RHB Business Account (Malaysia): Review & full guide (2026)

Key takeaways:

• RHB's Business Current Account is a solid foundation for Malaysian businesses that primarily operate locally.

• To open an account, your business needs to be registered with SSM. The minimum initial deposit is RM1,000 for sole proprietors and RM3,000 for other business entities.

• Whilst RHB 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.

If you're setting up a business in Malaysia, one of the first things you'll need is a dedicated business bank account. RHB's Business Current Account is one of the more widely used options among local SMEs – it covers day-to-day transactions, cash management through RHB Reflex, and a range of add-on services as your business grows.

This guide covers how the account works, what it costs, how to open one, and where its limitations show up. We'll also show you how Airwallex compares with RHB, and why it's the better choice for modern businesses.

What is the RHB business account and who is it for?

An RHB Business Current Account is a bank account designed for Malaysian businesses to manage their day-to-day finances. You can receive payments from customers, pay suppliers, manage cash flow, and handle routine transactions, all through one account.

It works like a personal current account but with features built for business use: online banking through RHB Reflex, debit cards, cheque books, and multi-user access with different permission levels.

RHB offers two variants:

• RHB Business Current Account: the conventional option

• RHB Business Current Account-i: the Shariah-compliant option, operating on a Commodity Murabahah structure

Both variants offer the same core features. The main difference is that the -i variant operates under Islamic banking principles, making it the preferred choice for businesses that want Shariah-compliant banking.

RHB Business Current Account features

The RHB Business Current Account comes with a set of features built around everyday business banking needs. Here's what you get when you open an account.

1. Online banking and the RHB Reflex platform

RHB Reflex is RHB's online banking platform for businesses. It's where you'll manage most of your day-to-day banking – checking balances, transferring funds, paying bills, approving transactions, and running payroll.

When you open a Business Current Account, you get access to the standard Reflex package. If you need more advanced features like accounting software integration and HR management, you can upgrade to RHB Reflex Premium Plus, which starts from RM50 per month¹.

Here's how the two tiers compare:

The information in this table has been reviewed to be accurate as of 27 February 2026.

Reflex also supports multi-user access with four distinct roles, Administrator, Data Entry, Reviewer/Authoriser, and Inquirer, so different team members only have access to what they need.

For example, your accounts team can prepare and submit payments, but a director can be set as the required approver before any payment actually goes out.

2. Debit card and cheque book

Your account comes with a business debit card for spending and ATM withdrawals, and a cheque book facility for suppliers or clients who still prefer cheques.

3. e-Statements

Monthly statements are available digitally through Reflex, or you can request a physical copy from your home branch for RM1 per month².

RHB Business Current Account add-ons

The following services are optional and not included as part of the standard Business Current Account. Most come with additional fees or require a separate application.

1. Merchant terminals and payment acceptance

If you accept card payments from customers, RHB can set you up with the right payment infrastructure for your business type:

• Physical card terminals: For in-store transactions at retail locations or restaurants

• Mobile payment solutions: Portable terminals for businesses that need to accept payments on the go

• eCommerce payment gateways: Online payment processing for businesses selling through websites

Transaction fees vary depending on your business type and transaction volume. Contact RHB directly for a fee breakdown specific to your situation.

2. Corporate cards

RHB offers corporate cards that let you issue cards to employees while maintaining oversight of company spending. You can set spending limits per card, restrict purchases to certain merchant categories, and receive real-time notifications when cards are used.

3. Joy@Work employee salary accounts

Joy@Work is RHB's salary crediting programme for employees. If you run payroll through RHB Reflex, you can enrol your staff in Joy@Work, which gives them access to an RHB salary account along with a range of employee benefits including preferential financing rates and credit card fee waivers.

4. Business financing

RHB offers a range of financing options for businesses that need working capital or trade support:

• BizPower SME loans: Working capital loans for small and medium enterprises

• Trade financing: Letters of credit and bank guarantees for import/export businesses

• Working capital facilities: Overdrafts and revolving credit lines to manage cash flow gaps

Eligibility depends on your company's financial health, trading history, and business plan. Having your primary banking relationship with RHB can make the application process smoother, as the bank already has visibility into your transaction history and cash flow.

RHB Business Account’s fees and service charges

The RHB Business Current Account doesn't charge a monthly fee as long as you maintain a minimum average daily balance. If your balance drops below RM1,000, a service charge of RM5 per month applies².

Here's a summary of the key fees²:

Your deposits are protected by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000 per depositor. For business entities like partnerships and companies, the RM250,000 limit applies collectively to the business – not per partner or director.

How to open an RHB Business Account

You can start your application online through RHB's SME account opening portal, but you'll need to visit a branch at least once to complete document verification. Here's how the process works:

Step 1: Check your eligibility

Before applying, make sure your business meets the basic requirements:

• Your business is registered in Malaysia with valid SSM documentation

• You have your minimum initial deposit ready – RM1,000 for sole proprietors, or RM3,000 for partnerships and private limited companies³

• All directors and authorised signatories have valid identification (MyKad for Malaysian citizens, passport for foreign nationals)

Step 2: Prepare your documents

The documents you need depend on your business structure:

Private limited company (Sdn Bhd)

• Completed account opening form

• Board resolution to open a current account with RHB

• SSM company profile

• Particulars of directors and shareholders

• Company constitution

• MyKad of all directors and authorised signatories

Sole proprietor

• Completed account opening form

• Borang A (business registration form)

• Borang D (certificate of incorporation)

• MyKad of the sole proprietor

Partnership

• Completed account opening form

• Borang A (business registration form)

• Borang D (certificate of incorporation)

• Partnership agreement

• MyKad of all partners and authorised signatories

Note: If your company has foreign directors, you'll need additional documentation including overseas address verification and source of funds declarations. The approval process may also take longer.

