Top List of Banks in Malaysia
The banking system in Malaysia has won several awards for its excellent customer service and quality products. If you are a resident of Malaysia, you must be familiar with your local bank, but if you are a tourist or a visitor, then this article is for you. Malaysia's banking sector has been expanding rapidly, with many banks now present. Malaysia's banking sector is dominated by local lenders, with the top 10 banks holding more than 80% of the industry's total assets. The best banks in Malaysia offer personal and corporate banking services, such as savings accounts, current accounts, loans, and lines of credit to businesses and individuals. Below is a list of some of the best banks in Malaysia that offer quality service to their customers:
Maybank
Maybank is the largest bank and financial Group in Malaysia, with significant banking operations in Singapore, Indonesia, and the Philippines. The Maybank Group was founded in 1960 when it opened its doors as Malayan Banking Berhad. The Group has total assets of USD165 billion and a network of over 2,400 branches and offices in 20 countries across Asia Pacific, Western Europe, the Middle East, and North America. Maybank offers a wide range of financial services for retail and corporate customers. These include commercial banking, investment banking, Islamic banking, stockbroking, insurance and takaful (Islamic insurance), asset management, and private banking services. The Group has over 45,000 employees from diversified backgrounds, including 14 nationalities.
CIMB Group Bhd
CIMB Group is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high-growth economies in ASEAN. CIMB Group offers consumer banking, investment banking, Islamic banking, asset management, and insurance products and services. CIMB Group currently has over 38,000 employees located in 16 countries. The Group's income stood at RM11.9 billion for the financial year ended 31 December 2020 (FY2020), with total assets at RM602.4 billion as of the same date. With 234 branches, CIMB Group Bhd. is one of the largest banks in Malaysia by branch network.
Public Bank Berhad
Public Bank Berhad is a bank based in Malaysia. It is one of the largest banks in the country by market capitalization and total assets. Public Bank had RM451,257 million in assets as of 2020. It was founded by Tan Sri Dato' Sri Dr. Teh Hong Piow on 21 August 1966. It has 264 branches in Malaysia and 148 overseas branches, subsidiaries, and representative offices in China, Hong Kong, Singapore, Vietnam, Cambodia, Laos, Myanmar, and Sri Lanka. The Public Bank is a complete one-stop financial portal, offering a range of accounts, credit cards, loans, deposits, and other financial aids for our personal and commercial customers. The bank had employed 18,000 people as of the financial year ended 2019.
Hong Leong Bank Bhd
Founded in 1905 as the Kwong Lee Mortgage & Remittance Company, a mortgage provider, the bank was acquired by its current owner Hong Leong Group in 1964. Hong Leong Bank Berhad is a financial services organization and a Hong Leong Group Malaysia member. Hong Leong Bank offers a range of financial products and services, including loans, deposits, insurance, credit cards, investment banking, and Islamic banking. Hong Leong Bank is one of the largest banks in Malaysia, with total assets of RM177.707 billion as of 30 June 2020. It has an extensive network of branches nationwide with over 260 branches, 855 self-banking units, and 7,803 employees. As of 30 June 2020, Hong Leong Bank is also one of the largest employers in the banking industry.
Tips for choosing the best bank in Malaysia
Banks in Malaysia offer a wide range of features and benefits to cater to the various needs of the public. However, with so many options available, it cannot be easy to decide which bank is the best for you. A good bank is essential for a healthy financial life. But there are so many options out there! How do you know which one to pick? Follow these tips to choose the best bank in Malaysia and decide on the perfect financial institution for your personal needs:
Scope Security When Choosing a Bank
Security is first and foremost when choosing a bank. When shopping around, make sure that the banks you're looking at have full FDIC insurance and no outstanding lawsuits against them.
Do They Have the Account You're Looking For?
Ensure that the bank you choose has the kind of account you want. If you're looking for a checking account, make sure they offer that; if you need savings, make sure they offer that, too!
Hidden Fees, Annual Fees, Transfer Fees
The small print can be tricky! Make sure that you read it carefully so that there aren't any hidden fees or annual fees (especially on savings accounts) buried within it. Also, check the transfer fees and make sure they are reasonable or, better yet, waived altogether!
Varying Interest Rates
When looking for the best banks in Malaysia, there is something very important that you must consider: the interest rates. Different banks have different interest rates, and it is always better to select a bank with lower rates. This can be confusing for many people out there but don't worry; we will help you out!
Cash Limits
Every bank has its cash limits when it comes to withdrawal. It is always better to look for a bank with higher limits to avoid any problems later on. For example, if you want to withdraw more than 50k at once, you will have to look for banks with higher limits than 50k.
Online Banking
We all know how technology is taking over our lives and how much easier it has become to do everything by sitting at home, including banking! It is always better to go for online banking as it provides many benefits such as online account management, online funds transfer, instant alerts, and notifications, among other things!
Honesty
Be honest with yourself and others! Honesty is always the best policy! When choosing a bank, make sure you are completely honest about all aspects of your financial situation to find a good fit for yourself.
FAQs
Q. Which bank is most secure in Malaysia?
A. Maybank
These banks have consistently been rated highly in safety and soundness by reputable credit rating agencies.
