USD business account in Malaysia

USD business accounts in Malaysia: the short answer

A Malaysian company has three main ways to hold and receive US dollars: a foreign currency account (FCA) at a Malaysian bank, USD account details from a provider outside Malaysia that accepts Malaysian companies, or an account held by a US company the owners set up. An FCA is a bank account denominated in a currency other than the ringgit (MYR), held in the company's own name. Malaysian banks offer USD FCAs to companies, and it is the account the Bank Negara Malaysia (BNM) rules are written around.

A USD FCA at a Malaysian bank is paid from abroad by SWIFT, the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. It does not come with a US routing number, the 9 digit code that identifies a bank in the United States. A US buyer therefore cannot pay it by ACH, the low-cost US domestic bank transfer system, or by Fedwire, the Federal Reserve's same-day system for large dollar payments, and sends an international wire instead.

Malaysia's Foreign Exchange Policy (FEP), the BNM rules on foreign currency transactions, decides how far a foreign account can go. Exporters of goods must bring proceeds home within 6 months of shipment, so a USD account abroad works as a collection point, not a place to keep export proceeds. This guide sets out those rules, published bank terms, which providers accept Malaysian companies according to their own pages, the US company route, documents, the position on digital assets, and where a Helm account fits.

BNM Foreign Exchange Policy: the rules for USD

BNM publishes the FEP as a set of numbered Notices, with rules organized by whether a person is resident or non-resident in Malaysia. Three Notices matter most to a trading company holding US dollars.

Sources: Bank Negara Malaysia, FEP rules for residents on payment in foreign currency, investing in foreign currency assets, and export of goods; BNM, Liberalisation of Foreign Exchange Policy (31 March 2021). As published on 29 October 2026. Check the current Notices before acting.

Domestic ringgit borrowing means ringgit borrowing a resident obtains from another resident, including from Malaysian banks. A company with no such borrowing is not subject to the RM50 million limit on foreign currency investment. A Trade FCA is the type of FCA that holds trade-related foreign currency, such as export proceeds, which BNM allows to be used to meet foreign currency payment obligations including imports and services, according to its FAQs for residents.

The practical point for importers: paying a supplier abroad in US dollars, from an FCA or by converting ringgit, is a payment to a non-resident and is free under Notice 4. Settling a purchase from another Malaysian company in dollars is different, because foreign currency payments between residents are free only for listed purposes.

Export proceeds: repatriation and conversion

Notice 7 is the rule an exporter of goods meets most often. BNM states that the exporter shall repatriate the export proceeds to Malaysia in full value within 6 months from the date of shipment. Proceeds can be received in ringgit or in foreign currency.

Sources: Bank Negara Malaysia, FEP rules for residents, Export of Goods (Notice 7); BNM, Liberalisation of Foreign Exchange Policy (31 March 2021, effective 15 April 2021). As published on 29 October 2026.

The 2021 changes matter for a USD account. BNM's release states that resident exporters may now manage the conversion of export proceeds according to their foreign currency cash flow needs, so an exporter can keep repatriated dollars in a USD FCA and use them to pay suppliers abroad. The same release states that the 6-month rule remains in place. It also removed the need for BNM approval to extend the period for reasons beyond the exporter's control, and the need for approval for netting arrangements involving export proceeds.

What this means for a USD account outside Malaysia: a buyer can pay into it, but proceeds for goods must reach Malaysia within 6 months of shipment unless the exporter has applied to keep them abroad. Keep the shipment date for every invoice on file. For the wider process of getting paid by buyers abroad, see our guide on how to receive USD from overseas buyers.

Option 1: a foreign currency account at a Malaysian bank

Malaysian banks open USD FCAs for companies, usually alongside the ringgit current account. The account is in the company's own name and is paid from abroad by SWIFT through the bank's correspondent in the United States. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency.

Banks publish their terms on their own pages. The figures below are from Hong Leong Bank's business foreign currency account page.

Source: Hong Leong Bank, Foreign Currency Account (business), as published on 29 October 2026. Fees and charges are in the bank's separate schedule and are subject to change.

The intermediary banks in a SWIFT payment can deduct their own fees. OUR, SHA and BEN are SWIFT charge codes: OUR means the sender pays all fees, SHA means fees are shared so intermediaries can deduct theirs from the amount, and BEN means the receiver pays them all. For large invoices, agree OUR terms with the buyer in the contract.

