Credit Cards, Home Loan, Personal Loan, SME Loan

How to Choose a Bank?

Banking is almost inevitable these days, no matter it is using credit cards or e-payment. In terms of choosing a bank, there are a few aspects that you need to think about.

Location of the Bank

Despite more and more businesses moving online, banks in Malaysia still require you to submit your papers in person. This means that you will almost always need to be physically present at the bank. Moreover, it is usual to be present for initial account setup and other banking transactions.

Check where the bank’s physical locations are and whether they are close to your business or home. It is also important to see how many ATMs for the bank are available around the region you stay.

Fees required by the Bank

MEPS (Malaysian Electronic Payment System) covers a large number of ATM cards. Note that cards from different banks to use each other’s ATMs for a set cost. However, depending on the bank, using your card internationally will result in varying fees.

Besides, overdraft fees and penalties if your account falls below a particular level are other things to be aware of. Do compare the fees that you need to pay from different banks, since all banks have different terms and conditions.

Services provided by the Bank

Compare the services that the bank provide. Whether you’re looking for a high-interest savings account, a great credit card, or another financial instrument, LoanPanda can help. Check to see if the bank you’re considering provides the services you desire. There may be discounts or special deals available if you use a few services with the same bank, so keep an eye out.

If you choose to distribute your business across many banks, be sure that they all get along and that transactions between them are smooth. Also, inquire about their online banking capabilities and expertise to see whether it’s a suitable fit for you.

Conventional or Islamic Bank Services

Should you consider Islamic banking services, you might need to understand the pros and cons of the services you receive. Read one of our comparison articles if you do not already understand the differences.

Also, not all banks provide the entire range of Islamic banking services that you may want or desire. Therefore, it is best to consult a bank to know their services.Inquire about their Islamic banking services and whether or not their execution aligns with your personal financial goals.


There are so many different banks in Malaysia, each with its own set of qualities, unique products, and services to offer, that choose which one to use might be difficult. However, we hope that the information above will assist you in making a more informed decision about which bank to choose.

Do have a look at our collection of articles on banking fundamentals to learn more about finance.

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