Best AUD account in Malaysia 2024
If you send or receive payments in Australian dollars, or travel there often, having an AUD account can be a real help, cutting costs and making transacting even easier. You’ll be able to hold an AUD balance, send money to cover bills in Australia, and in some cases, receive AUD payments or spend with a linked debit card when you travel.
Opening an AUD account is possible if you live in Malaysia. However, some of the accounts from Malaysian banks are fairly limited as they’re intended for people investing and saving, rather than for everyday use. If you want a more flexible option you may prefer an alternative non-bank provider like Wise.
This guide walks through some of the best AUD accounts in Malaysia, how to open one, and what it might cost you.
Can an AUD account be opened in Malaysia?
Yes. You can open an AUD account in Malaysia with several global or regional banks, as well as specialist online providers. The account types - including features, fees and eligibility - vary widely, so you’ll need to do some research to find the right one for you.
It’s worth noting that some AUD accounts can only hold and transact in Australian dollars, while multi-currency accounts often offer dozens of currency options as well as AUD. That can save you time and money if you travel often or need to hold, send or spend in several currencies.
What are the advantages of an AUD account in Malaysia?
Having an Australian dollar account lets you hold a balance in AUD, so you can save, invest, or spend conveniently. Some accounts give you local account details so you can receive AUD payments to your account - handy if someone in Australia will be sending you money. Other accounts give you a debit card you can use to spend and make cash withdrawals - including when you shop online with Australian retailers.
One of the best things about having an AUD account is that you won’t need to convert a payment in AUD back to MYR if you don’t want to. Simply hold your money as a balance and exchange when you spot a good exchange rate, or keep it until the next time you need to spend in AUD.
AUD account details
If you need to receive payments to your account in AUD, it helps to have local account details you can give to the person sending you money. They can then send you the transfer using a local transfer method, which is often cheap or free for the sender. One good example here is Wise. Wise offers AUD account details, with no fee to receive a payment in AUD to be deposited to your Wise account.
You can open a Wise account and set up an AUD currency balance in just a few steps:
Download the Wise app, or open the Wise desktop site
Register with your email address, or an Apple, Google or FaceBook account
Follow the prompts to enter your personal details
Upload your ID documents for verification
Once your account is verified, tap Open in the app homepage
Select Currency Balance and tap AUD to open your AUD account
Top up your balance, complete any required security step, and start transacting
Then once you have your account up and running you can just log into the Wise app, tap Open in the app homepage, and select your AUD Currency Balance. You can then tap the Show Account Details button and get your AUD details to pass on to the person sending you money.
Best AUD accounts
The best AUD account for you will depend on your specific needs and the sort of transactions you’ll want to make. Let’s start with an overview of the availability, features and fees of some of the most popular options from non-bank specialist providers, local and global banks.
| Provider | Availability | Fees | Debit card | Other features |
|---|---|---|---|---|
| Wise | Personal customers in Malaysia, and many other countries | No opening or monthly fees Currency conversion from 0.33% Free to spend AUD if you hold enough balance | Available | Multi-currency account to manage 40+ currencies Local account details to receive foreign currencies conveniently |
| HSBC Everyday Global | Personal customers in Malaysia | No opening or monthly fees Currency conversion is likely to include a markup Free to spend AUD if you hold enough balance; 1% foreign transaction fee if you do not hold sufficient balance | Available | Get preferential exchange rates on currency conversion Receive payments in 11 currencies |
| RHB Foreign Currency Account | Resident and non-resident customers repatriating overseas salaries, investing, paying bills or retaining export proceeds | 20 MYR card issue fee 1% foreign transaction fee when spending a currency you don’t hold Up to 12 MYR ATM fee | Available to some customers | 33 supported currencies Interest bearing account option |
| Maybank Master Foreign Currency Account | Malaysian residents | Transfer fees apply, which vary by currency | Not available | Accounts available in 16 currencies Intended for investing and saving only |
Wise
Wise multi-currency accounts can be used to hold, send and spend Australian dollars as well as 40+ additional currencies. They also come with local account details for AUD and select other currencies including MYR, GBP, USD and NZD, so you can receive payments conveniently.
You can also get a linked physical or virtual debit card to spend and make ATM withdrawals at home and abroad. All currency conversion uses the mid-market exchange rate with low, transparent fees.
Wise fees: No fee to open a personal account, no ongoing fees, 13.7 MYR to get a card
Supported currencies: 40+ including AUD
- Wise exchange rates: Mid-market rate
Receiving payments: Get paid with local details in AUD, MYR and select other currencies; options to be paid through SWIFT are also available
Other notable features : Send to 160+ countries, spend with your card in 150+ countries, convert currencies instantly in your account or use the card auto convert function
HSBC Everyday Global
HSBC’s Everyday Global Account supports AUD among 11 currencies, which you can hold, receive and spend conveniently. There’s no opening fee and no ongoing fee for this account, although currency exchange may include a markup. Some ATM fees may apply - this depends on the currency you’re withdrawing in, your balance, and which ATM you select.
