Banking & Finance for Expats in Penang
Open Accounts, Transfer Money, Understand Tax Implications
Editorial estimate, not an official figure. Price ranges on this page (rents, fees, typical costs) are indicative estimates written by our editors. They are not drawn from an official dataset and have not been individually re-verified, so confirm current prices with the provider. Official rules and tariffs are marked with their source and the date we last checked it.
Opening a Bank Account
Choose a Bank
Select from major banks: Maybank, CIMB, Public Bank, or smaller options
- ✓Maybank - Most branches, widest network
- ✓CIMB - Good for international transfers
- ✓Public Bank - Competitive rates
- ✓Digital banks (e.g. AEON Bank) — app-only, check eligibility for foreigners
Gather Documents
Prepare required documentation
- ✓Valid passport
- ✓Proof of address (hotel bill, lease, utility)
- ✓Employment letter (if employed)
- ✓Your immigration pass (requirements differ by pass type — ask the bank first)
- ✓Initial deposit (varies by bank and account)
Visit Bank Branch
Walk into branch and apply
- ✓Bring all documents
- ✓Interview with a bank officer
- ✓Approval is at the bank's discretion
Activate Account
Receive card and online banking access
- ✓Debit card issued
- ✓Online banking setup
- ✓Download mobile app
- ✓Start banking immediately
Major Banks for Expats
Maybank
Largest network, easiest to open account
Requirements:
Passport, valid pass, proof of address — check the bank's current requirements and minimum deposit for foreigners
Key Features:
- •Largest branch network
- •Mobile app
- •International transfers available
CIMB Bank
International transfers, competitive rates
Requirements:
Passport, valid pass, proof of address — check the bank's current requirements and minimum deposit for foreigners
Key Features:
- •Good for Wise/Remitly integration
- •Competitive wire rates
- •Online banking strong
- •Good support
Public Bank
Good rates, established player
Requirements:
Passport, valid pass, proof of address — check the bank's current requirements and minimum deposit for foreigners
Key Features:
- •Competitive interest rates
- •No maintenance fees for some accounts
- •Good app
- •Reliable
Pro tip: Open accounts at 2 different banks. Maybank for everyday use (most ATMs), and another for international transfers (Wise/Remitly integration).
International Money Transfers
Wise (formerly TransferWise)
Money transfer specialist
Remitly
Mobile money app
Bank Wire Transfer
Traditional wire
PayPal
Digital wallet
Using Wise for Best Rates
Wise typically offers the best exchange rates for international transfers. Setup an account before you arrive in Malaysia. You can transfer money to your Malaysian bank account using mid-market exchange rates + small fee.
Tax Implications for Expats
Tax Residency
Malaysia taxes income derived from Malaysia. Work physically done in Malaysia is generally Malaysian-sourced even when the employer is abroad. Foreign-sourced income that a tax-resident individual brings into Malaysia is exempt provided it has been taxed in the country it came from (partnership income excepted). LHDN's June 2024 guideline (§5.2.2) dates that exemption 1 January 2022 to 31 December 2026; an extension to 2036 was announced in Budget 2025 — confirm the gazetted end date with LHDN before relying on it.
Remote Work & Taxation
If you work remotely for a foreign employer while in Malaysia, tax obligations depend on:
- • How long you are physically in Malaysia (MDEC's DE Rantau FAQ: taxable from 61 days for a foreign employer's remote worker)
- • Tax treaties between your home country and Malaysia
- • Whether you're a Malaysian tax resident
- • Your employment status (self-employed, company employee)
MM2H & Taxation
The same rules apply to MM2H participants: Malaysia taxes Malaysian-sourced income, and foreign income you bring in is exempt if it was taxed at source. Consult a professional.
Important: Tax law is complex. Before living in Malaysia long-term, consult a tax accountant in both your home country and Malaysia. Mistakes can be costly.
