Maybank business account Malaysia: Review & full guide (2026)

Key takeaways:

• Maybank offers several business account types including the SME First Account, Corporate Current Account, and Islamic options.

• Opening a Maybank business account can be done online or at a branch, depending on your business type and eligibility.

• Whilst Maybank provides comprehensive local banking services, Airwallex offers a better overall solution for businesses, with faster setup, multi-currency capabilities, and competitive FX rates that save you up to 80% on FX fees.

If you’re running a business in Malaysia, opening a dedicated business account is one of the first things you should do.

As Malaysia’s largest bank, Maybank offers several business account options tailored to different entity types and operational needs. In this guide, we’ll walk you through how to choose the right Maybank business account and what fees and features to look out for. We'll also show you how to use Airwallex to better manage your international payments.

What's a Maybank business account and which one should I choose?

Malayan Banking Berhad (Maybank) is one of Malaysia’s largest and most established banks, serving both individuals and businesses nationwide. For companies, it offers a range of business banking accounts designed to support daily transactions, payments, and cash flow management.

A Maybank business account refers to a bank account registered under your business name, allowing you to separate company finances from personal funds. Maybank offers several core business deposit products¹ which generally fall into two categories:

• Current accounts for daily transactions

• Investment accounts for earning returns

The most commonly used Maybank business accounts include:

If your priority is managing day-to-day business payments, a current account is usually the right choice. If you have excess cash that doesn't need to be used immediately, an investment account may help you earn returns while keeping your funds within the Maybank ecosystem.

SME First Account

This is Maybank's basic current account for small and medium enterprises. This means you get essential banking services including cheque facilities, online banking through Maybank2u Biz, and bulk payment features. If you're running a straightforward business that needs local banking without complex requirements, this account works well.

SME First Account-i

This is the Shariah-compliant version that operates on Islamic banking principles. Instead of earning or paying interest, it uses profit-sharing arrangements. If you need halal banking whilst maintaining access to modern banking features, this is your option.

Corporate Current Account

This account is designed for larger businesses and corporations. You'll get higher transaction limits, dedicated relationship managers, and more comprehensive features than the SME accounts. Companies with substantial banking needs typically choose this option.

SME First Investment Account-i

This is an Islamic investment account that lets you earn returns on deposits through profit-sharing. Unlike current accounts that focus on transactions, this option helps grow your business funds whilst maintaining Shariah compliance.

Who's eligible and what documents do you need?

Maybank business accounts are available to business entities registered in Malaysia, including sole proprietorships, partnerships, and private limited companies (Sdn Bhd). The required documents depend on your business structure.

Sole proprietorships

To open a Maybank business account as a sole proprietor, you’ll typically need:

• MyKad or valid identification (business owner)

• SSM business registration certificate

• Proof of business address (e.g. utility bill or tenancy agreement)

In most cases, the business owner must also be present in person at the branch for identity verification and to complete the account opening process.

Partnerships

To open a Maybank business account as a partnership, you’ll typically need:

• MyKads of all partners

• SSM registration certificate

• Partnership agreement outlining the terms of the business

• Partnership resolution authorising the account opening and naming authorised signatories

In most cases, all partners (or the required authorised signatories) must be present at the branch for identity verification and to complete the account opening process.

Private limited companies (Sdn Bhd)

To open a Maybank business account as a private limited company, you’ll typically need:

• Certificate of incorporation (SSM registration)

• Company directors’ identification (MyKad or passport, where applicable)

• Board resolution approving the account opening and authorising signatories

• Company constitution (if applicable)

• Company stamp (chop)

Depending on the company structure, Maybank may also request additional supporting documents to verify authorised signatories and registered business details. In most cases, an authorised director or company representative will need to be present in person at the branch for identity verification and account setup.

How to open a Maybank business account

Opening a Maybank business account can be done online or at a branch, depending on your business type and eligibility. Here’s a step-by-step breakdown of how to open a Maybank business account.

Step 1: Prepare your documents

Gather the necessary documents based on your business structure. You can refer to the previous section for the full list of required documents if you need a refresher.

Step 2: Submit your application

You can apply either online (if eligible) or at a Maybank branch.

Online applications:

Some applicants, such as sole proprietors, may complete the process through the MAE app. After downloading the app, here’s how you apply:

• Select the business account option

• Upload required documents

• Complete identity verification (which may include facial recognition)

Digital applications are typically processed within 1–3 business days. You'll receive a notification once the account is approved.

