold and transact in foreign currencies, CIMB offers a separate Multi Currency Account-i that supports up to 11 foreign currencies alongside your main account.

Best for: Businesses that require a Shariah-compliant account

Key features²:

• Initial deposit: RM1,000 for Sdn Bhd; RM3,000 for partnerships and LLPs

• Service charge: Not disclosed

For more details, read our CIMB business account review.

3. OCBC eBiz Account

OCBC's eBiz Account is fully digital: you apply online, verify your identity via eKYC, and get your account number without setting foot in a branch. It's available to Malaysian- and Singaporean-owned businesses, making it a practical option for founders with cross-border ownership structures.

One important eligibility condition to note: the eBiz Account is designed for sole proprietors and businesses with no more than two directors or partners. If your Sdn Bhd has three or more directors, you'll need to apply for OCBC's conventional business current account instead.

Best for: Digital-first SMEs, sole proprietors, and businesses with Malaysian or Singaporean ownership and up to two directors

Key features³:

• Initial deposit: RM500

• Service charge: RM10 per half-year, waived if monthly average balance is >RM1,000

• Standout feature: The application is fully digital: no branch visit, no printed forms, no document couriering. For eligible businesses, you can set up a working account without leaving your desk.

4. Hong Leong Bank PrimeBiz Current Account

Hong Leong Bank has been named Best SME Bank in Malaysia by Euromoney for two consecutive years, most recently in 2025.

Beyond the recognition, it backs this up with a practical programme for new businesses: iStart@HLB bundles a business account with financing access and digital tools, so if you're just starting out, you can get your banking, funding, and financial tools set up in one go rather than piecing them together separately.

Best for: SMEs at any stage – from early-stage startups to established businesses – that want an award-recognised banking partner

Key features⁴:

• Initial deposit: RM500

• Service charge: Half-yearly charge applies if average balance falls below threshold; rebates available when you maintain a monthly average balance of RM15,000 or above

• Standout feature: iStart@HLB bundles a business account with financing access and digital tools for new businesses. It has been named Euromoney's Best SME Bank in Malaysia for two consecutive years.

5. RHB Business Current Account/-i

RHB's business account is worth considering if you want your banking connected to your day-to-day operations rather than kept separate.

The RHB Reflex Premium Plus package integrates directly with Financio for accounting and Kakitangan or Talenox for HR and payroll, so your bank balance, expense tracking, and salary runs all sit in one place.

Note that an introducer is required to open the account: you'll need an existing RHB customer to provide a declaration as part of your application.

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

Key features⁵:

• Initial deposit: RM1,000 for sole proprietors; RM3,000 for companies and other business entities

• Service charge: Half-yearly charge applies if average balance falls below threshold

• Standout feature: Using integrations, your bank transactions, expense tracking, and statutory payments like EPF and SOCSO can all be managed from a single platform

6. UOB Basic Current Account

UOB's Basic Current Account is a no-frills option designed for new businesses and startups that need a functional MYR current account to get up and running.

It doesn't come with the advanced cash flow analytics or FX tools of UOB's premium accounts, but it does give you full access to UOB Infinity and the UOB SME app for day-to-day banking, and you can open it entirely online without visiting a branch.

Note that an introducer is required: you'll need an existing UOB current account holder in good standing to provide a declaration as part of your application.

Best for: New businesses and startups that need a straightforward MYR current account with digital banking access

Key features⁶:

• Initial deposit: Not disclosed

• Service charge: Half-yearly charge applies if average balance falls below threshold

• Standout feature: Full access to UOB Infinity and the UOB SME app for account management, payments, and transfers

7. Public Bank Plus Current Account

Public Bank has been operating in Malaysia since 1966, giving it one of the longest track records of any bank on this list. The Plus Current Account is straightforward: it gives you cheque facilities, access via any Public Bank branch, ATM, or online banking, and is available to both resident and non-resident business owners.

One thing to factor in before applying: you'll need an introducer, who’s an existing Public Bank current account holder of at least 12 months with a clean track record, to be physically present at the branch when you open your account.