Source: LHDN (Inland Revenue Board of Malaysia) — Guidelines — Tax Treatment in Relation to Income Received from Abroad (Amendment, June 2024) · last checked 2026-10-06
Source: MDEC (Malaysia Digital Economy Corporation) — DE Rantau Pass FAQ (Version 10.0, 28 Aug 2026) · last checked 2026-10-06
Property Ownership for Foreigners
Minimum purchase prices for foreign buyers in Penang
Under section 433B of the National Land Code, a non-citizen or foreign company can acquire property only with the consent of the State Authority; the application is made through a lawyer at the Penang Land and Mines Office.
| Area | Type | Minimum |
|---|---|---|
| Penang Island | Landed | RM 3,000,000 |
| Penang Island | Strata | RM 1,000,000 |
| Seberang Perai (mainland) | Landed | RM 1,000,000 |
| Seberang Perai (mainland) | Strata | RM 500,000 |
- • Foreign companies buying mainland strata: RM 1,000,000 minimum.
- • Permanent residents: RM 250,000 minimum.
- • Not available to foreigners: low-cost, low-medium-cost and medium-cost homes; bumiputera-quota units; properties sold at land-office or bank auction (nlc s.256/260 orders).
- • Agricultural land is not allowed, except by State approval for specified commercial or high-tech projects of at least 5 acres.
- • State approval levy: 3% of the purchase price (1.5% for island strata between RM 1m and RM 1.5m). Application fee: RM 10,000 per title (residential) or RM 20,000 (commercial).
- • Foreign buyers may resell only 3 years after the date of the sale and purchase agreement.
- • Commercial property also needs State consent; low-cost shops, stalls and service workshops are off-limits.
Source: Pejabat Tanah dan Galian Pulau Pinang (Penang Land and Mines Office) — Garis Panduan Permohonan Perolehan dan Pajakan Hartanah oleh Bukan Warganegara atau Syarikat Asing bagi Negeri Pulau Pinang (Dikemaskini pada 01 Ogos 2024) · last checked 2026-10-06
Always consult a Malaysian lawyer before purchasing property. Rules vary by state, and professional guidance prevents costly mistakes.
Deposit insurance
Eligible deposits are protected up to RM 250,000 per depositor per member bank (Islamic and conventional deposits each have their own limit; foreign-currency deposits share the ringgit limit).
Source: PIDM (Perbadanan Insurans Deposit Malaysia) — FAQs — Deposit Insurance System · last checked 2026-10-06
Frequently Asked Questions
How long does it take to open a bank account?
It depends on the bank and on your immigration pass — approval is at the bank's discretion. Ask the branch which passes it accepts before you go. If you hold a DE Rantau pass, note MDEC's own warning that most banks do not accept a Professional Visit Pass for opening an account.
What is Malaysia's tax residency requirement?
Residence generally follows 182 or more days in Malaysia in a calendar year. Malaysia does not tax a resident individual on worldwide income: it taxes income derived from Malaysia, and foreign-sourced income you bring in is exempt if it was taxed in its country of origin (LHDN guideline, June 2024). Consult LHDN or a licensed tax adviser for your situation.
Do I need to pay tax in Malaysia if I work remotely?
Possibly, even for a foreign employer: work physically done in Malaysia is generally Malaysian-sourced. MDEC's DE Rantau FAQ says a remote worker for a foreign employer is exempt for stays of 60 days or less and taxable from 61 days. A double-tax treaty may change the outcome. Consult LHDN or a licensed tax adviser.
Can I get a credit card?
Yes, but it's easier if you've been in Malaysia 3-6 months with a salary. Some banks offer credit cards to expats with employment letters. Limits depend on the bank and your income. International credit cards work fine in Malaysia.
What are property ownership rules for foreigners?
In Penang a foreign individual needs State consent and must pay at least RM 3,000,000 for landed or RM 1,000,000 for strata property on the island, or RM 1,000,000 landed / RM 500,000 strata on the mainland, plus a 3% levy (1.5% for island strata at RM 1-1.5 million). Low- and medium-cost homes and Bumiputera-quota units are off-limits. Source: Penang Land and Mines Office guideline, updated 1 Aug 2024. Mortgage eligibility is set by each bank.
Is it safe to keep large amounts in Malaysian banks?
Malaysian banks are regulated by Bank Negara Malaysia. PIDM protects eligible deposits up to RM 250,000 per depositor per member bank (Islamic and conventional deposits each get their own limit; foreign-currency deposits share the ringgit limit). Deposits in different member banks are protected separately.