Malaysians, here's how to open a Singapore Bank Account from home!

If you are a Malaysian with an existing Maybank Malaysia customer, this post provides a partial step-by-step guide on how to open a Maybank Singapore savings account completely online, from the comfort of your home. With any luck, you can apply today and start transacting on your Maybank Singapore bank account by the next business day!



Pre-requisites 

You will need to have these ready: 

  • Your LHDN income tax number (if you have one)
  • Clear images of the front and back of your IC 
  • Clear image of your signature on a white background
  • SGD$500 in funds (within 30 days of account opening)

Note: For the signature, I signed on a blank paper and took a photo on my phone.

Steps To Apply

1. Go to the iSavvy application page - https://apply.maybank.com.sg/CASA/#/welcome/isavvy

Note: If you're worried about fake/scam links, go to the official Maybank2U Singapore website, navigate to the iSavvy Savings account page, and then click the Apply Online Now button in the screenshot below to get to the same page.


2. Click Apply via M2U Malaysia


3. Tick all 4 checkboxes confirming you're a Malaysian above 18 years old, you don't have a Maybank Singapore account, and your Maybank Malaysia account is up to date, and click Confirm:


4. Click Proceed:


5. This brings you to the familiar Maybank2U Online Banking site, and you may login with your username and password as usual:



6. After login, Maybank shows you the information being shared from Maybank Malaysia to Maybank Singapore, and you're required to confirm to proceed using either Secure2U or TAC at the bottom of the page (not in screenshot). Once confirmed, click Next at the bottom right to continue:


7. Click OK to go back to the Maybank Singapore site:


8. The remaining steps are similar to opening a bank account in Malaysia, and involve confirming your personal data such as: 
  • phone number (important to receive your confirmation SMS containing your password to open the welcome PDF from Maybank Singapore), 
  • email address (important to receive your Maybank Singapore account details in an encrypted PDF, and your password to open the PDF in a separate email)
  • home mailing address, 
10. Answer standard account opening questions, e.g.: 
  • are you a politician, 
  • do you have U.S. tax residency (FACTA),
  • your Malaysian income tax number, 
  • source of funds (I ticked 'Savings', 'Salary', and 'Investment Returns'),
  • reason for opening account (I ticked 'Investment'), 
  • expected number of deposits and withdrawals, etc.
  • preferred Maybank Singapore branch (I chose HQ, of course) 
11. Upload the images you've prepared earlier of:
  • the front of your IC (MyKad) 
  • the back of your IC (MyKad), 
  • your signature on a white background / paper.
12. Upon submission of your online application, you should immediately get a confirmation of your application via email per below screenshot, and Maybank Singapore will process your application within one business day. 

Note: That's very efficient if you ask me, especially when it took 1-2 weeks for CIMB Singapore to open a FastSaver account for me, with a lot of waiting, phone calls, and manual steps in between. 


13. Upon account creation you will get the below email from Maybank Singapore, usually by the next business day, as well as 2 SMS messages containing your PDF password, and PIN for online banking registration: 


14. Use the password sent via SMS to your mobile phone to open the PDF to see your Account Number and Access ID, which you will need to register for Maybank2U Singapore online banking facilities.


15. Now go to the Maybank2U Singapore website at https://www.maybank2u.com.sg , and click the Login button on the top right corner, and then click New M2U Online Banking:

16. This will pop-up a new page. Click the Register Now button on the top right.


17. Enter the Access ID in your encrypted PDF earlier, and the 6-digit PIN sent to your mobile phone via SMS, tick to agree to the Terms and Conditions, and click Continue:


18. From here onwards, the steps are similar to the normal online banking registration steps in Maybank2U Malaysia, e.g. choosing your username, setting your password, and then optionally to download Maybank2U Singapore app to your phone and activating Secure2U. 

19. Congratulations! Now you have a Singapore bank account for your investment and stock trading needs, and local FAST bank transfers for your family, relatives, friends, etc. Your debit card and PIN will be posted to your registered mailing address within 7 days.

20. As the last step, you do need to deposit SGD$500 into your bank account within 30 days. 

If you're unsure of how to best transfer SGD$500 to your new bank account, I suggest using the WISE app if you have it for very competitive exchange rates when sending money abroad. If you don't yet have a WISE account, you may sign-up for a free WISE account using my referral to get a free funds transfer for up to USD$600 - referral link. 

In the below example, you will need RM1,641.33 to send SGD$500 to your Singapore bank account. However, with the referral promotion, you will save RM12.04 in fees in your first transfer. 


Good luck!

- MM









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