Good to know
Good to Know
- Always choose 'Charge in MYR' at ATM prompts rather than dynamic currency conversion — this saves 3-5% in fees.
- Euronet ATMs are convenient but expensive; stick to Maybank, CIMB, or Public Bank ATMs for fee-free withdrawals.
- Check restaurant bills for the 10% service charge already included before adding extra tips.
- Many establishments now accept Touch 'n Go e-wallet, reducing reliance on cash for daily transactions.
- Small hawker stalls and traditional vendors typically require cash only.
- Tipping is genuinely discretionary and appreciated when exceptional service merits it, but never obligatory.
ATM Fees
- Status
- Most major Malaysian bank ATMs charge zero local fees to foreign cardholders.
- Daily Withdrawal Limits
- Typically RM 1,500–3,000 per transaction; RM 2,000–4,000 per day depending on bank.
- Dynamic Currency Conversion Warning
- Some ATMs offer conversion to your home currency. Always decline and choose 'Charge in MYR' to avoid 3-5% markup fees.
- Important Note
- Avoid Euronet ATMs (found in malls, stations, 7-Eleven stores) — they charge significantly higher premiums (8-13% markup). Stick to major bank ATMs.
ATM Access
- Major Banks
- Maybank (largest network, free for foreign cards), CIMB, Public Bank, RHB, Hong Leong, AmBank. All are free or low-cost for foreign international card withdrawals.
- Card Compatibility
- Visa, Mastercard, Cirrus, and Plus widely accepted. American Express, Diners Club, and Discover less common.
- General Availability
- Extensive network with over 13,000 ATMs nationwide. Widely available in Penang at shopping malls, banks, convenience stores, and petrol stations.
Tipping Norms
- General Principle
- Tipping is not expected or required in Malaysia. Service charges are typically included in restaurant and hotel bills.
- Cultural Note
- Politeness and courtesy are valued more highly than monetary gratuities in Malaysian culture.
Hotels
- Housekeeping
- RM 5-10 per night if tipping
- Room Service
- RM 2-10 if tipping
- Bellhops Porters
- RM 2-5 per bag if tipping
- Note
- None of these are required; service charges usually already included.
Restaurants
- Discretionary Tipping
- For exceptional service at upscale venues, 10-15% additional is appreciated but not expected.
- Service Charge Included
- Most restaurants automatically add 10% service charge (sometimes combined with 6% government tax). Check your bill before tipping extra.
Other Services
- Bars Cafes
- Round up or leave small change; not expected.
- Taxis Grab
- Rounding up is optional, not expected.
- Tour Guides
- RM 20-30 per person per day for private tours; 10% discretionary for group tours.
- Spas Massage
- RM 5-10 if no service charge is included; 10-15% for exceptional service.
Card Acceptance
- Mobile Payment
- Growing acceptance of e-wallets like Touch 'n Go and Boost, particularly in urban areas and modern retail.
- Credit Debit Cards
- Widely accepted in restaurants, hotels, shopping malls, and major establishments. Visa and Mastercard are most common; Amex less widely accepted.
- Where Cash Still Needed
- Small hawker stalls, street food vendors, older local restaurants, and some traditional businesses typically accept cash only.
Banking
- Overview
- Well-developed banking sector with major local and international banks. Account opening requires legal proof of stay (MM2H visa, employment pass, student visa, or dependent pass). Tourist visas are not accepted. In-person branch visit required for identity verification.
- Online Banking
- Available at nearly all major banks; 24-hour access
- Insurance On Deposits
- Deposits protected up to RM 250,000 under Deposit Insurance System (DIS)
- Account Opening Timeline
- 4–6 weeks standard; 5–7 business days for existing customers of international banking groups (HSBC, Standard Chartered)
- Key Accessibility Note
- MM2H visa holders and those with employment/student visas find account opening significantly easier than tourists; if arriving on tourist visa, securing a valid long-term visa before attempting to open an account is strongly recommended
ATM And Fees
- Foreign ATM Withdrawal
- MYR 10
- Over Counter Transaction
- MYR 5.00
- Inter Bank Withdrawal Fee
- MYR 1.50
Minimum Deposit
- Current Account
- MYR 1,000
- Savings Account
- MYR 250
Major Banks For Expats
Maybank
- Type
- local
- Accessibility
- most foreigner-friendly
- Branches Nationwide
- 400
Features
- SavePlus Account
- basic savings account
- English-language service at major branches
- extensive ATM network (MEPS)
CIMB
- Type
- local
- Accessibility
- excellent for foreigners
Features
- strong digital infrastructure
- user-friendly mobile app
- online application available
HSBC Malaysia
- Type
- international
- Accessibility
- preferred for existing HSBC global customers
Features
- multi-currency accounts
- reduced KYC for existing customers (5–7 business days)
- Everyday Global Account for expats
Standard Chartered
- Type
- international
- Accessibility
- preferred for existing global customers
Features
- international banking
- global account access
Public Bank
- Type
- local
- Accessibility
- good for MM2H fixed deposit accounts
- Note
- Dedicated wealth management divisions in Penang familiar with MM2H process
Hong Leong Bank
- Type
- local
- Accessibility
- good for MM2H participants
- Note
- Dedicated wealth management divisions in Penang familiar with MM2H process
Requirements For Expats
- Proof of legal stay (MM2H approval letter, employment pass, student visa, or dependent pass)
- Passport with valid visa
- Local phone number
- Proof of address/residence
- Employer letter or university letter (if applicable)
AI-generated estimateData refreshed July 2026
Sources cited for this category
These are the sources cited in this money & payments research for this city. Individual figures may not each trace to one of them.
- 1.atmfeesaver.com
- 2.matrixforex.in
- 3.atmtravelguide.com
- 4.you.co
- 5.lk3.cc
- 6.revolut.com
- 7.wise.com
- 8.experiencetravelgroup.com
- 9.malaysiaobsessed.com
- 10.globalvisacorp.com
- 11.traveloka.com
- 12.internationalliving.com
- 13.expatexchange.com
- 14.alestriaproperty.com
- 15.alea.care
- 16.digitalnomadexchange.com
- 17.rumavi.com
- 18.statrys.com
- 19.expatden.com
- 20.smartinvestmalaysia.com
- 21.expatoo.com
More About Penang
Data last updated July 2026 · Verify anything important.