Best Debit Card in Malaysia

Debit cards allow you to purchase without exceeding your budgetary limits while paying minimal fees. No wonder many people prioritise debit cards over other options, especially financially prudent ones. Per capita debit card transactions in 2022 in Malaysia were recorded at 3,640 Malaysian ringgit, which speaks volumes about their popularity.

Today, Malaysians have several debit cards, so selecting the best one becomes tricky. If you’re also looking for a debit card, you must know about its coverage, fees, and other factors. This guide will unpack everything about the best debit card in Malaysia, making it easier to pick one.

Assessing Your Needs: Choosing the Right Debit Card

Transaction Fees and Charges

The most important factors in choosing the best debit card in Malaysia are ATM, foreign transaction, and overdraft fees. Always choose a debit card that waives them if you meet certain requirements, such as minimum account balance, spending, etc.

ATM Network and Accessibility

The best debit card must provide quick access to your funds no matter where you are. That is possible only when a vast ATM network supports your card so you can withdraw your funds easily. Choose a card that is not only supported locally but internationally, too, so you can access your money while travelling.

Online and Mobile Banking Features

Digital finance allows people to perform faster and more convenient transactions than ever before. Therefore, you must get the best debit card in Malaysia, supported by a robust mobile banking system. With that, you can book a hotel or a flight ticket on the go. Moreover, a dedicated smartphone app brings everything in one place and allows you to perform transactions swiftly.

Safety and Security Measures

One of the best aspects of modern debit cards is that the installed microchip protects transaction data by encrypting it. Moreover, two-factor verification helps avoid fraud in many cases.

Despite these protections, it is still important for the card owner to be vigilant about the transactions and report any suspicious activity immediately. Moreover, if your card is stolen or lost, companies can block it immediately if you contact their support team.

Rewards and Incentives

The best debit card in Malaysia nowadays comes with lucrative rewards in cash, reward points, and more. However, it is crucial to evaluate them and understand whether they suit your spending preferences. If you’re a sportsperson and the debit card offers rewards for fashion purchases, they won’t be useful to you.

International Usability

A lot of people travelling these days want to have immediate access to their funds in foreign lands. Therefore, having the best debit card in Malaysia that supports international usability is a game changer. There is a small fee for international transactions, but it’s well worth it, given its convenience.

Additional Benefits

Some of the best debit cards in Malaysia offer additional benefits, such as special discounts at partner merchants, extended warranties, and emergency travel assistance. Although these are extra features, it’s still beneficial to have them.

Interest-Earning

Although rare for debit cards, inquire about any interest earned on your account balance. Some financial institutions offer nominal interest depending on your account usage and balance.

Overdraft Protection

Overdraft protection is an optional feature that lets users withdraw more funds than what’s available in the account. However, you must provide a backup bank account or a line of credit to cover these overdrafts. Moreover, the banks charge customers a fee for this service and deduct it from the backup account.

Benefits and Incentives: A Comparative Look

Top Debit Cards in Malaysia

1- Maybank Visa Platinum Debit Card – Best for Free Domestic Withdrawals

Maybank is the largest Malaysian Bank with a vast network of ATM locations nationwide. Besides their Debit Card, it offers many other financial products for customers. One of the best things about the Visa Platinum Card is that you can withdraw your funds without paying any fees.

If you want to use this debit Card internationally, the exchange rate has a 1% markup, but the Visa rate is quite reasonable. You can get a new Platinum Debit Card by opening an account with Maybank if you do not already have one.

Here are some of the most prominent features of the debit Card in Malaysia for those who want a large network of ATMs:

• RM 3,000 daily default purchase limit.
• RM 20,000 maximum purchase limit.
• Accepted wherever you see the Visa logo.
• Only RM 1 fee for out-of-network withdrawals and free local withdrawals.
• 1% international spending markup.

2- Wise Card – Best for Travellers

Wise Card is the best debit card in Malaysia for those who often travel abroad or shop from international retailers. You don’t need to visit a bank to open a Wise account; there are no minimum balance or income requirements.