Best for: Businesses that prefer a long-established bank and already have an existing relationship with Public Bank

Key features⁷:

• Initial deposit: RM500 for sole traders; RM1,000 for companies

• Service charge: RM10 per half-year — no balance-based waiver applies

• Standout feature: Accounts available to both resident and non-resident business owners; one of Malaysia's longest-running banks with over 250 branches nationwide

8. Alliance Bank Business Current Account/-i

Alliance Bank offers a doorstep service for account opening: after you submit your application online, they’ll send a relationship manager to your business premises to complete the biometric verification.

Day-to-day banking runs through Alliance BizSmart, the bank's online platform, which gives you multi-user access, customisable approval limits, and transaction scheduling up to 30 days in advance.

Best for: SMEs that want hands-on support from a dedicated relationship manager

Key features⁸:

• Initial deposit: RM500

• Service charge: Half-yearly charge applies if average balance falls below threshold

• Standout feature: BCA holders can apply for collateral-free SME financing of up to RM1 million via Alliance Digital SME Cash Flow Financing

9. AmBank BizSmart Account

AmBank's business current account is a practical option for SMEs that want a straightforward digital banking setup without the friction that comes with some other banks on this list. You can open the account entirely through the AmAccess Biz app without visiting a branch.

Once your account is open, AmAccess Biz handles day-to-day payments, transfers, and account management.

Best for: SMEs that want a no-fuss digital business account

Key features⁹:

• Initial deposit: Not disclosed

• Service charge: Half-yearly, waived if monthly average balance is RM1,000 or above

• Standout feature: Fully digital account opening via the AmAccess Biz app with no branch visit needed

10. GXBank Biz Account

GXBank is Malaysia's first digital bank, licensed by Bank Negara Malaysia. Its Biz Account is only available to sole proprietors: you apply entirely through the GXBank app using your MyKad and Business Registration Number, with no branch visit and no paperwork. There's no minimum balance, no monthly fee, and no transaction fees.

What sets it apart from every other account on this list is daily interest: your balance earns 2.50% p.a., calculated daily and posted to your account at the end of each day. If you need working capital, the Biz FlexiLoan gives you a credit line of up to RM150,000 with instant approval and drawdown available 24/7.

Best for: Sole proprietors that want 100% digital banking with no fees and daily interest on balances

Key features¹⁰:

• Initial deposit: None required

• Monthly/annual fee: None

• Standout feature: Daily interest on balances (a rare feature for business current accounts); Biz FlexiLoan gives you a credit line of up to RM150,000 with instant drawdown 24/7, no annual fees

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

The 10 accounts above serve different needs. The right one depends on your business type, transaction volume, and whether you trade internationally. Here are the six most important factors to compare.

1. Initial deposit and minimum balance

Most traditional Malaysian banks require an initial deposit to open a business account, ranging from zero (GXBank) to RM3,000 depending on your business structure and the bank you choose.

Many also charge a half-yearly service fee if your average balance falls below a set threshold, so factor in how much cash you'll typically hold before committing.

2. Account opening process

This varies more than you might expect. Some accounts are fully digital, with no branch visit at any stage. Others require at least one in-person visit to verify documents.

And some banks, including Public Bank and RHB, require an introducer before they'll open an account at all.

3. FX costs and international transfers

If you pay overseas suppliers or collect from international customers, this is where the real cost differences emerge. Malaysian banks typically apply a markup on top of the mid-market exchange rate, and these markups add up quickly on large or frequent transfers.

Check the bank's foreign telegraphic transfer fees and exchange rate policy before opening. To save on FX, use Airwallex: our competitive FX rates help our customers save up to 80% on FX fees.

4. Outbound payments and payroll

If you regularly pay multiple suppliers or run payroll, check whether the bank supports batch payment uploads and whether multiple transactions can be approved simultaneously.

Maybank2u Biz, for example, supports bulk uploads of up to 100 payees at once, which is a meaningful time saver if you're managing a growing team or a large supplier base.

5. Accounting integrations and e-invoicing compliance

Since 2024, Malaysia's Inland Revenue Board (LHDN) has been rolling out a mandatory e-invoicing requirement for businesses above certain revenue thresholds, with the mandate expanding to more businesses through 2025 and 2026.

