8 types of business accounts in Malaysia (2026 guide)

Key Takeaways:

• Business accounts in Malaysia fall into two categories: bank deposit accounts protected by PIDM up to RM250,000, and payment or fintech accounts that are regulated by Bank Negara Malaysia but sit outside PIDM.

• The eight main types are the current account, savings account, fixed deposit, foreign currency account, multi-currency account, Islamic (-i) account, digital bank account, and fintech platform account.

• Airwallex offers a fintech platform account with multi-currency Global Accounts and competitive FX, regulated by Bank Negara Malaysia.

When comparing the different types of business accounts in Malaysia, it's important to understand that not all accounts are designed for the same purpose.

Some are built for day-to-day transactions, while others help businesses earn interest, hold foreign currencies, or manage international payments more efficiently.

In this guide, we'll explore the main types of business accounts available in Malaysia, explain how each one works, and help you determine which option best fits your business needs.

Want to compare specific providers or open an account? See our guides on the best business bank accounts in Malaysia and how to open a business bank account in Malaysia.

2 categories of business accounts in Malaysia

Before you compare the different types of business accounts, it helps to know they fall into two main categories. The difference comes down to who offers the account and how your money is protected.

1. Bank deposit accounts

Licensed banks offer these accounts. Your money is protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000¹ per depositor per bank, and this cover applies to businesses, not just individuals.¹

Current accounts, savings accounts, fixed deposits, foreign currency accounts, Islamic accounts, and digital bank accounts all sit in this group.

2. Payment and fintech accounts

These come from providers licensed by Bank Negara Malaysia as money services businesses, not banks.

They are not covered by PIDM. Instead, your funds are held in segregated client accounts at licensed banks, kept separate from the provider's own money. These accounts are built for holding multiple currencies and making cross-border payments.

Now that you understand the two broad categories, let’s take a closer look at the eight types of business accounts in Malaysia, starting with current accounts.

Current account

A current account, known as an akaun semasa, is the standard transactional account for running a business. It is the account most Malaysian companies use every day.

You get a cheque facility, a debit card, and no cap on the number of transactions. Most current accounts pay little or no interest, because they are built for moving money, not storing it. You also need one to use DuitNow Business, FPX, and JomPay for local payments and collections.

Minimum deposits vary by bank. OCBC's eBiz Account and MYR Business Current Account both open with RM500², while Public Bank's ACE Enterprise Account needs RM10,000³. Some accounts also charge a small half-yearly service fee if your average balance drops below a set level.

This account suits almost every business, from sole proprietors to Sdn Bhd companies. Open one as soon as you register with SSM, so you keep business and personal money apart from day one.

Savings account

A savings account, or akaun simpanan, holds money you don't need for daily spending and pays interest on the balance. It trades everyday flexibility for a small return.

Unlike a current account, a savings account usually limits how many withdrawals you can make each month, and it has no cheque facility. The interest is modest. CIMB's Regular Savings Account, for example, opens with RM250 and pays from 0.10% a year⁴, with the rate rising as your balance grows.

In practice, savings accounts are built for individuals and sole proprietors, not companies. An Sdn Bhd usually cannot open one and runs everything through a current account instead. If you trade as a sole proprietor, a savings account is a simple place to set aside tax money or a cash buffer.

Treat it as a companion to your current account, not a replacement. Keep working cash in the current account, and park reserve funds you won't touch in savings.

Fixed deposit (term deposit) account

A fixed deposit, also called a term deposit, locks your money away for a set period in return for a higher interest rate. You agree to the tenure upfront and leave the funds untouched until they mature.

Tenures are flexible. Maybank's Fixed Deposit, for example, runs from 1 to 60 months, with a minimum placement of RM1,000 for 2 months or longer, or RM5,000 for a 1-month term⁵. As a rule, the longer you commit, the better the rate.

The trade-off is access. If you withdraw early, you usually lose some or all of the interest. So a fixed deposit is not the place for cash you might need at short notice.

Like other bank deposits, fixed deposits are protected by PIDM up to RM250,000¹. Business enterprises, companies, and sole proprietors can all open one.