Customers only need to pay RM 13.7 once for ordering the Wise Card. After that, they get virtual and physical cards that can be used in more than 170 locations. Wise is a leading name in currency conversion, allowing customers to hold their money in 40 different currencies.

Even if you don’t have the required currency when purchasing the Wise Card, the system will automatically convert it and switch your balance in a way that costs you as little as possible.

Some of the highlights of Wise Card are as follows:

• It can be used in more than 170 countries.
• Keep over 40 currencies in your account and exchange or convert whenever needed.
• There are no monthly fees, maintenance charges, or bank visits for getting your Card.
• Virtual cards are available for those who want to deal online.

3- CIMB Debit MasterCard – Best for Youngsters

CIMB brings Standard and Preferred Debit MasterCard, with the former available for an issuance fee of only RM 15. It is available for customers above 12 years of age, but those between 12 and 18 need a parent or guardian to sign the indemnity letter. Conversely, the Preferred MasterCard is for wealthy people and has restrictive eligibility rules.

There are no standard transaction fees, but customers usually must pay a 1% cross-border fee. Moreover, there used to be a 1% administrative fee, but it was waived in December 2022.

Let’s look at some of the prominent aspects of the best debit card in Malaysia for youngsters:

• Global merchant acceptance.
• Multilevel security with secure chip technology.
• Exclusive deals while shopping, dining, or travelling.
• Minimum age limit of 12, provided there is a guardian or parent authorisation.

4- PB Visa Lifestyle Debit Card – Best for Lifestyle Enthusiasts

As the name suggests, this Debit Card is meant for your lifestyle purchases, such as food, birthday treats, and much more. The Card doesn’t require joining fees, but an annual maintenance fee of RM 8 is mandatory to keep it active. Keeping it active will allow you to purchase nationally and internationally while withdrawing money from your local account without any charges.

Let’s discuss some defining features of the best debit Card in Malaysia for lifestyle enthusiasts:

• Accepted by merchants globally.
• Free RM withdrawal and just RM 1 fee for out-of-network withdrawals.
• Just a 1.25% foreign currency conversion fee with the Visa exchange rate.

5- RHB Premier Multi-Currency Card – Best Multi-Currency Card from a Traditional Bank

Awarded Debit Card of the Year by Global Retail Banking Innovation Award in 2019, this option is perfect for those wanting a multi-currency card from a local Malaysian Bank. With this Card and the Malaysian Ringgit, you can keep your money in 32 foreign currencies.

Moreover, customers can earn interest rates set according to different currencies. Similarly, you can avoid the annual fees by spending RM 3,000 annually.

Following are some highlights of the RHB debit card in Malaysia for those who use different currencies:

• Allows you to work with 32 foreign currencies.
• 1% fee for foreign currency transactions if your account doesn’t meet the minimum balance criteria.
• No spending fees of any kind.
• Waivers on annual fees if you meet minimum spending requirements.

6- Hong Leong Debit Card – The Top Choice for Basic Account Linking

The HLB Debit Card is a solid choice for those who want to link their Card with a basic checking or savings account. There are some transactional fees but no annual charges. However, these fees are minimal and don’t spoil your experience using the Card.

You can make contactless transactions up to RM 250 without a PIN. However, for cumulative transactions up to RM 800, the system asks you to make a contact transaction and enter the PIN to reset the cumulative limit. You will receive SMS and HLB app notifications every time your contactless transaction amounts to or exceeds RM 200.

Here are some factors that set this debit Card in Malaysia apart:

• Zero annual or issuance fees if you link the Card with a primary account product.
• Just a 2% international transaction fee.
• International services are available for global spending without any restrictions.

7- HSBC Everyday Global Visa Debit Card – Best Multi-Currency Option for High Wealth Customers

HSBC allows you to open three Everyday Global accounts called Standard and Premier. The Standard account has no minimum balance requirements, while the Premier counterpart requires customers to have a minimum of RM 200,000 in their account. Although the Standard account lets you hold 11 different currencies, the Premier account goes much further and offers many more perks & privileges.