Step 3: Submit your application

Head to your nearest RHB branch with your documents to submit your application. Branch staff will verify your identity and company documents in person.

Step 4: Fund your account

Once approved, make your initial deposit to activate the account.

Step 5: Set up RHB Reflex

Once your account is active, register for RHB Reflex to access online banking. You can download the RHB Reflex mobile app on iOS or Android to manage your account on the go.

Pros and cons of the RHB Business Current Account

The RHB Business Current Account works well for businesses that primarily operate within Malaysia, but it has some limitations worth knowing about before you sign up.

Pros

• Established local banking infrastructure: RHB has branches nationwide, which is useful if you need in-person support or need to handle cash deposits and withdrawals.

• RHB Reflex: A capable online banking platform that covers payroll, statutory payments, DuitNow, and JomPay out of the box.

• PIDM protection: Your deposits are covered up to RM250,000 per depositor per bank.

Cons

• Branch visit required to open: You can't complete the full application online; at least one branch visit is needed for document verification.

• Minimum balance requirement: If your average daily balance drops below RM1,000, you'll be charged RM5 per month.

• Limited cross-border capabilities: International transfers go through SWIFT, which can be slow and costly for businesses with frequent overseas payment needs.

• Limited accounting integrations: Direct integrations with Xero and other accounting software are only available on the Reflex Premium Plus plan, which costs extra.

RHB vs Airwallex for Malaysian businesses

RHB is a solid local bank, but like most traditional banks, it wasn't built for the way businesses work today. For modern businesses, Airwallex is the better option.

Fees and onboarding

To open an RHB business account, all authorised signatories have to visit a branch in person – there's no way to complete the process online. You'll also need to keep your average daily balance above RM1,000, or pay a RM5 monthly charge.

Airwallex is fully online. You can open an account, manage payments, and issue Corporate Cards all from one platform, without any branch visits or paperwork. There's no minimum initial deposit or average daily balance to maintain.

International payments and FX

RHB sends international payments through SWIFT, which can take several business days and stacks up fees across sender, intermediary, and recipient banks. Currency conversion costs aren't shown upfront – you only see the rate at the point of transaction.

Airwallex routes 94% of payments through local rails in 120+ countries with no SWIFT fees, and 93% of our transactions arrive on the same day. FX conversions are priced competitively, saving you up to 80% compared to traditional banks. You can also hold and manage 20+ currencies in one account, and use those balances directly for outgoing payments without converting back to ringgit first.

Frequently asked questions (FAQs)

Can I open an RHB business account online without visiting a branch?

Not fully. You can start the process online through RHB's SME account opening portal, but you'll need to visit a branch at least once to complete document verification in person. This is standard practice for Malaysian banks and applies to all business types.

What is the minimum deposit for an RHB business account?

The minimum initial deposit is RM1,000 for sole proprietors and RM3,000 for partnerships and private limited companies.

Can I open an RHB business account if my company has foreign directors?

Yes, RHB accepts applications from companies with foreign directors or non-resident shareholders, but you'll need to provide additional documentation including overseas address verification and source of funds declarations. The approval process may take longer for companies with foreign directors compared to fully Malaysian-owned businesses.

How do I register for RHB Reflex online banking?

Once your Business Current Account is approved, you can register for RHB Reflex through RHB's business banking portal. You'll need your account number and the contact details you provided during account opening to complete the registration. For step-by-step guidance, contact your nearest RHB branch or call RHB's business banking helpline.

How do I log in to RHB Reflex online banking?

You can log in to RHB Reflex at reflex.rhbgroup.com using your User ID and password. For added security, certain transactions require Secure Plus authentication, which sends a one-time code to your registered device.

Is there an RHB banking app for businesses?

Yes, the RHB Reflex mobile app is available for both iOS and Android. It lets you check balances, approve transactions, make transfers, and receive real-time payment notifications on the go.

What is RHB Reflex and do I need it for my business?

RHB Reflex is RHB's online banking platform for businesses. It comes included with your Business Current Account and covers fund transfers, bill payments via JomPay, DuitNow QR collection, bulk payroll processing, and statutory payments like EPF and SOCSO. If you process payroll or make regular supplier payments, you'll need it. If you want accounting or HR software integration, you'll need to upgrade to Reflex Premium Plus, which starts from RM50 per month.

Does RHB Reflex integrate with accounting software?

Direct integrations with accounting and HR software are only available on the Reflex Premium Plus plan. Supported platforms include Xero and Financio for accounting, and Kakitangan and Talenox for HR and payroll. On the standard Reflex plan, you'd need to manually export and import transaction files to sync with your accounting software.

What's the difference between RHB and Airwallex for Malaysian businesses?

RHB covers the basics of local business banking: receiving ringgit payments, paying local suppliers, managing payroll, and accessing business financing. But for businesses that want lower fees, faster international payments, and multi-currency capabilities, Airwallex is the better choice. It offers local payment rails in 120+ countries, FX fees up to 80% lower than traditional banks, and the ability to hold and manage 20+ currencies in a single account.

Sources:

1. https://www.rhbgroup.com/overview/business/index.html

2. https://www.rhbgroup.com/others/service-charges/index.html

3. https://www.rhbgroup.com/business/sme-banking/deposits/current-account/index.html

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).