Opening an account

Rhb is a good option!

No idea which banks will accept Iranians, and no idea why they refuse you.

I had accounts with Maybank, CIMB, RHB, HSBC and Ambank. I needed to show my MM2H in order to open all those accounts. You should go around and try all of the banks until you find one or two that will accept you. I think Maybank, Ambank and RHB might be good.

Since a long time you have to have a workpass or some sort of long term visa.

1) There is someone on this forum who said he walked right into, was it Ambank(?) and they opened an account.

2) Used to be that foreigners could open an account when a local introduced them at their own bank.

3) Heavy scams by Nigerians and others is the reason cited by my bank for the govts change to disallow all foreigners except those with a workpass and employment with a large, well-known company.

4) To my knowledge, Iranians are not any different than any other foreigner but without some kind of a visa, banks will decline.

5) The govt doesnt realize the pressure this puts on honest people and its a good idea for expats to appeal to govt to modify its current rules. 99.9% of the customers/foreigners are not scammers!

Because of Amerca's sanctions against Iran, most international companies, banks, and places won't work with Iranians and do not give them any services.

Im an american and havent heard or read anything like that. Id be surprised to learn that the hand of US reaches all the way to a little bank on the other side of the world when it comes to problems with a certain country's government. Im not disagreeing with you, but asking if you have been told that in any activity you are doing? Did a bank tell you they would open an account when US lifts its sanctions against your country? Or are you assuming that is the problem that prevents your progress?

They actually told us that because of sanctions against Iran, they are not able to have services for Iranian.
Being an Iranian, I was really disappointed to hear that certain services, specially international ones, are forbiden for us.
One bank said that if they opened an account, they won't provide us any credit or debit card, neither any internet activity!
The sanctions were supposed to be against Iran Government, but obviously,  it's just hurting people!

I would keep trying until you find a bank that will accept, you might get lucky.

Try also with the smaller 2nd or 3rd tier banks, smaller less known banks, as the governments generally are stricter on first tier major banks. Sorry but I do not know if those 2nd and 3rd banks exist in Malaysia, certainly they do in Indonesia and the government in Indonesia are strictest with the 1st tier banks with their policies.

Yes, sanctions are government to government and also do not cover all facets of life in any case.

I had trouble sleeping last night so I spent the time reading about this. The information about sanctions is very extensive, covering hundreds if not thousands of pages.

I see the problem. I found this info:
"All foreign financial institutions, including private and state-owned institutions, remain subject to section 104(c) of  the Comprehensive Iran Sanctions, Accountability, and Divestment Act  (CISADA), which calls for sanctions on foreign financial institutions that are found to have knowingly engaged in facilitating significant transactions for specific Iranian-linked individuals and entities. [02-14-2012]"

“Foreign financial institution” is defined in section 1245 of the NDAA with reference to section 104(i) of CISADA (22 U.S.C. § 8513(i)). As further defined in the IFSR, a “foreign financial institution” is “any foreign entity that is engaged in the business of accepting deposits, making, granting, transferring, holding, or brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or options, or procuring purchasers and sellers thereof, as principal or agent. It includes but is not limited to depository institutions, banks, savings banks, money service businesses, trust companies, securities brokers and dealers, commodity futures and options brokers and dealers, forward contract and foreign exchange merchants, securities and commodities exchanges, clearing corporations, investment companies, employee benefit plans, and holding companies, affiliates, or subsidiaries of any of the foregoing.” 31 C.F.R. § 561.308. It does not include “the international financial institutions identified in 22 U.S.C. 262r(c)(2), the International Fund for Agricultural Development, or the North American Development Bank.” 31 C.F.R. § 561.308. Treasury anticipates closely modeling the definition of this term under the NDAA on the IFSR.

There are 700 specific Iranians on the sanctions list and we will say you are not one of them. The problem is that a local bank 1) doesnt know who you are and if you have been sanctioned 2) doesnt know that money you are transacting in is helping the Islamic Revolutionary Guard Corps. or helping terrorists located anywhere.

A further problem is that anyone helping an Iranian in a sanctioned transaction is also guilty of a crime. So a bank wont go near you in fear of being a party to the wrong kind of help.

That said, and connected to that, The US Treasury Dept has (or is) going to extraordinary lengths to help Iranian citizens in general by first forcing open extensive internet access and allowing citizens to apply for waivers, for example transacting in medicine, money, supplies to help family members in Iran.

