Banking in Malaysia as a foreigner
MM2H and PVIP holders open accounts as part of the application — the savings deposit requires it. DE Rantau holders frequently cannot, because many banks will not accept a Professional Visit Pass as identification.
If you are on MM2H or PVIP
Account opening is part of the process, since the savings deposit has to sit somewhere. Your agent will normally arrange it alongside the application. The deposit is placed after conditional approval and before visa endorsement.
If you are on DE Rantau
This catches people out. The nomad pass is legally a Professional Visit Pass, and many Malaysian banks will not open a resident account against one. Most nomads run on Wise or Revolut for the duration. Budget for that rather than assuming you will bank locally.
Moving money
- Sale proceeds from property are repatriable, subject to RPGT retention — the buyer holds back 7% and remits it within 60 days. See tax.
- Fixed deposits are returned on exit from the programme, with up to 50% withdrawable after the first year for approved purposes.
- Bank Negara foreign exchange rules apply to larger transfers; your bank will tell you when a declaration is needed.
A note on transfer services
We do not currently run affiliate links to any money transfer service. If that changes, the link will be labelled in the sentence that contains it — see our independence policy.
Common questions
Can foreigners open a bank account in Malaysia?
Yes, and MM2H and PVIP holders do so as part of the application because the savings deposit requires an account. DE Rantau holders often cannot: the nomad pass is legally a Professional Visit Pass and many banks will not accept it for a resident account, so most nomads use Wise or Revolut instead.
Can I take money out of Malaysia?
Yes. Fixed deposits are returned when you exit the programme, and property sale proceeds are repatriable subject to Real Property Gains Tax retention, where the buyer holds back 7% of the disposal price and remits it to the tax authority within 60 days. Bank Negara foreign exchange rules apply to larger transfers.
Verified July 2026. Bank policies on Professional Visit Passes vary and change — confirm with the specific bank before relying on this.