If your business falls within scope, a bank account that integrates directly with your accounting software makes compliance significantly less painful.

6. Digital banking features

Beyond just having an app, look at whether the platform supports multi-user access with role-based permissions, customisable transaction approval workflows, and real-time account visibility. These features matter more as your business grows and more people need access to the account without having unrestricted control over it.

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

• Initial deposit amount

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

Yes, non-residents can open an account, but additional steps apply.

Most banks will require a valid work permit or visa, and in-person branch visits are almost always required for non-residents, even at banks that offer fully digital onboarding for locally owned businesses. Some banks may also ask for a letter of introduction or reference from a local contact.

If your business is not registered in Malaysia but you need to collect or pay in Malaysian ringgit, opening a local business bank account may not be straightforward. In that case, fintech platforms like Airwallex offer a better option — more on this in the next section.

What is the best option if your business trades across borders?

Traditional Malaysian bank accounts aren’t built for international business. Most charge significant FX markups on every conversion, SWIFT transfers can take several days, and holding foreign currencies is either complicated or not supported at all.

If you're paying suppliers in China, collecting from customers in Singapore, or managing payroll across multiple countries, you'll hit these limitations quickly.

Airwallex is a global fintech platform built for exactly this kind of business. With Airwallex, you get the best of both worlds. You can use it for everyday MYR transactions, and also collect in multiple currencies and pay suppliers or employees anywhere in the world.

Here's what you get with Airwallex:

• Global Accounts: Open local-currency accounts to receive funds like a local in 20+ currencies.

• FX and transfers: Convert at competitive rates that let you save up to 80% on FX fees.

• Corporate Cards: Issue virtual and physical multi-currency cards for your team with no international transaction fees.

• Expense Management: Employees submit expenses on the go via the Airwallex app.

• Bill Pay: Upload, approve, and pay domestic and international invoices from one platform, with automatic data extraction and direct sync to accounting software such as Xero, QuickBooks, and NetSuite.

Frequently asked questions (FAQs)

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

Yes, deposits held at licensed Malaysian banks are protected by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000 per depositor per bank. GXBank, as a licensed digital bank, is also a PIDM member.

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

Some banks offer a fully digital application for eligible locally owned Sdn Bhd companies: AmBank via the AmAccess Biz app is one example. OCBC's eBiz Account is fully digital but is limited to businesses with no more than two directors. Most traditional banks still require at least one in-person branch visit to certify documents or obtain director signatures, particularly for companies with more than two directors or foreign shareholders.

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

DuitNow Business (DuitNow Biz) is Malaysia's real-time business payment network that lets companies send and receive funds instantly using a business registration number as a payment proxy. Most major Malaysian banks support it, but check whether your bank charges a fee for transfers above a certain value, as this varies.

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

Initial deposit requirements range from zero (GXBank) to RM3,000 depending on the bank and your business structure. Sole proprietors generally face lower thresholds than Sdn Bhd companies. Fully digital accounts tend to have lower or no deposit requirements compared with traditional branch-based accounts.

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

In most cases, no – banks require non-resident directors to attend a branch in person to verify identity, even if the initial application can be started online. You'll also likely need a valid work permit or visa, and documents in languages other than Bahasa Malaysia or English must be accompanied by certified translations. With Airwallex, your application can be done fully online.

Which Malaysian business bank accounts pay interest on balances?

GXBank's Biz Account earns daily interest at 2.50% p.a. on your full balance — an unusual feature for a business account in Malaysia, where most current accounts do not pay interest. Some Islamic accounts offer profit-sharing on maintained balances, and some banks offer interest on linked fixed deposit accounts, but daily interest on a standard business account remains rare.

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

Traditional Malaysian banks typically apply a markup on top of the mid-market exchange rate, which increases the cost of every international transfer. Use Airwallex to let you hold, convert, and pay internationally at significantly lower cost: with our competitive FX rates, our customers save up to 80% on FX fees.

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

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Malaysia) Sdn Bhd is licensed in Malaysia as a MSB Class B (remittance business only) licensee and is regulated by Bank Negara Malaysia (licence number 00318).