How do foreigners open a bank account and move money to Malaysia to buy property?

Updated 29 October 2026. Prices, fees and taxes on this page are current at that date, are not guaranteed and may change in future. Sources are listed at the end.

Short answer: You don't need a Malaysian bank account to buy: you can pay from overseas by bank transfer, in ringgit, to the developer's Housing Development Account or your lawyer's client account. Bank Negara Malaysia's rules let non-residents open ringgit and foreign currency accounts, convert foreign currency to ringgit with a licensed bank, invest in property freely, and later send sale proceeds and rent home in foreign currency. Each bank has its own account-opening checks, and many ask you to come in person.

Never pay into a personal account. Pay only to the developer's Housing Development Account or your lawyer's client account, and confirm the account details by phone on a number you already know. Payment-redirection emails are a common scam that targets overseas buyers.

What Bank Negara Malaysia's rules allow

You want to	Allowed?	Rule
Open a ringgit account in Malaysia	Yes, an external account	Foreign Exchange Policy Notice 4, paragraph 9
Hold a foreign currency account in Malaysia	Yes, alone or jointly	Notice 4, paragraph 18
Convert your currency to ringgit	Yes, with a licensed onshore bank or its appointed overseas office	Notice 1, paragraph 6(1)(a)
Buy property in Malaysia	Yes; property counts as a ringgit asset	Notice 4, paragraph 2(c)(ii)
Borrow ringgit to buy property	Yes, from a Malaysian lender; the bank decides	Notice 2, paragraph 15(a)
Send sale proceeds or rent home	Yes, in foreign currency	Notice 4, paragraph 8

Bank Negara Malaysia, Foreign Exchange Policy Notices, consolidated October 2025. The rules permit these; each bank still applies its own checks.

Opening an account

Each bank sets its own requirements for non-residents. Expect to show your passport, proof of your home address and the reason for the account, and many banks ask you to open it in person in Malaysia. Some are easier once you hold a Malaysian pass, such as an Employment Pass or MM2H. Ask the bank for its list before you go.

How the payments flow

Deposit and progress payments (new launch): to the developer's Housing Development Account, quoted on each bill.
Resale purchase: usually to your lawyer's client account, which pays the seller on completion.
Stamp duty and state fees: through your lawyer, who pays them on your behalf.
Running costs: maintenance fee, assessment tax and quit rent, easiest from a Malaysian account or through your property manager.

Keep a paper trail

Keep the bank confirmations for every transfer into Malaysia, the agreement and receipts. When you sell or send rent home, the bank may ask for supporting documents, and your tax adviser will need the purchase cost to work out Real Property Gains Tax. See RPGT.

Exchange rate

Your costs are in ringgit, so the rate on the day you convert matters. Compare your bank's rate with a licensed money transfer provider, and consider converting in stages for a new launch, where payments are spread over several years.

Not sure who to pay, or when? I'll check each bill and account with you before you send anything. Ask on WhatsApp →

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The checks to make before you commit to any property in Malaysia.

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Frequently asked questions

Can a foreigner open a bank account in Malaysia?

Yes. Bank Negara Malaysia's rules allow a non-resident to open a ringgit external account and a foreign currency account. Each bank sets its own documents and checks, and many ask you to open the account in person.

Do I need a Malaysian bank account to buy property?

No. You can pay from overseas by bank transfer to the developer's Housing Development Account or your lawyer's client account.

Can I take money out of Malaysia after selling my property?

Yes. Non-residents may repatriate divestment proceeds and income from a ringgit asset, provided it is sent in foreign currency, under Bank Negara Malaysia's Foreign Exchange Policy Notice 4.

Who should I pay the deposit to?

For a new launch, the developer's Housing Development Account shown on the bill. For a resale, usually your lawyer's client account. Never a personal account, and confirm the details by phone first.

Can I borrow from a Malaysian bank as a non-resident?

Bank Negara Malaysia's rules allow a non-resident to borrow ringgit from a Malaysian lender to buy property. Each bank decides whether to lend and on what terms.

Keep reading

About the author

Seann Siow is a registered estate negotiator in Kuala Lumpur (REN 34312) with more than 10 years in property. He helps foreign buyers and relocating families buy new condominiums in Kuala Lumpur.

More about Seann

Sources

Checked 29 October 2026.

Bank Negara Malaysia, Foreign Exchange Policy Notices (consolidated, October 2025): Notice 4, paragraphs 8, 9 and 18; Notice 1, paragraph 6(1)(a); Notice 2, paragraph 15(a) — bnm.gov.my.
Bank Negara Malaysia, FAQs on the Foreign Exchange Policy for non-residents (2019): non-residents are free to invest in ringgit assets and repatriate proceeds in foreign currency — bnm.gov.my.
Housing Development (Control and Licensing) Act 1966: buyers' payments for a licensed project go into the developer's Housing Development Account.
Account-opening practice and payment flow: From transactions handled by Seann Siow (REN 34312).

General information, checked on the date shown, not legal, tax or financial advice. Rules and fees change; confirm them for your purchase with the state land office, a lawyer or a tax adviser. All prices, fees, taxes and figures on this page are based on information current at the date checked, are not guaranteed, and may change in future. Seann Siow, REN 34312.