Hi /k members,

Want to ask anyone got experience opwning current bank account for sole prop business?

I went to Ambank to open, brought all documents as per their website and got rejected. Reason is they say:

"Need to check and verify your business location and address. Need proof of ownership or tenamcy agreement. Then we will have someone to go check the place physically"

FWIW, my business registration address is my family home address as its online consultancy business.

Ia this true or that bank staff in CNY cuti mood and lazy to layan?

maybe try CIMB , straight forward as long as all documentation is ready.

Ambank usually has stringiest requirements. Try Maybank.

Maybank and CIMB not so strict.

My worst experience was Public Bank.

Rejected because my newly started business’s corporate website wasn’t ready.

Then needed 2 months to send back my documents. I received my documents that was padded with copies of other people’s scanned cheques and bank statements with clearly stated personal details and bank balances.

I straight complained to BNM and PDPA.

Public Bank is the easiest just follow procedure they will approve. If not mistaken few weeks😂

I find Alliance Bank to be easiest for current account of a sole prop.

They seem to be more eager to open one for me and the processing lead time all was quite fast and relatively hassle-free compared to others. I did hear from friends that the core business/focus for Alliance Bank is SME thus they are more adept to working with business owners.

Try them.

They do however charge RM5 every month from my current account as part of their fees. I'm not sure if other banks will charge such monthly fee.

This post has been edited by overmars: Feb 8 2024, 10:16 AM

U need to prove ur online consultancy business. I need a current account for some private usage. I made myself a fake online shop to make them approve.

Online consultancy, make sure have website or your social page of your company. Otherwise how you make business? Pluck from air? True story.

Thanks for all the feedback

If you wanna open account with Maybank. Note that it can be troublesome when you do online transfers if you also have a personal account with them. The sole prop account also uses MAE app, so you got to unlink/link your two different accounts for Secure2u everytime you want to make transfers. If you have 2 phone numbers and 2 smart phones then no issue.

They allow sole prop account to switch back to SMS OTP but there are some restrictions and requirements. I'm not sure about other banks.

public bank need referral only .

that's like yearly cc fee. quite minimal.

How about hong leong?

maybank easy, ocbc also ok. do from their website, bring all documents to branch

This is true. I link my SME account to iPad.

I done with maybank. Super ez. Ask my RM to help, 15-20 mins settle

Had one sole prop. acct with CIMB.
Just need ssm and biz rubberstamp
Least requirement and no monthly fee if min. 1,000 inside account.

No need introducer shit or 10k deposits unlike other banks

If your android phone have secure folder, you can install MAE there.

I have both in my phone. Saving & SME. Must have two sims.

This post has been edited by apache79: Feb 9 2024, 07:46 AM

Is the online transfer as troublesome as Maybank MAE app if we only have one phone and one phone number?

I tried MBB - can use MAE so easy navigation, some of online TXN, great integration with CRM & accounting

Bank Islam - 8 hours siap. They give you debit card instead of CHQ so online purchases & subscription is easy. Their apps is shit, have to rely on website

Try sotong bank

I only have iPhone.

Not sure about that, coz i am using Samseng dual sim phone. Running 2 cimb apps for current acct (sole prop) and my personal savings acct.