Ask the bank three things before opening: the fee for each incoming SWIFT payment, the rate it applies when converting dollars to ringgit, and whether it opens a Trade FCA for export proceeds separately from other foreign currency.

Option 2: providers that give US account details

Some Malaysian companies want US account details, a routing and account number, so US buyers can pay by ACH or Fedwire as they would pay a domestic supplier. Eligibility is set by each provider. The table records what each states on its own pages.

Sources: Airwallex, eligible countries and territories; Wise, where do I need to live to hold money with Wise; Mercury eligibility. As published on 29 October 2026. Eligibility lists change; check each provider's page before applying.

Before you apply, check four points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name. Second, which rails the details accept: ACH only, or also Fedwire and SWIFT. Third, how dollars move to your Malaysian bank and what that costs, since export proceeds for goods must reach Malaysia within 6 months of shipment. Fourth, the provider's pricing for receiving each type of payment, from its own pricing page.

A foreign account does not change the FEP position. Notice 7 applies to the exporter, whichever account the buyer pays into.

Option 3: a US company with its own account

Some Malaysian founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, and states that founders do not need to be US citizens or residents.

The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no principal place of business in the United States may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone.

The US company is a separate legal entity with its own tax filings, and money it earns belongs to it. For a Malaysian group, funding a company abroad may count as investment in a foreign currency asset under FEP Notice 3, so ask your bank how the RM50 million limit applies if the group has domestic ringgit borrowing. Goods exported from Malaysia remain subject to Notice 7. Take Malaysian and US tax advice before choosing this route.

Documents you need

Banks and providers ask for broadly the same company file. The list below is a typical checklist; each bank and provider sets its own.

Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.

SSM is Suruhanjaya Syarikat Malaysia, the Companies Commission of Malaysia, which registers companies. MyKad is the Malaysian national identity card. Keep the same company name on every document, and keep the shipment date for each export, because it starts the 6-month repatriation period under Notice 7.

Stablecoins and digital assets in Malaysia

Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar. USDC and USDT are the two most widely used dollar stablecoins. Two Malaysian regulators set the position.

• Securities Commission Malaysia (SC). The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 came into force on 15 January 2019. It prescribes as securities digital currencies and digital tokens that are not issued or guaranteed by any government body or central bank, where they meet the Order's other conditions. A digital asset exchange must be registered with the SC as a recognized market operator, and the SC states that operating one without its authorization is an offence.
• Bank Negara Malaysia. In its statement of 3 January 2014, BNM said that Bitcoin is not recognized as legal tender in Malaysia and that BNM does not regulate its operations, and advised the public to be cautious of the risks.

Sources: Securities Commission Malaysia, SC Registers Three Digital Asset Exchanges (4 June 2019); Baker McKenzie, digital currencies and digital tokens regulated as securities under Malaysian securities laws (17 January 2019); Bank Negara Malaysia, Statement on Bitcoin (3 January 2014). As published on 29 October 2026.

Check the SC's list of registered digital asset exchanges before using any platform. A company paid in stablecoins should document the underlying sale, and take advice on how the receipt sits with the Notice 7 obligation to repatriate export proceeds for goods.

Where a Helm USD account fits

Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. For companies registered in Malaysia, Helm provides USD account details in the company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments. A US buyer can then pay a Malaysian exporter or service firm the way it pays a domestic supplier.

• Collecting from US buyers by ACH or Fedwire into an account in the company's own name, so the name on the account matches the invoice.
• Exporters of goods must still move proceeds to Malaysia within 6 months of shipment under FEP Notice 7, unless they have applied to keep them abroad.
• Stablecoins: Helm's USDC and USDT wallet features are not available to companies registered in Malaysia. Malaysian companies receive USD account details only.

Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. For the same options in a neighboring market with different rules, see our guides to a USD business account in Singapore and in Indonesia.

Questions

References

1. Bank Negara Malaysia: FEP rules for residents, Export of Goods (Notice 7)
2. Bank Negara Malaysia: Liberalisation of Foreign Exchange Policy (31 March 2021)
3. Bank Negara Malaysia: FEP rules for residents, Payment in foreign currency (Notice 4)
4. Bank Negara Malaysia: FEP rules for residents, Investing in foreign currency assets (Notice 3)
5. Securities Commission Malaysia: SC Registers Three Digital Asset Exchanges (4 June 2019)
6. Bank Negara Malaysia: Statement on Bitcoin (3 January 2014)
7. Hong Leong Bank: Foreign Currency Account (business)
8. Wise: Where do I need to live to hold money with Wise?

This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.