Maybank current account for business (Malaysia): 2026 review

Key takeaways:

• Maybank offers three main business current accounts: SME First Account, Corporate Current Account, and Premier Mudharabah Account‑i.

• It also offers the Master Foreign Currency Account, which isn’t a traditional current account, but is better suited to companies that regularly receive or pay in foreign currencies.

• Whilst Maybank covers the basics of local business banking, Airwallex is the better choice for businesses that want lower fees, faster payments, and a platform built for modern operations.

The Maybank business account you choose has a direct impact on your daily banking, cash flow, and how cleanly you separate business and personal finances.

This review walks through Maybank’s three core business current accounts and its Master Foreign Currency Account. We also discuss how a modern fintech solution like Airwallex benefits your business as you start dealing with more overseas customers and suppliers.

What is a Maybank current account for business?

A business current account is a bank account designed specifically for business transactions. It's separate from your personal account and registered under your company name, giving you access to features built for commercial operations.

Here’s what sets a business current account apart:

• Separate finances: Your business transactions stay completely separate from personal spending, making bookkeeping and tax filing straightforward.

• Professional credibility: Payments and cheques are issued under your business name, helping build trust with suppliers and customers.

• Business services: You get access to merchant services, business loans, bulk payment options, and higher transaction limits than personal accounts.

• Compliance support: All your business transactions flow through one account, creating clear audit trails for tax authorities and making year-end accounting simpler.

In this article, we’ll focus on Maybank’s core business current accounts:

• SME First Account

• Corporate Current Account

• Premier Mudharabah Account-i (Islamic option)

We’ll also cover Maybank’s Master Foreign Currency Account. This isn't a traditional ringgit current account, but it’s useful for businesses that receive or make payments in foreign currencies.

Which Maybank business account fits your needs?

Maybank offers different business accounts depending on your company size, banking preference, and currency needs. The right choice depends on whether you prefer conventional banking, Islamic banking, or the ability to hold foreign currencies.

Here’s a quick comparison of the main options:

Here are more details on each account:

SME First Account

The SME First Account works best for sole proprietors, partnerships, and small companies. You'll pay lower initial deposits and face simpler requirements, which is perfect when you're just starting out and want to keep banking straightforward.

Corporate Current Account

The Corporate Current Account suits established companies handling higher transaction volumes. You'll get overdraft facilities, higher transaction limits, and more comprehensive business banking services that match your growing needs.

Premier Mudharabah Account-i

The Premier Mudharabah Account-i fits businesses that prefer Islamic banking principles. Your balances earn profit-sharing returns instead of interest, and all transactions comply with Shariah requirements.

Master Foreign Currency Account

Master Foreign Currency Account works best for businesses that regularly receive or make payments in foreign currencies. Instead of converting everything into ringgit, you can hold multiple currencies in their original form, helping you manage exchange rate exposure and simplify cross-border transactions.

Fees and charges for Maybank business accounts

When you’re running a business, every ringgit matters. Knowing the fees requirements in advance helps you manage cash flow and avoid unnecessary charges.

Here's a quick overview:

The information in this table has been reviewed to be accurate as of 25 February 2026.

How to open a Maybank business account

Maybank lets you apply online or visit a branch, depending on what works best for you. The process changes slightly based on your business structure and whether you're applying digitally or in person.

How to apply online with MAE or Maybank2u Biz

Opening your account online takes about 15 to 20 minutes, assuming you've got all your documents ready. Here's the process:

1. Visit the Maybank business account page and pick your account type.

2. Fill in the online form with your business details and personal information.

3. Upload your required documents (we'll cover these in the next section).

4. Wait for your account creation confirmation via email or SMS.

5. Activate your account through the MAE app or book a branch visit for final verification.

How to apply at a branch

If you prefer to apply in person, you can visit your nearest Maybank branch:

1. Bring the required documents (originals and certified copies).

2. Speak to a business banking officer.

3. Complete the application forms at the branch.

4. Submit your documents for verification.

5. Deposit the required minimum amount once approved.

Documents required for different entity types

What documents you need depends on your business structure. Here's the breakdown:

Sole proprietorship:

• Your IC or passport

• Business registration certificate (Form D)

• Latest business registration renewal

Partnership:

• IC or passport copies for all partners

• Partnership deed or agreement

• Business registration certificate

Private limited company:

• Memorandum and Articles of Association

• Certificate of Incorporation

• Form 49 showing director particulars

• Board resolution authorising the account opening

Professional bodies, clubs, societies:

• Rules and regulations document

• Registration certificate

• Board resolution listing authorised signatories

All documents must be certified true copies. Maybank might ask for extra documentation depending on your business type and transaction history.

Activation timelines

Online applications are usually processed immediately after submission, and simpler business structures may be able to complete activation digitally. If you apply at a branch, you’ll typically need to book an appointment and bring the required documents for verification.