Branch applications:

If you prefer in-person assistance or aren't eligible for online opening, visit a Maybank branch with your original documents and copies.

It is recommended to book an appointment using Maybank’s EzyQ system² to reduce waiting time. A bank officer will review your documents, assist with the application form, and explain account features and fees.

Step 3: Make the initial deposit

Initial deposit requirements depend on the account type and how you apply. Online applications typically require a lower initial funding amount, while branch applications may require a higher minimum deposit.

For example, the SME First Account requires an initial deposit of RM100 for online applications or RM1,000 for branch applications³.

What are the fees and charges?

Understanding the standard charges helps you budget properly and avoid unexpected costs. While fees can vary depending on the specific account type, these administrative charges typically apply to all Maybank business current accounts:

• Half-yearly service charge: RM10⁴ (waived if you maintain the required minimum average balance).

• Early account closure fee: RM20 if the account is closed within the first 3 months.

• Cheque processing fee: RM0.50 per cheque that’s deposited or encashed⁵

• Cheque stamp duty: RM1.00 per cheque leaf⁶; if a cheque book is issued with 50 pieces of cheque leaf, the total cost is RM50.

For overseas payments, additional charges may apply:

• Online service fees: RM10 per international transfer made via Maybank2u, MAE, or Maybank2u Biz⁷.

• Branch transfer fees: Typically RM30 per international transfer made at a branch.

• Agent/intermediary bank fees: May apply depending on the destination and currency.

• Cancellation/amendment fee: RM10 per request, plus any applicable intermediary bank charges.

In addition to these fees, you should also consider the FX cost if your transaction involves currency conversion.

When you convert currencies, Maybank uses its own exchange rate rather than the mid-market rate you see on Google. The difference between these rates represents the bank’s currency conversion cost.

Traditional banks generally don't publish a separate percentage for this margin, so you only see the final rate before confirming the transaction. In contrast, some modern fintech platforms display their FX pricing more transparently. For example, Airwallex uses exchange rates that are around 0.4–0.6% above the interbank rate, helping you save up to 80% on FX fees.

What features and add-ons do you get with Maybank Biz?

Maybank business accounts come with features designed to simplify your financial operations. Beyond basic banking, you'll also gain access to digital tools, payment solutions, and financing options that support business growth.

Maybank2u Biz and bulk payments

Maybank2u Biz is Maybank’s online banking platform for business customers. It lets you view balances, track transactions, and initiate payments without visiting a branch.

The platform also supports bulk payments, which can be useful for payroll or paying multiple suppliers. Instead of processing transfers individually, you upload a payment file containing recipient details and amounts, review the batch, and authorise the payments in one go. This reduces manual entry and helps minimise processing errors.

Cards and debit options

Maybank offers business debit and corporate credit cards linked to your account.

The SME Visa Platinum Debit Card⁸ lets you set transaction limits and apply merchant category restrictions. This helps manage employee spending while maintaining oversight.

Corporate credit cards provide additional flexibility, including extended payment terms and consolidated expense reporting. You can issue multiple cards with individual spending limits, giving teams purchasing access while maintaining control over company expenditure.

QRPayBiz and collections

QRPayBiz is Maybank’s QR-based payment acceptance solution. This lets you accept digital payments without handling physical cash or setting up a card terminal. To use it, customers scan your QR code using their banking app and make an instant payment.

The system supports DuitNow QR, Malaysia’s national QR standard, allowing customers from different banks to pay using their preferred banking app. The funds are credited directly to your business account.

Financing and overdraft

Maybank business account holders can apply for financing options such as term loans, trade facilities, and overdrafts.

An overdraft facility lets you draw beyond your account balance up to an approved limit, which can help manage short-term cash flow gaps. Interest applies only to the amount used.

Maybank also offers digital financing options for SMEs, where transaction history may support credit assessment. Approval timelines and documentation requirements vary depending on the facility and risk profile.

Overseas transfers and foreign currency accounts

Maybank supports international transfers through the SWIFT network, allowing you to pay overseas suppliers and receive funds from foreign customers. However, SWIFT transfers typically take up to a few business days and may involve multiple fees, including sender fees, intermediary bank charges, and recipient bank fees.