This account suits businesses sitting on idle working capital, such as profit reserves or money set aside for a planned expense months away. You park the funds, earn more than a savings account would pay, and collect everything at maturity.

Foreign currency account

A foreign currency account, often shortened to FCA, lets you hold and transact in one foreign currency instead of Malaysian Ringgit. Each account holds a single currency, such as a USD-only or CNH-only account.

This helps in two ways. You keep funds in the currency you trade in, and you can time your conversions instead of converting every payment at the spot rate. It is useful when most of your trade sits in one corridor, like importing from China or selling to the United States.

Most banks ask for a minimum opening deposit. The account may carry maintenance or per-transaction fees, and they rarely include a cheque book or debit card. They are built for holding and the occasional transfer, not daily spending.

Foreign currency deposits at a licensed bank are PIDM-protected up to RM250,000¹, though the balance is first converted to Ringgit and pooled with your other deposits before that limit applies.

This account suits businesses with steady trade in a single currency. If you deal in several currencies, a multi-currency account fits better, which we cover next.

Multi-currency account

A multi-currency account lets you hold, receive, and pay in several currencies from one account. Instead of opening a separate foreign currency account for each currency, you manage them all in one place.

This is the key difference from a single-currency foreign currency account. A foreign currency account holds one currency, like US dollars only. A multi-currency account holds many, so you can collect US dollars, hold Chinese yuan, and pay a supplier in euros without juggling separate accounts.

It also cuts conversion costs. When a customer pays you in their currency, you can hold that money and convert it when the rate suits you, rather than being forced to convert on every transaction. For businesses trading across several markets, that control adds up.

Both banks and fintech providers offer multi-currency accounts. This account suits importers, exporters, online sellers, and any business with customers or suppliers in more than one country. If your money moves across borders regularly, a multi-currency account saves you both time and conversion fees.

To learn more, read our article on the 8 best multi-currency accounts in Malaysia.

Islamic (Shariah-compliant) accounts

An Islamic account works like a conventional account but follows Shariah principles. You can spot them by the "-i" tag, as in Current Account-i or Savings Account-i. Malaysia is a global hub for Islamic finance, so most banks offer these alongside conventional products.

The main difference is structure. Instead of paying interest, which is not allowed under Shariah, these accounts use Islamic contracts approved by each bank's Shariah committee. The common ones are:

Wadiah (safekeeping)

The bank holds your money as a trustee and guarantees repayment. Any return is a gift, not promised interest.

Mudharabah (profit-sharing)

You and the bank share profits from how your funds are invested, based on an agreed ratio.

Murabahah or Tawarruq (cost-plus)

The bank uses a commodity sale arrangement to give a return in a Shariah-compliant way. Maybank's SME First Account-i, for example, runs on a Commodity Murabahah contract with a RM1,000⁶ minimum deposit.

In daily use, these accounts feel the same as conventional ones. You get the same cheque facility, debit card, and PIDM protection up to RM250,000¹. They suit any business that wants to bank in line with Islamic principles.

Digital bank account

A digital bank account comes from a bank licensed by Bank Negara Malaysia that runs fully online. There are no branches. You open and manage everything through an app, which usually means lower fees and lower minimum balances than a traditional bank.

For businesses, the catch is eligibility. Digital bank business accounts are currently limited to sole proprietors and micro-SMEs. GXBank's GX Biz Account, for example, is open only to Malaysian sole proprietors registered with SSM⁷.

Another trade-off is range. Digital banks offer fewer business tools than established banks, and some do not yet support every payment rail. This account suits freelancers, sole traders, and small operators who want a simple, low-cost account they can run from their phone.

If you’re interested to learn more, read our article on the best digital business accounts in Malaysia.

Fintech platform account

A fintech platform account comes from a financial technology provider licensed by Bank Negara Malaysia as a money services business, not a bank. These accounts are built for businesses that move money across borders, with multi-currency holding, foreign exchange, and international payments in one place.

The structure differs from a bank account in two ways:

1. Your money is not covered by PIDM. Instead, your funds are held in segregated client accounts at licensed banks, kept separate from the provider's own money.

2. There is no traditional banking overhead, so you often get faster onboarding, lower fees, and better exchange rates than a bank offers on cross-border transfers.

