Best Euro Accounts in Malaysia 2024

Opening a Euro account can have significant advantages, including letting you receive, hold, and spend Euros, as well as giving you the option of converting them to another currency. Both personal customers and businesses can benefit from a Euro account when regularly dealing with Euros.

However, opening a Euro account in Malaysia can be cumbersome, slow, and, most of all, expensive. Specialist providers like Wise can be good alternatives.

In this article, we'll cover what you need to know about opening a Euro account, including the Wise Euro account in Malaysia, the costs involved, and how to open one. Let's get started.

Can a Euro account be opened in Malaysia?

Opening a Euro account in Malaysia is possible, allowing you to send, receive and make financial transactions in Europe, and can be opened with traditional banks as well as specialist online providers.

Banks like Maybank, Hong Leong Bank and HSBC all offer multi-currency accounts as well as HSBC’s Everyday Global account and Hong Leong Bank’s Foreign Currency account, providing the option to hold multiple currencies, including Euros.

In addition to these more traditional banking institutions, there are also digital and online service providers such as Wise, which operate entirely online. The Wise multi-currency account allows you to hold over 40 currencies and receive local account details in 10 currencies, including Euros and Malaysian Ringgit.

What are the advantages of a Euro account in Malaysia?

Having a Euro account in Malaysia has many clear benefits, especially for businesses and people who frequently engage with international transactions in Europe. One big advantage is that it acts as a neutral hedge, meaning businesses can spend in Euros from a Euro balance that they already hold in their account, instead of always converting MYR to Euro. Not only does this save money but it also avoids the hassle of dealing with fluctuating exchange rates.

In addition, it also makes it easier to receive payments from online services like Stripe or from big online marketplaces like Amazon. This is useful for online businesses or freelancers who work with clients in Europe, as it makes getting paid simpler and cheaper.

Having a Euro account in Malaysia is also beneficial for those who frequently travel to Eurozone countries, allowing them to make transactions without needing to constantly change currencies, saving on fees. It’s also handy for Malaysians living, working or studying in Europe, making it easier to handle daily living expenses, tuition fees and work salaries.

Euro account details

There are several providers in Malaysia that offer Euro accounts for personal customers and businesses to manage transactions in Euro. However, not all of them will provide euro account details like an IBAN and Swift/Bic code, effectively given you a European account.

Wise offers an online multi-currency account with local account details in 10 currencies, including Euros. To receive Wise account details, you first need to open a balance in Euros by going to the Home section, opening a balance and selecting ‘Receive’ on the website or ‘More’ on the app. If you are receiving account details for the first time, you might need to complete some requirements first, such as verifying your identity.

Best Euro accounts

The best Euro account will depend on your personal needs and each account will have their advantages and disadvantages. Here’s an overview of some of the most popular Euro accounts in Malaysia.

Provider Opening feesEligibility Minimum deposit requiredAnnual feeLinked debit card 
WiseNone Anyone aged 18+ with a valid IDNoneNoneYes
RHB20 MYR fee to get debit card, unless you have an initial deposit of 200 USD

Malaysian residents and non-residents age 18+

Customers must already have a Ringgit current or savings account

USD 200 or currency equivalent20 MYRYes
Hong Leong BankNone

Malaysian citizens or residents with valid documentation aged 18+

Applicants have to be an existing customers of HLB

USD 1,000 or currency equivalent60 MYRNo

Open to all customers with a Malaysian identity card, passport or a valid visa or residence permit 

Customers must already have or must open a checking or savings account

1000 USD minimum balanceNone No
CIMBNone Individuals aged 18+ with an NRIC or valid passportMinimum initial deposit of 500 USD or equivalent20 USDYes
HSBCNoneAnyone aged 18+ with valid ID/ required documentsNoneNone Yes


Wise offers a multi-currency account that supports over 40 currencies and local account details in 10 currencies, including Euros, designed for easy international transactions. It's great for sending, spending, and receiving money globally, making it a great choice for those who travel frequently, live, work or engage in international business in Europe.

Learn more about it here: Wise Euro account review

Wise account fees:

  • Low conversion fees from 0.43%

  • Accounts are free to open and no monthly or annual maintenance fees

  • 13.70 MYR to get the Wise debit card

  • No fees for receiving money in Euros

Eligibility to open a Wise account in Malaysia:

  • Open to residents in countries where Wise operates.

  • Requires identity verification through official ID documentation


  • Supports 40+ currencies for diverse financial needs.