If your business needs to hold funds in foreign currencies, you won’t be able to do that with any of the four Maybank business accounts covered in this article. You’ll need to open a separate multi-currency account: Maybank’s Master Foreign Currency Account (MFCA)⁹. This account lets you hold balances in up to 16 different currencies, making it suitable for businesses with regular cross-border transactions.

However, this translates into more administrative work and operational complexity, since you’ll have to manage a separate foreign currency account alongside your main Ringgit business account.

Maybank vs Airwallex: Which is right for your business?

Maybank is a well-established bank with a strong local presence, but it was built for a different era of business banking. For many modern businesses, whether you're an SME scaling up or a company with international clients, its limitations quickly become apparent.

Fees and onboarding

Maybank's business accounts come with the overhead you'd expect from a traditional bank: in-branch visits to open an account, physical document requirements, half-yearly service charges, and a product structure that requires opening multiple accounts to meet different needs.

Airwallex was built from the ground up as a digital-first platform. Account opening is fully online with no branch visits required, and you get a multi-currency account, payment tools, and Corporate Cards all within a single platform.

Our pricing is transparent too – while Maybank's service charges, cheque fees, and FX margins add up in ways that are hard to predict, we publish our pricing clearly so you know exactly what you're paying.

International payments and FX

Maybank routes international payments through SWIFT, which takes a few business days and involves layered fees – sender charges, intermediary charges, and recipient bank fees. Currency conversion adds another undisclosed margin on top.

Airwallex processes 94% of transactions through its own network of 120+ local payment rails, with no SWIFT fees and 93% arriving on the same day. FX conversions use interbank rates with a transparent margin of around 0.4–0.6%, saving you up to 80% on FX fees.

Where Maybank requires you to open a separate Master Foreign Currency Account to hold foreign currencies, Airwallex lets you hold and manage 20+ currencies in a single account – with local bank details in major markets so you can collect payments as if you have a local presence in each country.

Frequently asked questions (FAQs)

Do I need an introducer to open a Maybank business account in Malaysia?

For most mainstream Maybank SME and business current accounts, you no longer need an introducer – you can apply directly online or at a branch. Some specialised or legacy products may still require a letter of introduction, so check the latest requirements for your specific account type.

Can a foreign-owned company open a Maybank business account without a local director?

Foreign-owned companies can open Maybank business accounts, but they must be registered with Malaysia's Companies Commission (SSM). At least one director typically needs to be present for account opening and verification. Foreign directors may need to provide additional documentation including passport copies, work permits, and authorisation letters from the parent company.

Is a Maybank business account protected by PIDM deposit insurance?

Yes, eligible deposits in Maybank business accounts are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor per institution. This protection covers current accounts and savings accounts. But investment accounts like the SME First Investment Account-i may have different protection terms, so verify coverage for specific account types.

What is the minimum initial deposit for Maybank SME First and Corporate Current Account?

Minimum deposits vary by application method and account type. For SME First accounts, digital applications through the MAE app require RM100, whilst branch applications require RM1,000³. Corporate Current Accounts typically require RM2,000¹⁰. These amounts serve as your initial deposit and remain in your account as working capital.

Can I open a Maybank business account fully online or will I need to visit a branch?

Most businesses can start the application process online, but activation typically requires either a branch visit or verification through the MAE app. Sole proprietors have the most streamlined digital experience and may complete the entire process through MAE. Partnerships and companies usually need to visit a branch for document verification and signature collection, even if they start the application online.

Does Maybank support multi-currency transactions and what are the typical SWIFT transfer fees?

Yes. Maybank supports multi-currency transactions through its Master Foreign Currency Account, which allows businesses to hold and transact in selected foreign currencies. For international payments, Maybank provides overseas transfer services that are typically routed through SWIFT. Fees for SWIFT transfers depend on the account type and transfer method.

Sources:

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

2. https://www.maybank2u.com.my/page/appointment/

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

4. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/services/funds_transfer/overseas/foreign_telegrapic_transfer.page

5. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/banking_fees/cheque_processing.page

6. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/announcements/2025/february/revised-charges-cheque-related-instruments.page

7. https://www.maybank2u.com.my/maybank2u/malaysia/en/business/services/foreign-telegraphic-transfer.page

8. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/cards/debit/sme-visa-platinum-debit.page

9. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/accounts/current/mfca.page

10. https://www.maybank2u.com.my/maybank2u/malaysia/en/business/deposits/deposit_account/corporate_current_account.page

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).