Best free business bank accounts in Malaysia (2026)

Key Takeaways:

• In Malaysia, "free" almost always means "free if you maintain a minimum balance" — most accounts charge a half-yearly service fee if your average balance dips below a threshold.

• GXBank Biz Account is the only bank account in Malaysia with zero fees, zero minimum balance, and zero initial deposit — but it is only available to sole proprietors.

• Airwallex has no monthly fee, no minimum balance, and no opening deposit. Unlike every bank on this list, it also gives you free international transfers via local payment rails and publishes its FX markup upfront.

"Free" is one of the most overused words in Malaysian business banking. Search for a free business account and you'll find plenty of options with no monthly fee — at least on the surface.

Look closer and you'll find minimum balance requirements, half-yearly service charges when your balance dips, and FX markups on international transfers that quietly eat into every overseas payment you make.

This guide cuts through that. It breaks down what "free" actually means across five cost dimensions, then applies that framework to the most commonly considered accounts in Malaysia — so you can see clearly which ones are genuinely free, and which ones just look that way.

What does "free" mean in Malaysian business banking?

When a bank says its account is free, it usually means one thing: no monthly account fee. But that's just one of five ways a business account can cost you money. Understanding each one lets you compare accounts on a level playing field.

1. Initial deposit

Some accounts require an upfront deposit to open. You don't lose it, but it's capital sitting in the account that you can't put to work elsewhere. In Malaysia, this ranges from RM0 at digital banks to RM3,000 for certain company structures at traditional banks.

2. Half-yearly service charge

This is the one most people miss. Malaysian banks don't typically charge a monthly fee — instead, they apply a service charge every six months if your average balance has fallen below a set threshold. Most use RM1,000 as the cutoff and charge RM10 per half-year if you fall below it. It's how most "no monthly fee" accounts still end up costing you money.

3. DuitNow Business and IBG transaction fees

DuitNow Business is Malaysia's real-time business payment network. Interbank GIRO (IBG) handles batch and payroll transfers. Some accounts include these at no cost; others charge per transaction. If you're paying multiple suppliers or running payroll regularly, this adds up.

4. International transfer fees

Traditional Malaysian banks route overseas payments via SWIFT, which carries a flat telegraphic transfer (TT) fee plus an FX markup on the exchange rate. This is where the biggest cost gap between banks and fintech platforms tends to emerge.

5. FX markup

Even if an account charges no transfer fee, the exchange rate it applies will often include a hidden markup above the mid-market rate. A 1% markup on a RM50,000 supplier payment costs you RM500 — more than years of half-yearly service charges combined.

Free business accounts in Malaysia — at a glance

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:

The information in this table has been reviewed to be accurate as of 7 April 2026.

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 the FX markup starts from 0.4% above the interbank rate — published upfront on the pricing page.

It's open to any Malaysia-registered business, regardless of structure or number of directors. You apply fully online with no branch visit required.

2. GXBank Biz Account

GXBank is Malaysia's first licensed digital bank, regulated by Bank Negara Malaysia and a member of PIDM.¹ Its Biz Account has no monthly fees, no minimum balance, and no maintenance fees — making it the only bank account in Malaysia that is genuinely free on all five cost dimensions.¹

What makes it stand out further is daily interest. Your balance earns a base rate of 1.0% per annum, credited daily. You apply entirely through the GXBank app using your MyKad and Business Registration Number, and there’s no branch visit, no printed forms, no introducer required.

Worth knowing: The Biz Account is only available to sole proprietors registered with SSM.¹ Sdn Bhd companies, partnerships, and LLPs are not eligible. GXBank also offers a Biz FlexiLoan with a credit line of up to RM150,000¹, available when you open a Biz Account with the bundle option selected, subject to eligibility.

Conditionally free: business accounts with balance requirements

The accounts below charge no monthly fee — but each applies a half-yearly service charge if your average balance falls below RM1,000. Whether they're free in practice depends on whether you can comfortably maintain that threshold.

3. OCBC eBiz Account

OCBC's eBiz Account is the most digitally frictionless traditional bank option for Malaysian businesses. The application is 100% online: you verify your identity via eKYC, and your account opens within 1–2 working days with no branch visit needed.

The initial deposit is RM500, and a half-yearly service charge of RM10 applies if your average balance falls below RM1,000. Stay above that threshold and the account costs nothing to run. It comes with a business debit card, OCBC Velocity internet banking, DuitNow QR collection via OCBC OneCollect, and live FX rate booking via the FX Online platform.

Worth knowing: The eBiz Account is limited to businesses with a sole proprietor or up to two directors or partners. If your Sdn Bhd has three or more directors, you'll need OCBC's conventional MYR Business Current Account instead.

The account is also restricted to businesses wholly owned by Malaysians and Singaporeans.

4. Alliance Bank Business Basic Current Account

Alliance Bank's Business Basic Current Account is one of the most overlooked options in Malaysia — largely because it has the lowest initial deposit of any account on this list that is open to Sdn Bhd companies.

You need just RM100 to open the account. A half-yearly service charge of RM10 applies if your average balance falls below RM1,000 during any half-year period. The account comes with cheque facilities, monthly statements, access to all Alliance Bank branches, and free Alliance BizSmart inquiry-only online banking.

Worth knowing: This account is available to SME customers as defined by SME Corporation Malaysia — which covers Sdn Bhd companies, sole proprietors, partnerships, and LLPs. Alliance Bank will send a relationship manager to your business premises to complete verification, so there's no need to visit a branch.

5. Maybank SME First Account

Maybank is Malaysia's largest bank by assets and branch network, and its SME First Account has no monthly fee.