Sanctions ARE governmental in the sense the US is trying to avoid conflict between Iran and Israel and to do that, there are unfortunate consequences that branch out like an octopus in all directions, money transactions being within the core and sweeping up everyone in the process.

Thats my morning digest of the situation and I have not found anything helpful to your cause. There have been sanctions before and lets hope at least some aspects of it pass soon because regular life must continue too.

That and the workpass situation dont allow me to give you any good advice here but bear in mind my knowledge of this is extremely thin. I'll see if I can find anything else that could be called good news.

Shill88 wrote:

I would keep trying until you find a bank that will accept, you might get lucky.

Try also with the smaller 2nd or 3rd tier banks, smaller less known banks, as the governments generally are stricter on first tier major banks. Sorry but I do not know if those 2nd and 3rd banks exist in Malaysia, certainly they do in Indonesia and the government in Indonesia are strictest with the 1st tier banks with their policies.

In KL there is Affin Bank, i doubt there is any bank smaller than they are but the services are very limited. For example, they dont offer checkbooks or international transfers or, I think, even credit cards. Perhaps Nona can try them, but I dont know what services she requires.

I have to laugh about one thing. In Vietnam they have 4th, 5th and 10th tier banks and by then they dont even look like a bank, just a woman sitting in a doorway with a little table.

I think since you got an offer from a bank to open an account without credit card or debit card or internet banking, it is still better than nothing. I would certainly open an account with that bank for starters.

Also, what are you doing in Malaysia Working or opening a business or retiring? And have you considered contacting the Embassy of Iran in KL to seek advice about opening an account in Malaysia? Maybe they can guide you.

Maybe the most updated info is from Bank Negara, the central bank. If the embassies or anyone is working with the govt to open accounts, they would know.

Laman Informasi Nasihat dan Khidmat (BNMLINK)
(Walk-in Customer Service Centre)

Ground Floor, D Block
Jalan Dato' Onn
50480 Kuala Lumpur

Operating Hours: 9.00 a.m. - 5.00 p.m. (Monday - Friday)

Customer Contact Centre (BNMTELELINK)

Tel : 1-300-88-5465 (1-300-88-LINK)
(Overseas: 603-2174-1717)
Fax: 603-2174-1515
Web form : eLINK
SMS : 15888

Operating Hours: 9.00 a.m. - 5.00 p.m. (Monday - Friday)

Bank Negara Malaysia
Jalan Dato' Onn
P.O. Box 10922
50929 Kuala Lumpur

General Number : 603-2698-8044 / 2698 9044 / 9179 2888

Thank you, the information you offered is really great. We sure will check all the possible options.
My husband is a student in UM, and I'm here on dependent pass.
We need the account to be able to pay the rent, and deposit.
It's probably unbelievable for you, but to apply for the visa from Iran, it was impossible to pay the fees from there! We tried bank transfer, but they denied, and our money went to waste! Finally we had to ask a friend in Australia to do that for us!
Being here, so many times I've heard, the situation for foreigners is bla bla bla, but since you're Iranian, it's different, or not possible!
We even can't have AEON's member card!
But the banks you mentioned, we sure will look into.
Thanks again.

What did you bring with you, rial? Could you change them easily?

We had dollars.
Fortunately, changing them hasn't been a problem yey.

I suggest calling the central bank on Monday and asking them if any banks are allowing Iranians and what do they suggest you do. You can speak to anyone there. If you are nearby to the bank, walk in.

Sure will do that. I will call first.
Thanks for your help. It meant a lot to me.

Have you heard the news about bank accounts of Iranians in Malaysia?
This is where sanctions come to light!
We're still unable to open an account.
If can't do it in two weeks, I will have to go back!

What about the bank in Malaysia that offered you an account but without debit or credit cards? Surely that is better than nothing?

Just read this article:

https://www.nst.com.my/news/nation/2019 … s-malaysia

I guess sanctions against Iran hit harder when they affect ordinary citizens which encourages discontent with your government. That seems to be the way these things work.

We went there and delivered our documents 3 weeks ago. Haven't heard from them yet.
Sanctions are only effecting ordinary people. And the government in Iran couldn't care less about it!

It's a shame, but i think that is how it normally works and that is how it is meant to work

Have you contacted that bank to see how is the progress? Three weeks is quite a long time.

Yes, we did. They just told us to wait!