Yes, and it is usually straightforward. Chinese citizens holding an Employment Pass, a Student Pass, MM2H or another long-term status can normally walk into a Malaysian bank branch with their passport and pass and leave with a ringgit savings account the same day. Visitors on visa-free entry or a tourist visa will find it very hard. For foreign exchange purposes, Malaysia treats every foreigner without permanent residence as a “non-resident”, but non-residents may hold ringgit and foreign currency accounts, and money can move in and out freely as long as the bank’s due diligence is satisfied.
How does money move back and forth? On the China side, each person has an annual facilitation quota of US$50,000 for buying foreign currency, which can be sent to Malaysia in instalments; income earned in Malaysia goes home in foreign currency. Day-to-day payments run almost entirely on DuitNow transfers and QR codes. Three things trip people up: cash above the equivalent of US$10,000 must be declared at the border, deposit insurance covers only RM250,000 per bank, and renting or lending your bank account is a crime in Malaysia.
Exchange rates: this page uses European Central Bank reference rates of 30 October 2026, crossed: RM1 ≈ RMB 1.64 and US$1 ≈ RM4.06.
First, your status: a “non-resident” under Malaysian FX rules
Under Bank Negara Malaysia’s (BNM) Foreign Exchange Policy, residents are mainly Malaysian citizens and permanent residents living in Malaysia; foreigners on work or student passes remain non-residents for FX purposes. BNM’s non-resident rules state that non-residents may open a ringgit account or a foreign currency account with a licensed onshore bank, that funds are free to be remitted into and out of such accounts subject to the bank’s normal due diligence, and that repatriation of profits and investment income is made in foreign currency.
Banks add their own rules on top. RHB Bank, for example, caps accumulated ringgit transactions on a non-resident account at RM10,000 (about RMB 16,400) per account per day; anything above that requires documents and a stated purpose at a branch. MM2H participants and people working or studying in Malaysia, together with a spouse, child or parent living with them, are exempt. Pass types and procedures are covered in our Malaysia visa guide, and the big picture in our Malaysia overview.
Can you open an account with your status?
| Status | Chance of opening | Documents usually needed |
|---|---|---|
| Employment Pass or other work pass | Fairly easy | Passport, valid pass, employer’s letter |
| Student Pass | Fairly easy; some universities have partner banks | Passport, Student Pass or student card, offer letter |
| MM2H participant | Yes; also exempt from some bank transaction caps | Passport, MM2H approval documents |
| DE Rantau Nomad Pass | Depends on the bank | Passport, pass; ask bank by bank |
| Visa-free entry or tourist visa | Generally very hard | Most banks require a work or study pass |
One example is China Construction Bank (Malaysia)’s Multi-Currency Savings Account: foreigners aged 18 and above may apply with a passport, a work permit or student card, an employment letter or university offer letter and a valid visa where applicable. The initial deposit is RM1,000 (about RMB 1,640) and the minimum balance RM20 (as of November 2026).
The opening process and KYC checks
- Gather documentsPassport, pass, employer or offer letter, Malaysian address
- Book a branch visitMost foreigners still have to apply in person
- Complete the KYC formOccupation, income, source of funds, purpose of account
- Make the first depositThe product’s minimum amount
- Activate online bankingLink a local mobile number and set up DuitNow
The bank will ask where your money comes from, so keep your FX purchase records and payslips. Online banking usually requires a local mobile number. A tenancy agreement usually serves as proof of address; see our Malaysia renting guide. After renewing your pass, give the bank a copy of the new one, or your account may be restricted.
Which bank: local banks and Chinese banks
Large local banks such as Maybank, CIMB, Public Bank, Hong Leong Bank and RHB have the widest branch networks; salary accounts and mortgages are usually handled there. Chinese banks suit people who move money to and from China often:
| Bank | Products for individuals (per official website) |
|---|---|
| Bank of China (Malaysia) | Ringgit savings and current accounts, foreign currency current account, ringgit and foreign currency fixed deposits |
| ICBC (Malaysia) | UnionPay debit card (usable at UnionPay merchants in China), credit cards, personal internet banking |
| China Construction Bank (Malaysia) | Basic Savings, Premier Savings, Multi-Currency Savings (nine currencies including RMB) and Multi-Currency Time Deposit |
For a comparison with Singapore, see our Singapore banking guide.
Deposit insurance: what PIDM covers
Malaysia’s deposit insurer, PIDM (Perbadanan Insurans Deposit Malaysia), protects each depositor up to RM250,000 (about RMB 410,000) per member bank, principal and interest combined. Foreign currency deposits are converted into ringgit and counted towards the same limit; protection does not depend on nationality or residence; and Islamic deposits are insured separately from conventional deposits, each with its own limit. China’s deposit insurance limit is RMB 500,000 per depositor per bank, so cover in Malaysia is noticeably lower. Not every product is covered: Bank of China (Malaysia), for instance, lists negotiable instruments of deposit and money market deposits as excluded. If you hold larger sums, spread them across several member banks.
Sending money from China to Malaysia, and back home
On the China side, a 2026 Q&A from the State Administration of Foreign Exchange (SAFE) confirms that the annual facilitation quotas for buying and for selling foreign currency are each US$50,000 equivalent per person per year, handled with your own ID within the quota; beyond it you must document the genuine purpose. Declare the purpose truthfully; details are in our China forex and FX quota guide.