You can use the HSBC Global Visa Debit Card when shopping or travelling. Customers can also withdraw cash from local ATMs without any charges. Thanks to online banking, they can also top up their accounts on the go.

Some prominent aspects of the HSBC Everyday Global Debit Card are as follows:

• Allows customers to use multiple currencies effortlessly.
• Standard accounts are for regular customers, while Premier Accounts are for high-income individuals.
• Just 1% foreign transaction charges.

8- BigPay Card 

The BigPay Card comes in Visa and MasterCard varieties and is accepted by 40 million merchants globally. It performs transactions and provides analytic tools for budgeting, international transfers, and personal loans. It is an excellent option for staying within a budgetary limit, as it only allows you to spend the money you have already deposited.

The Card can withdraw up to RM 10,000 at one time, but anything more significant than that is cancelled. Moreover, BigPay can terminate any account if these terms are violated repeatedly.

When customers make a transaction using a different currency, it is automatically converted to RM through the live exchange rate system. However, this exchange usually involves a markup on the mid-market exchange rate.

Following are some of the leading features of this debit Card in Malaysia:

• Easy and swift payments to other BigPay account holders.
• Worldwide spending without nag hiccups.
• Direct transfer to selected bank accounts.
• Budgeting features and other analytic tools.

9- Alliance Hybrid Standard Debit Card-i

The Alliance Hybrid Standard Debit Card-i pays back 1%, capped at RM 50 monthly on every overseas spending. With more than 1 million supported ATMs, it brings immense convenience to customers. This Card supports two brands, MyDebit in Malaysia and MasterCard in foreign locations.

Alliance Hybrid lets you stay in control of your finances by allowing you to set a withdrawal limit, starting from RM 1,000 and reaching up to RM 10,000. The system requires a 6-digit PIN for every transaction to protect user data against fraud. All transactions above RM 250 require the user to enter this 6-digit PIN.

The following are some standout features of the best debit Card in Malaysia for rebates:

• RM 50 monthly cashback on spending overseas in foreign currency.
• Up to RM 250 transfers without any PIN.
• More than 1 million supported ATMs.
• Over 29 million merchants accept it.

10- OCBC Debit Card – Ideal for High-Earning Shoppers and Global Use

The OCBC Debit Card is a top choice in Malaysia, especially for shoppers who appreciate high rewards and global convenience. Key features include:

• High-Interest Rates: Earn up to 3.25% per year with the OCBC 360 Account/-i when you spend a minimum of RM500, making it perfect for regular shoppers who want to maximize their savings.
• Worldwide Access: Withdraw cash and make purchases in-store or online globally, an excellent feature for international travelers and online shopping enthusiasts.
• Quick and Secure Payments: For transactions under RM250, enjoy fast, PIN-less payments, enhancing convenience for small purchases.
• Robust Security: Benefit from chip and PIN technology, transaction SMS alerts, and instant verification through OCBC Internet Banking or Mobile Banking, ensuring a secure shopping experience.
• Customizable Control: Manage your debit card limits, overseas and online spending, and set SMS alerts via OCBC Internet Banking, providing tailored control over your finances.
• Generous Limits:
  • Daily purchase: RM5,000
  • Daily ATM withdrawal: RM5,000
  • Daily ATM funds transfer: RM30,000
  • Cumulative contactless amount: RM500
  • Cumulative contactless count: 5 times

The OCBC Debit Card is an excellent choice for efficient, secure global spending and is ideal for those who prioritize both high rewards and comprehensive control over their financial transactions.

Key Features of a Debit Card

One of the primary advantages of the best debit cards in Malaysia is the convenience they bring to users. It allows users to purchase anything online or in a physical store. Moreover, debit cards now can pay bills, saving time.

The debit card directly utilises the user’s available balance instead of borrowing like credit cards, promoting financial prudence. Hence, they are particularly valuable for budget-conscious individuals seeking to manage their budgets effectively.

