Malaysia is a multi-cultural country making it a hot-spot for expats and foreigners who wish to live in Asia as well feel at home. Over 130 languages are spoken in this part of the World and people are from diverse backgrounds and countries, living together in harmony. Migrant workers as well as foreign residents account for approximately 7% of the Malaysian population. However, all need finance and hence would also seek financial products despite of not being a Malaysian citizen.Malaysia welcomes people from all over the World. But application for such products may be a little different.
Documentation Requirement for Credit Cards in Malaysia for Foreigners
Here are some of the most basic documentation requirements of an Expat or a foreigner for applying for a credit card in Malaysia:
- Copies or your passport,
- Working permit,
- Business registration forms,
- Income proof (bank statements)
- Income tax returns statements
- Letter of Appointment/Offer Letter
- proof of Residence
Steps for Applying for Credit Cards in Malaysia for Foreigners
Here are the simple steps to be followed for application of Credit Card for foreigners in Malaysia:
- Get the application form from the credit card issuing company (This is generally a bank). It can be done online or could get a hard copy from the branch of the particular branch. Note: Be aware of all the terms and conditions by going through them and enquiring by any policy that you have doubts about.
- Collate all the documentation necessary for the application process.
- Submit application form wait for the card company to decide on your eligibility. Where they also check your previous credit history regardless where you resided earlier. It could take 15 minutes and go up to several days, based on your documentation, the bank process and their turnaround time to provide a credit card.
- You will be notified through your choice of communication of your application approval and rejection. You will receive the card in a few weeks’ time.
Make sure that you have a good credit history for a quick approval process when applying for a credit card in Malaysia.