Best business current bank accounts in Malaysia

When you start a business, one of the first tasks should be to open a business bank account.

You need to keep your business banking separate from your personal banking. It's not enough to just keep separate records. You should keep your money physically separate in different bank accounts, one set up as a current business account.

So what is actually a business bank account?

It's actually a current account that works like a regular one, except that it has business-related things that can be helpful to people running SMEs (small to medium-sized businesses). This type of account has special features that help you better manage your business finances. The functions are:

Overdraft Facility

This component allows withdrawals that exceed your account balance in a competing amount. It tends to be useful in reducing the imaginable results of retrieved checks and providing adaptable access to quick cash. This implies that you do not have to stress so that your business does not have liquid cash to use outside of the season.

Issue Cheques:

Similar to a regular checking account, you can issue checks using your business bank account. This comes as a handy method when you pay your suppliers clean and official. Moreover, you can track expenses through the checkbook.

Foreign Banking Facilities:

Currency rates, using your card abroad and international purchases are much simpler with a business bank account. Although the details of these features may differ from bank to bank, most of these features will be available to you.

If you are an efficient financial planner and have no difficulty managing the cash flow of your business, you consider the features mentioned above to be decent, but not essential and you can really cope with the current volume of transactions, then it is good not to. you do not need another bank account. However, in this case, especially if you are not sure whether you should open a business account, here are some questions you can ask yourself:

• Is your business managing many shifts?
• Are your business's salary and costs charged and are you worried about accurately completing your tax returns?
• Do you want to give a business loan or get a business credit card?
• Do you want to receive card payments from customers?

It is always advisable to prove your business in the future, and the costs of opening a bank account are nowhere near where you usually only have to deposit a certain amount of money (RM500) in order to stay open. So, if you are ready to open a bank account foryour business in Malaysia, then this guide is specifically written to do just that - to help you make the best choice to find the bank that suits your needs. business financing. This guide will go through the first 5 banks in Malaysia, which covers all intervals.

Maybank was founded in 1960 and opened the way to becoming one of the top 5 banks in Southeast Asia. This bank offers a wide range of commercial banking services, banking investments, Islamic banking, overseas banking, leasing and rental procurement, insurance, factoring, management services, asset management, stocks, nominal services, venture capital. and internet banking. Let's take a look at what facilities they have to offer for their basic current account for SME.

Features & Benefits:

• No monthly fees
• The holder of the account will be issued a checkbook, with no account discovery facilities
• There are no fees for issuing the check book, except for the stamp duty incurred
• If the average balance of 6 months is less than RM1,000.00, then a half-yearly service charge of 10,000 RM will be charged.
• Free monthly statement

Eligibility

• Companies registered in Malaysia under the SME customer segment
• Introduction is required

Requirements

Original identity card (Mykad) for Malaysians

• Memorandum and articles of incorporation certified by the company secretary.
• Certificate of incorporation (original copy must be seen)
• A list of directors and secretaries (form 49)
• Resolution of the Board of Directors for opening and operating the account (to fill out our form
• Other relevant documents at the request of the Bank

How to apply?

To any Maybank / Maybank Islamic branches for account opening.

Fees and fees

• The minimum initial deposit is 500 RM
• Service charges RM10.00 per half year waived for accounts with a monthly average balance of over RM1,000 and over a period of six (6) months, ie from December 27 to June 26 and from June 27
• Early closure of account within 3 months of account opening: RM20.00