On the Malaysian side, non-residents send income abroad in foreign currency, either by bank wire or through a BNM-licensed remittance company (BNM’s list of remittance licensees is dated 21 October 2026). Fees and exchange rates vary by bank; check the bank’s published terms.
Before using a remittance company, check it on BNM’s list of licensees. Informal “exchange groups” and underground money changers can get your account frozen and carry legal risks in both countries.
DuitNow and e-wallets
DuitNow is the instant transfer and QR system run by Malaysia’s payments network PayNet; you can send money to a mobile number or DuitNow ID. PayNet reported 8.44 billion digital payment transactions in 2025, including 29.7 million cross-border QR transactions. Visitors from China can pay DuitNow QR codes with UnionPay QR; and from 28 October 2026, Maybank, CIMB and Hong Leong Bank customers can scan Alipay+ merchant codes in China and other markets from their Malaysian banking app. On the e-wallet side, Touch ‘n Go (TNG Digital), ShopeePay and Wise are among the firms on BNM’s list of non-bank e-money issuers.
Cash declarations and casino winnings
Since 1 January 2010, BNM has required anyone entering or leaving Malaysia with cash or bearer negotiable instruments above the equivalent of US$10,000 (about RM40,600 or RMB 66,500) to declare them on Customs Form No. 22; according to that notice, failing to declare or making a false declaration can lead to a fine of up to RM1 million and/or up to one year in prison. China also limits and requires declarations for RMB and foreign cash carried out of the country; check the latest customs rules before you travel.
If you visit a casino in Malaysia (adults only): Malaysia is widely reported to have just one licensed casino, at Genting Highlands, online gambling is not licensed, and Muslims are barred from gambling by law. When you deposit large winnings, the bank may ask about the source of funds, so keep the casino’s documentation; transfers to unlicensed online gambling sites can get an account frozen or flagged as suspicious. China’s Criminal Law Article 303 covers running a casino and, since 1 March 2021, organising PRC citizens to gamble abroad; SAFE’s personal FX purchase application form states that purchased foreign currency may not be used for gambling or other illegal activities, and violators are put on a “watch list” and lose the facilitation quota for that year and the following two years. For local law, see our Malaysia gambling law guide, and please read our disclaimer.
Scams and “mule accounts”
Renting out, lending or selling your bank account is a criminal offence in Malaysia. According to a law firm’s summary, Penal Code amendments in force since October 2024 added sections 424A to 424C: handing control of your own account to someone else carries a fine of RM10,000 to RM100,000 and/or one to seven years in prison, and using an account for unlawful transactions a fine of RM10,000 to RM150,000 and/or three to ten years. Before you leave Malaysia, close accounts you no longer need; never pass them on to anyone.
If you suspect a scam, call the National Scam Response Centre (NSRC) on 997 straight away (24 hours). Officials say the first one to two hours are critical, and the centre can freeze the accounts involved. BNM reminds the public that it will never ask individuals to transfer money for safekeeping; if you get a suspicious call, verify it with BNMTELELINK on 1-300-88-5465.
FAQ
Can a tourist open a bank account in Malaysia?
Generally not. Open an account once you have a long-term pass; until then, use your Chinese UnionPay card or Alipay.
Can my Malaysian account receive money from China directly?
Yes. Within the US$50,000 annual facilitation quota you can buy and send foreign currency with just your ID, and either a ringgit or a foreign currency account can receive it; the bank may ask about the source of funds.
What should I do with my account when I leave Malaysia?
Send the balance home or elsewhere in foreign currency, then close the account. Do not let anyone else use it, or you may fall foul of Penal Code section 424B.
Sources
- PIDM – Deposit Insurance System (FAQs) (accessed November 2026)
- Bank Negara Malaysia – Foreign Exchange Policy: rules for non-residents (accessed November 2026)
- Bank Negara Malaysia – New currency declaration requirement at all entry and exit points of Malaysia (accessed November 2026)
- Bank Negara Malaysia – Fraud and Scam Notices (accessed November 2026)
- Bank Negara Malaysia – Non-bank e-money issuers (accessed November 2026)
- Bank Negara Malaysia – Money Services Business (MSB) Licensees (accessed November 2026)
- RHB Bank – Foreign Exchange Policy (FEP) FAQ (accessed November 2026)
- China Construction Bank (Malaysia) – Retail banking (accessed November 2026)
- China Construction Bank (Malaysia) – Multi-Currency Savings Account (PDF) (accessed November 2026)
- Bank of China (Malaysia) – List of Insured Deposits (accessed November 2026)
- Bank of China (Malaysia) – Mule Account Scam (accessed November 2026)
- ICBC Malaysia – Debit Card (accessed November 2026)
- PayNet – 8.44 billion transactions processed in 2025 (April 2026) (accessed November 2026)
- PayNet – Overseas DuitNow QR payments via Alipay+ (28 October 2026) (accessed November 2026)
- PayNet & UnionPay International – Malaysia-China cross-border QR payments (October 2023, PDF) (accessed November 2026)
- 国家外汇管理局天津市分局 – 2026年外汇管理互联网信息——个人外汇（07） (accessed November 2026)
- Malay Mail – Call 997 right away if you suspect a scam (3 March 2026) (accessed November 2026)
- Low & Partners – Keldai accounts: when helping a friend becomes a criminal offence (accessed November 2026)
- European Central Bank – Euro foreign exchange reference rates (MYR) (accessed November 2026)
- SAFE – Personal FX purchase application form (个人购汇申请书, PDF) (accessed November 2026)