The initial deposit is RM100 if you fund the account digitally via the MAE app, or RM1,000 if you deposit at a branch. A service charge of RM10 per half-year applies if your average balance falls below RM1,000. Day-to-day banking runs through Maybank2u Biz, which supports bulk payroll uploads of up to 100 payees at once.

Worth knowing: Maybank offers a 20% discount on service fees for overseas fund transfers to more than 100 countries.⁴ 

What if your business also trades across borders?

Every bank account above is built for MYR operations. The moment you need to pay an overseas supplier, collect from an international customer, or hold funds in a foreign currency, you'll hit the limits of all four quickly — through transfer fees, undisclosed FX markups, or both.

This is where Airwallex is built differently. It covers the same cost dimensions as the genuinely free accounts above — no monthly fee, no minimum balance, no opening deposit — and adds a layer those accounts don't: free international transfers via local payment rails, and a published FX markup that lets you save up to 80% on FX fees.

Beyond payments, Airwallex gives you a full set of financial tools in one platform:

• Global Accounts: Open local-currency accounts to receive funds like a local in 20+ currencies — without opening separate bank accounts in each market.

• Transfers: Send payments to 200+ countries, with no transfer fee for transfers made via local rails. You also get competitive FX rates that let you save up to 80% on FX fees compared to traditional banks.

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

• Expense Management: Employees submit expenses on the go via the Airwallex app, with receipt capture and approval workflows built in.

• Accounting integrations: Connect directly to Xero and QuickBooks at no extra cost — useful if your business falls within scope of Malaysia's LHDN e-invoicing mandate.

How to choose the right free business account in Malaysia

Not every free account suits every business. The right one depends on your business structure, how predictable your cash flow is, and whether you transact beyond Malaysia's borders.

Here are a few questions to figure out which free business account works best for you:

What's your business structure?

GXBank is the only genuinely free bank account, but it's limited to sole proprietors. For Sdn Bhd companies, the most cost-avoidable options are OCBC eBiz (up to two directors), Alliance Bank Business Basic Current Account, and Maybank SME First Account — all free to run if you maintain an average balance of RM1,000. Airwallex is open to any Malaysia-registered business structure with no balance condition.

Can you consistently maintain the minimum balance?

The half-yearly service charge only kicks in if your balance dips. If your cash flow is consistent and RM1,000 is comfortable to maintain, the conditionally free accounts above cost nothing to run. If your balance fluctuates — especially in the early stages — GXBank (sole proprietors) or Airwallex (any structure) removes that uncertainty entirely.

Do you need international payments?

If you regularly pay overseas suppliers or collect from international customers, TT fees and FX markups will cost you far more than any half-yearly service charge. Factor those in before committing to a bank account. Airwallex covers this dimension with no transfer fee for local rails and a published FX markup from 0.4%.

Do you need accounting integrations for LHDN e-invoicing?

Malaysia's mandatory e-invoicing rollout continues to expand through 2025 and 2026. If your business falls within scope, an account that connects directly to Xero or QuickBooks reduces manual reconciliation and simplifies compliance.

If you're still weighing which account to open and want to go deeper — on document requirements, account opening steps, or payroll and accounting features — check out our guide to the best business bank accounts in Malaysia. This covers more options, including accounts that aren't free but may be a better fit depending on your needs.

Frequently asked questions (FAQs)

Is there a truly free business bank account in Malaysia?

 Yes, but with conditions. GXBank Biz Account is the only bank account with zero fees across all five cost dimensions — but it's sole-proprietor-only. For Sdn Bhd companies, OCBC eBiz, Alliance Bank Business Basic Current Account, and Maybank SME First Account are all free to run if you maintain an average balance of RM1,000. Airwallex has no ongoing fees regardless of your business structure, and no balance condition.

Which business bank account in Malaysia has no minimum balance?

 GXBank and Airwallex both have no minimum balance requirement. For traditional bank accounts open to Sdn Bhd companies, most apply a half-yearly service charge if your balance falls below RM1,000 — though the charge itself is only RM10 per period.

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

Yes. GXBank Biz Account is designed specifically for sole proprietors and is free on every cost dimension. Airwallex is also available to sole proprietors with no ongoing fees. OCBC eBiz, Alliance Bank Business Basic Current Account, and Maybank SME First Account are all available to sole proprietors and free to run above the RM1,000 average balance threshold.

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

Not entirely free through a bank — GXBank is sole-proprietor-only. For Sdn Bhd companies, the most cost-avoidable traditional bank accounts are OCBC eBiz (up to two directors), Alliance Bank Business Basic Current Account, and Maybank SME First Account. All three waive the half-yearly service charge if you maintain an average balance of RM1,000. Airwallex has no monthly fee and no minimum balance for any Malaysia-registered business structure.

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

A half-yearly service charge is a fee Malaysian banks apply at the end of every six-month period if your average account balance has fallen below a set threshold. Unlike a monthly fee, it's conditional — it only applies if your balance dips. Most accounts on this list use a RM1,000 threshold and charge RM10 per half-year if that condition is met. It's specific to Malaysian banking and is the main reason accounts that advertise "no monthly fee" can still cost you money.

Is Airwallex safe to use for my Malaysian business?

Airwallex (Malaysia) Sdn Bhd is licensed under the Money Services Business Act 2011 and regulated by Bank Negara Malaysia. Your funds are safeguarded in accordance with BNM regulations. Airwallex is not a licensed bank, so deposits are not covered by PIDM insurance — but Airwallex is required by BNM to hold client funds in segregated accounts with licensed banks, separate from its 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

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).