Personal Identification Numbers (PINs) and chip technology in debit cards provide layers of protection against unauthorised transactions, reducing the likelihood of fraud. Moreover, they serve as a bridge to the banking system for individuals who may not have access to traditional financial services. The best debit card allows users to become part of the larger digital financial landscape and enjoy the perks of electronic banking in Malaysia.

Accepted globally, they facilitate seamless financial transactions during travel and enable users to purchase from international vendors online. It enhances their versatility and makes them indispensable in an interconnected world.

Cashback

The cashback provided by different cards varies, as some provide a flat rate while others offer higher percentages for some product categories. Pay attention to any cashback restrictions and ensure what you choose goes well with your spending habits.

Reward Points

Understanding how points are earned and the number of redemption options available is essential. Some of the debit cards in Malaysia offer accelerated points for specific categories or during promotional periods. Evaluate the versatility of redemption choices, from merchandise and gift cards to statement credits, and select a card that aligns with your preferences.

Discounts

Look beyond reward points and examine the card’s potential for discounts. Most debit cards in Malaysia partner with merchants, offering exclusive shopping, dining, or entertainment discounts. Assess the range of participating businesses and their discounts to ensure they match your lifestyle.

Petrol

The debit card in Malaysia with petrol benefits can be a game-changer for those who frequently refuel. Some cards provide cashback on fuel expenses, while others offer discounts at partner petrol stations. Consider the coverage and the ease of redeeming these benefits, ensuring that the card enhances your savings on regular fuel expenditures.

Travel

Evaluate the travel perks associated with the debit card, especially if you’re a frequent traveller. Look for features such as airport lounge access, complimentary travel insurance, or flight and hotel booking discounts. Consider how well they align with your travel habits, ensuring you get the most value from your Card.

Debit Cards for Specific Needs

Best Debit Cards for Students

The best debit card in Malaysia for students is the CIMB Debit MasterCard. It accepts customers as young as 12, so students can easily access it.

Top Debit Cards for Business Use

• RHB Premier Multi-Currency Card supports 16 major foreign currencies.
• The Standard Chartered Business Debit Card has 1 million ATMs and 30 million MasterCard establishments.

Best Debit Cards for Overseas Usage

The best debit card in Malaysia for overseas usage is the Wise Card, which works in over 170 currencies and supports over 40 international currencies.

Top Debit Cards for Online Shopping

The PB Visa Lifestyle is the best debit card in Malaysia for online shopping, thanks to its incredible offers for lifestyle customers. Its remarkable features include exclusive discounts and deals with a wide range of online retailers, making it a highly cost-effective option for savvy shoppers.

Check out our Top Credit Cards For Specific Needs here.

How to Apply for a Debit Card in Malaysia

Step 1: Understanding the Application Process

Here is a step-by-step guide to the application process:

• Visit the nearest branch of the bank whose Debit Card you want or visit their website if they offer it online.
• Provide all the necessary details on the application form.
• Those with an account already can immediately convert to a Debit Card.

Step 2: Necessary Documentation

Ensure you have the following documentation when applying for your Debit Card in Malaysia:

• Passport for foreigners.
• ID Card
• Minimum deposit, which is usually RM 250.
• Letter of employment.
• Utility bills, including water/electricity/telephone.
• Confirmation letter from employer or institution.

Step 3: Tips for Successful Applications

• Make sure you provide all the details.
• The details provided in the form must be accurate and should be rechecked.
• Bring all the necessary documents with you and ensure they are authentic.
• Research and select a debit card that aligns with your financial needs. Consider features like cashback, rewards, and benefits tailored to your spending habits.
• Check interest rates, withdrawal limits, and related policies for better decision-making.
• Resist the temptation to apply for multiple debit cards simultaneously.

Conclusion and Summary

Debit cards provide a balanced way to manage your budget using the latest financial technology. Since you can only use the money you have already deposited into your account, there are no worries about accumulating debt. The best debit card in Malaysia is the one that fits your personal preferences and the type of transactions you regularly perform. Therefore, this guide is essential to understanding which debit card in Malaysia offers the best balance between features and costs.

Frequently Asked Questions