  • Spend with the Wise card in 150+ countries and send payments to 160+ countries.

  • Uses the mid-market exchange range.

  • Convenient for international money transfers and payments.

  • Easy to open and manage your account online.


  • Cash or cheque payments aren’t supported

  • No physical branch

  • 13.70 MYR fee to receive a Wise debit card

  • 5 MYR ATM fees apply for withdrawals of over 1,000 MYR per month plus 1.75% per withdrawal

Go to Wise


RHB offers a multi-currency account that can be opened in any RHB branch, where you can hold Euros and up to 31 other foreign currencies. It’s designed to cater to clients in Malaysia who are looking for an efficient way to manage a diversified currency portfolio, and is an interest-bearing account on both short and long-term deposits.

RHB account fees: While there are no service charges or fees imposed for currency conversion, there is an initial minimum deposit of 200 USD or its equivalent and a 20 MYR fee to get a debit card. There is also a 20 MYR annual fee and an overseas transaction conversion fee that’s 1% of the converted amount.

Eligibility to open an account: To open this account, customers must first already have a Ringgit current or savings account. Both Malaysian residents and non-residents above the age of 18 are eligible to apply via an application form and will need to provide a copy of a valid identity card or passport for verification purposes.

Customers applying for the account for work purposes will also have to provide a working visa whereas students and those in education will need to show a relevant letter of enrolment from an educational institution.


  • Supports a wide range of currencies, including Euros, providing flexibility for international transactions.

  • The ability to earn interest on your Euro balance.

  • The associated Multi Currency Visa Debit Card offers locked-in exchange rates and no currency conversion fees for overseas spending​​​​.

  • Online and branch access for buying and selling foreign currencies​.


  • It’s compulsory to have a Ringgit account first, which might not be convenient for some customers.

  • Minimum 200 USD deposit to open the account and an annual fee of 20 MYR.

Go to RHB

Hong Leong Bank 

Hong Leong Bank offers a foreign currency account with a range of 10 currencies, including Euros, for daily spending for Malaysians working abroad, students, and expats as well as businesses and frequent travellers.

HLB account fees:

  • 10.00 MYR transaction fee or its equivalent

  • 60 MYR annual account fee that’s charged bi-annually in June and December

  • 1000 USD minimum deposit requirement or its currency equivalent

Eligibility to open an account: Minimum opening deposits apply and you’ll need to be an existing customer of HLB, a Malaysian citizen, or have valid documentation and be over 18 years of age. Customers will also need to visit or get in touch with a HLB branch online or via the phone to open their account.


  • Hold and transact in Euros and 9 other currencies

  • Make transactions online, in a branch or via the phone

  • Manage your finances from HLB’s current account


  • HLB’s exchange rate includes a markup on the mid-market exchange rate

  • There is no linked debit card with the account

  • Transaction fees apply as well as a 60 MYR annual account fee and a minimum opening balance

Go to HLB


Maybank’s Master Foreign Currency Account supports Euros and up to 15 other currencies to reduce the risk of fluctuations. It’s designed for those wanting to invest or save in foreign currencies, rather than daily spending and comes with a 1000 USD minimum balance.

Maybank account fees:

  • 4.00 USD transaction fee or its currency equivalent.

  • Additional charges in other currencies vary, with EUR transactions incurring a 3.50 Euro charge.

  • Minimum opening balance of 1000 USD.

  • 5000 USD minimum balance to earn interest.

Eligibility to open an account: To open an account, Maybank requires a Malaysian identity card or passport or a valid visa or residence permit and is open to all customers over the age of 18. Customers will also need to already have, or open, a checking or savings account.


  • Supports a wide range of 16 different currencies.

  • No opening or annual fees.

  • Provides free personal accident insurance coverage.

  • Offers remittance facilities at branches and correspondent banks globally.


  • Maybank’s exchange rate includes a markup.

  • No linked debit card.

  • High minimum opening balance and minimum balance to earn interest.

  • Customers need to open a checking or savings account, which might not be convenient.

Go to Maybank


CIMB has a Foreign Currency Current Account that offers a choice of 13 currencies, including Euros, allowing you to manage your daily Euro transactions with ease. With its wide range of currencies, it’s suitable for both individual and joint account holders and lets you make deposits and withdrawals through foreign telegraphic transfers, demand drafts and transfers to and from a Ringgit account.