Airwallex is an example. Regulated by Bank Negara Malaysia as a money services business, it gives your business a single account to hold and convert major currencies, collect from overseas customers, and pay suppliers abroad.

This account suits importers, exporters, online sellers, and any business with international customers or suppliers. If a large share of your money crosses borders, a fintech platform account often does the job better, and more cheaply, than a traditional bank account built mainly for domestic use.

Which business account type fits your business?

With eight types of business accounts to choose from, the right account depends on how your business holds and moves money. Here’s a quick overview:

If you want help weighing the options, see our guide on how to choose a business account in Malaysia.

Why Malaysian businesses choose Airwallex

A traditional bank account works well if your business runs entirely within Malaysia. You collect Ringgit, pay local suppliers, and rarely touch foreign currency.

But most Malaysian businesses need more than that. You might pay overseas suppliers, accept payments from international customers, hold several currencies, or manage team spending across markets. Bank accounts built for domestic use handle these poorly, often with slow transfers and high conversion costs.

That's where Airwallex comes in. It gives your business one account to manage money across borders, regulated by Bank Negara Malaysia. Here’s what you get with Airwallex:

Collect like a local in 70 countries

Open local account details in markets like the US, UK, Europe, and Singapore, so overseas customers can pay you as if you were a local business.

Save up to 80% on FX fees

Hold major currencies in one account and convert when the rate suits you, at rates well below what traditional banks charge on cross-border transfers. With our competitive rates, you get to save up to 80% on FX fees.

Pay suppliers in 200+ countries

Send payments to suppliers in 200+ countries. 94% of Airwallex transfers go through local rails instead of SWIFT, which means faster settlement and no transfer fees.

Issue employee cards in 60+ markets

Issue multi-currency corporate cards to your team and track every expense from one dashboard, so spending stays under control as you grow.

Frequently asked questions (FAQs)

How many types of business accounts are there in Malaysia?

There are eight main types of business accounts in Malaysia: current, savings, fixed deposit, foreign currency, multi-currency, Islamic (-i), digital bank, and fintech platform accounts. They fall into two families: bank deposit accounts protected by PIDM, and payment or fintech accounts regulated by Bank Negara Malaysia.

What is the difference between a current and savings account for business?

A current account is built for daily transactions, with a cheque facility, unlimited transactions, and little or no interest. A savings account pays interest but limits monthly withdrawals and has no cheque book. Most companies run on a current account, while savings accounts suit sole proprietors holding reserve funds.

Do I need a foreign currency account or a multi-currency account?

Choose a foreign currency account if you deal mainly in one currency, such as USD. Choose a multi-currency account if you collect, hold, and pay in several currencies. If you also want to collect from overseas customers using local account details, you can do that with a Global Account. See our guide on what a global account is.

Are business account deposits protected in Malaysia?

Yes, deposits at licensed banks are protected by PIDM up to RM250,000¹ per depositor per bank. For companies and partnerships, this limit applies to the business as a whole, not per director or partner. Fintech platform accounts are not PIDM-protected, but funds are held in segregated client accounts.

Can a sole proprietor open a digital bank business account?

Yes. Digital bank business accounts in Malaysia are currently aimed at sole proprietors and micro-SMEs. GXBank's GX Biz Account, for example, is open only to Malaysian sole proprietors registered with SSM⁸.

Sources:

1. https://www.pidm.gov.my/general/how-we-protect-you/dis

2.  https://www.ocbc.com.my/business-banking/smes/accounts/malaysia-ringgit

3.  https://www.pbebank.com/en/banking/current-accounts/ace-enterprise-account/

4. https://www.cimb.com.my/en/personal/day-to-day-banking/accounts/savings-account/regular-savings-account.html

5. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/accounts/fixed_deposits/fixed_deposit_account.page

6.  https://www.maybank.com/islamic/en/business/deposit/sme_first_acc-i.page

7.  https://gxbank.my/business

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., a company incorporated under the laws of Malaysia with company registration number 201801007747 (1269761-X), is regulated as a licensed remittance business under the Money Services Business Act 2011 (Licence number 00743 with an expiry date of 3 August 2028, an E-Money Issuer and a registered merchant acquirer under the Financial Services Act 2013.)