If you hold the right currency in your account there should be no fee to spend - but if you do not have the balance needed, or if you don’t have enough balance to cover a particular transaction, fees of at least 1% will apply.
- HSBC fees : No account opening or management fee; ATM fees may apply, depending on currency and the specific ATM you select
Supported currencies : 11 including AUD
HSBC exchange rates: Preferential rates available when you convert in your account - card transactions in unsupported currencies attract a foreign transaction fee of 1% + any Visa fee
Receiving payments: Receive funds in 11 currencies
Other notable features : Multi-currency account from a global bank with branches around the world
RHB Foreign Currency Account
RHB has 2 different types of foreign currency accounts intended for individuals investing or paying overseas bills, and individuals retaining export proceeds. If you’re applying as an individual investing, repatriating salary from abroad, or paying overseas bills, you can apply for a linked debit card. Customers using the account to retain export proceeds are not eligible for a linked card.
Accounts support AUD among 33 foreign currencies, and some currency balances may accrue interest. Fixed term deposits also available.
RHB fees: 20 MYR card issue fee, 1% foreign transaction fee when spending a currency you don’t hold, up to 12 MYR ATM fee
Supported currencies: 33 currencies including AUD
RHB exchange rates: Preferential exchange rates available
Receiving payments: Not specified
Other notable features: Saving account options including fixed term deposits, accounts intended for individuals investing or paying overseas bills, and individuals retaining export proceeds
Maybank Master Foreign Currency Account
Maybank’s AUD account offering is intended for people who want to invest in one or more foreign currencies. There’s no debit card so this is not a good option for travel or online shopping. You’ll be able to transfer money in and out from accounts in your own name only. Accounts are available in AUD and a pretty good selection of other currencies as well.
- Maybank fees: Transfer fees apply, which vary by currency
- Supported currencies: 16 currencies including AUD
Maybank exchange rates: Maybank rates apply, which may include a markup
Receiving payments : Receive from accounts in your name only
Other notable features: Intended to transfer to and from accounts in your own name only
🌍 Go to Maybank
How to open an AUD account in Malaysia
The process to open an AUD account will depend a lot on the exact account you pick, as different banks and non-bank providers have their own application processes. Digital first providers like Wise have an application you can complete with just your phone, while banks can often ask you to call them or visit a branch to set up your account.
The steps you’ll usually need are likely to include:
Choose the best provider for your needs
Check you meet any eligibility criteria
Register for your account online, through the provider app, or in a branch location
Give your personal, business and contact information
Complete the required verification steps
Fund your account - and you’re ready to go
All banks and non-bank alternative providers ask for documents to complete legally required verification steps before your account will be opened. This means you’ll normally be asked for:
Government issued photo ID to prove your identity
Proof of address - a utility bill or bank statement in your name for example
AUD account with debit card
Some of the AUD accounts from banks in Malaysia are aimed at people who want to invest or save - which is likely to mean they don’t offer a debit card. If you want to spend online or in person in AUD, or to make ATM withdrawals when you travel, choosing an account with a linked debit card is an advantage. Here are a couple of options to consider:
Wise AUD account: Open your account and order a card for a one time 13.7 MYR fee, it’s then free to spend a currency you hold in your account, with some ATM withdrawals free monthly before low, transparent fees begin
HSBC Everyday Global: Spend currencies you hold with no extra fees - there’s a 1% foreign transaction fee if you do not hold sufficient balance. Some ATM fees may apply - this depends on the currency you withdraw and where you are
RHB Foreign Currency Account: Some customers who are using this account for personal transactions can apply for a debit card which means you can spend AUD with no fee as long as you have enough AUD balance
Conclusion: AUD accounts in Malaysia
If you need to receive payments in Australian dollars, send international AUD transfers, or spend often overseas, an AUD account can help you cut costs. AUD and multi-currency accounts are useful for individuals who love to travel or who live, study or work abroad, as well as people saving or investing in foreign currencies..
There are lots of different options for an AUD account - including accounts which only offer Australian dollars and others which allow you to hold and exchange 40 or more currencies. Finding the right one for you will simply be a question of your personal requirements and preferences. Use this guide to the best AUD accounts in Malaysia to start your research and find the perfect match for your specific needs.
Best AUD accounts in Malaysia: FAQ
Yes. Get your AUD account from a bank, or a specialist online service. Different providers offer accounts with different features and fees - eligibility requirements may apply. Banks often focus on people who want to invest and save, while non-bank alternatives like Wise are useful for day to day spending.
There’s a broad range of costs involved with opening and operating an AUD account. Some can be opened for free, with no monthly charges or minimum balance requirements. Others have monthly fees and strict eligibility requirements. Compare a few to find the right one for you.