CIMB account fees:

  • 2 USD or MYR handling fee for debit/credit entries

  • 20 USD annual fee or MYR equivalent

Eligibility to open an account: Customers can apply for this non-interest bearing account at their nearest CIMB branch if they're over 18 years of age, have an NRIC or passport and a minimum initial deposit of 500 USD or equivalent.


  • Offers a wide range of foreign currencies for account holders

  • Enables easy management of foreign currency through various banking channels


  • Minimum account opening deposit of 500 USD or equivalent and annual account charges may be a barrier for some.

  • Exchange rate may include a markup.

Go to CIMB


HSBC is a global banking giant with a presence worldwide. As such, it provides international banking options with its Everyday Global account in up to 11 foreign currencies, including Euros and MYR. Great for everyday banking, this account allows you to pay bills, transfer your salary and pay deposits with zero account fees. HSBC also offers an Advance Everyday Global Account and Premier Everyday Global Account with additional benefits but with minimum account balances.

HSBC account fees: There are no monthly, annual, debit card issuance or minimum balance fees for the Everyday Global Account. However, there is a 4 Euro transaction fee and a 10 MYR transaction charge for cash withdrawals at ATMs outside of the HSBC Malaysia ATM network as well as a 5 MYR transaction charge for international cash withdrawals.

Eligibility to open an account: New and existing HSBC customers, as well as international customers in Malaysia over the age of 18.


  • No account fees for the Everyday Global Account

  • Global accessibility with HSBC’s international network

  • Easy day-to-day transactions with easy bill payments and salary transfers


  • Exchange rate markups may apply

  • For more features, customers have to upgrade to either the Advance Everyday Global Account and Premier Everyday Global Account which have fairly high minimum account balances.

Go to HSBC

How to open a Euro account in Malaysia

The process of opening a Euro account in Malaysia varies from provider to provider, but many offer the convenience of opening an account online. Some of the typical steps you can expect to encounter during the process include:

  • Choose a provider: Research and select a bank or specialist provider that offers a Euro or multi currency account. Consider factors like fees, currency options, interest rates, and additional services.

  • Select an account: Choose the type of Euro account that fits your needs. Providers often offer different accounts for personal use, businesses, investments, or savings.

  • Fill out an application: Most providers offer an online application process, but some banks will require you to apply in branch. Visit the provider’s website and fill out an application form with your personal, and any other required, details.

  • Verify your identity: Once you’ve submitted your application, the provider will review it alongside your submitted documents. In some cases, your provider will need to further verify your identity.

  • Make an initial deposit: Some accounts will require you to make an initial deposit in Euros or will have a minimum balance.

Typical documents that you’ll need to submit alongside your application are:

  • Proof of identity like a valid passport, or National Registration Identity Card (NRIC) for Malaysian residents.

  • Proof of address, such as recent utility bills or bank statements

  • Proof of income, including recent payslips, bank statements or tax returns

  • Additional documents such as a valid visa or work permit for non-residents.

Related: How to open an international bank account in Malaysia

Euro account with debit card

For those looking to hold Euros as well as spend them from their Euro balances, digital specialist providers like Wise can be a good option. Not only can you get a debit card, linked to your Euro account, allowing you to directly spend from your Euro balance, with Wise, spending in Euros from your Euro balance is also free.

Wise account and debit card

The Wise multi-currency account comes with a linked debit card that allows you to spend Euros from your Euro balance for free (when you have enough balance) with mid-market exchange rates and no markups or sneaky fees. Send money from 0.43% and spend like a local with account details in Euros and 9 other currencies.

Go to Wise

Learn more here: Wise account review & Wise card review

HSBC Everyday Global account and card

HSBC is a well-known international bank that offers a range of financial services. They support up to 11 currencies, including Euros. There are no monthly or annual fees for the card, and no minimum balance requirements.

Conclusion: Euro accounts in Malaysia

Opening a Euro account in Malaysia offers substantial advantages for those who live, travel, and make frequent international transactions in Euros. With a variety of options available, from traditional banks like HSBC to online specialists like Wise, finding the right Euro account is now easier than ever. Hopefully, this guide will help you find the best Euro account that meets your specific needs.

Go to Wise


Can I open a Euro account in Malaysia?

Yes, you can open a Euro account in Malaysia thanks to multi currency accounts on offer from various banks and financial institutions, including traditional banks and online specialists like Wise.

How much does it cost to open a Euro account?

The cost of opening a Euro account in Malaysia varies depending on the provider you choose to open an account with. Some, like Wise, provide free accounts with no opening or monthly maintenance fees, while others might require an initial minimum deposit, annual and other service fees.