Straightforward applications can often be approved and activated on the same day, while more complex cases – such as companies with multiple directors or foreign shareholders – may take a little longer due to additional checks. Once approved, you’ll need to deposit the required minimum amount to activate the account and start transacting.

Add-ons and online banking features with Maybank2u Biz

Beyond basic banking, Maybank offers tools that cut down on manual work and help you manage operations more efficiently. These features connect with your current account to give you a more complete financial management setup.

Bulk payments

Bulk payments let you pay up to 100 payees at once through Maybank's automated system⁵. Instead of processing each supplier payment individually, you upload a file and the system handles everything.

QRPayBiz and merchant solutions

With QRPayBiz, you can accept cashless payments through a unified QR code⁶. Customers scan your code with MAE by Maybank2u or other participating Malaysian bank and e-wallet apps, pay instantly, and the funds settle to your Maybank account.

If your business also needs to accept physical card payments, Maybank provides merchant services that include POS terminals and mobile POS devices. This allows you to accept Visa, Mastercard, American Express, and other major card schemes. Settlement terms and fees depend on your agreement and device type.

To support day-to-day business spending, Maybank also offers commercial credit cards for directors and employees. These cards can help you streamline expense management while earning rewards or cash rebates on eligible transactions, with instalment plans available for larger purchases.

Why Airwallex is the better choice

Maybank covers the essentials of local business banking, but it comes with the overhead you'd expect from a traditional bank – undisclosed FX margins, slow international transfers, and a product structure that requires opening multiple accounts to meet different needs.

Airwallex is built differently, and for modern businesses, it's the better choice.

Like-for-like settlement

With Airwallex, you can collect payments in your customer’s currency and hold those funds without forced conversion. When a US client pays you in dollars, you receive and keep USD, not ringgit that’s been automatically converted at a bank markup.

You’re in control of when and how you convert. You can choose to exchange your USD to ringgit later, if and when rates suit you, or hold the balance to pay for US-based expenses such as subscriptions, software, or advertising.

Interbank FX rates

With Airwallex, you access interbank (mid-market) exchange rates with a transparent margin, rather than the wider foreign exchange spreads commonly charged by traditional banks.

This means you know exactly what you’re paying, without any hidden markups. And with our highly competitive rates, our customers save up to 80% on FX fees.

Global payouts to 200+ countries

With Airwallex, you can send payments to 200+ countries and regions. 94% of our transactions go through local rails instead of SWIFT, and 93% of them arrive on the same day.

In comparison, international transfers made via Maybank typically go through the SWIFT network, which incurs higher fees and takes longer to process.

Frequently asked questions (FAQs)

Do I need an existing Maybank customer to introduce me when opening a business account?

Most Maybank business accounts no longer require an introducer. You can apply directly online or at a branch without needing an existing customer referral, though some premium accounts may still have this requirement.

What minimum balance must I maintain in my SME First, Corporate Current Account or Premier Mudharabah Account-i?

You don’t have to maintain a hard minimum balance to keep any of these accounts open, but all three accounts charge a RM10 service fee every six months, which is waived if you maintain an average balance of at least RM1,000 over that six‑month period. In other words, there’s no formal minimum operating balance, but you should aim to keep RM1,000 or more on average in each account to avoid the half‑yearly service charge.

Can my company open a Maybank business account if our directors are not Malaysian citizens?

Yes, but you'll need additional documentation like passport copies and overseas address verification. Maybank may require at least one Malaysian director or authorised signatory, and some restrictions may apply to signatory arrangements depending on your company structure.

How quickly can I activate my Maybank business account after applying online?

Online applications process immediately for eligible business types. You can activate your account within minutes via the MAE app if you've got a simple business structure. Complex applications involving multiple directors may take up to two working days for processing and approval.

Will Maybank provide a cheque book when I open my business current account?

Yes, most business current accounts include complimentary cheque book issuance as part of the standard package. You'll receive your first cheque book when your account is activated, with additional cheque books available at nominal fees.

What options does Maybank offer for holding foreign currencies and making overseas transfers?

Maybank offers foreign currency accounts and international transfer services for businesses. To hold foreign currencies, you can use Maybank’s Master Foreign Currency Account (MFCA). You can also make international telegraphic transfers through Maybank, typically via the SWIFT network. For businesses that need faster, cheaper international transfers, Airwallex is a better option – we process payments via local rails in 120+ countries with no SWIFT fees, and 93% of our transactions arrive on the same day.

Can I integrate my Maybank business account with Xero, QuickBooks or NetSuite?

Yes, Maybank supports bank feed integration with major accounting platforms through their business banking portal. Transactions sync automatically to your accounting software, reducing manual data entry and improving reconciliation accuracy at month-end.

Sources:

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

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

3. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/accounts/mudarabah/premier_mudharabah_account_i.page

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

5. https://www.maybank2u.com.my/iwov-resources/pdf/business/Maybank2uBiz/how-to-perform-bulk-payment.pdf

6. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/services/digital_banking/maybank_qrpay.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).