Review of opening a CIMB current account - options available for Malaysians

Hannes Ausmees
19.07.22
7 minute read

CIMB is one of the most important banks in Southeast Asia, with a presence in 14 countries. CIMB current account options include a broad range of products to suit different customer needs. That’s great, but it can mean that picking one is a bit tricky. This guide covers all you need to know about popular CIMB accounts, including how to open a CIMB current account, and the account fees and charges to know about.

We’ll also introduce the Wise multi-currency account as a smart, low cost way to hold, exchange, send and spend at home and internationally.

Table of contents

Overview of CIMB current accounts - features, charges, minimum deposits, requirements and more

Current accounts are designed for day to day spending, and usually come with linked cards and cheque books for convenience. Different account types are offered which can include accessible current accounts for younger people, basic accounts which have low minimum balances, and prime accounts for high wealth customers looking to earn more interest. CIMB also offers foreign currency current accounts for people who need to hold and manage their money in a different currency.

In this guide we’ll cover some most popular conventional current accounts CIMB offers. CIMB also has a good range of business and Islamic accounts - contact the bank directly for more on these account types.

Preferred Current Account - for monthly bonus points and a high interest rate

If you’re already a member of CIMB Preferred, the Preferred Current Account¹ is the natural choice for you, with higher interest rates offered for customers holding large value balances in the account. You’ll be able to earn monthly bonus points which you can then redeem as air miles, gift vouchers and more², and all accounts come with a linked debit card and cheque book.

The Preferred Account has a relatively low minimum deposit of 1,000 MYR - but you’ll also need to be a member of CIMB Preferred, which does mean meeting fairly restrictive eligibility requirements.

CIMB Account NameCIMB Preferred Current Account
Eligibility

Aged 18 or over

Member of CIMB Preferred - membership is based either on holding 250,000 MYR in eligible investments, 1 million MYR in home or business financing, or 300,000 MYR in hire purchase financing

Minimum deposit amount1,000 MYR
Account fees³

Account service fee - 10 MYR every 6 months for accounts with less than 1,000 MYR balance

Online international transfer fee - 10 MYR + exchange rate markup + third party charges

In branch international transfer fee - 10 MYR - 30 MYR based on currency + exchange rate markup + third party charges⁴

Account closure fee - 10 MYR - 20 MYR

Account closure fee - 10 MYR - 20 MYR
Interest rates0% - 1.55% based on account balance
Account limits

Default daily card spend limits - 20,000 MYR

Minimum foreign transfers - 250 MYR⁵

Maximum online foreign transfer - 50,000 MYR daily (no limit if done in a branch)

Foreign Currency Current Account - easy to manage account with 13 currencies

CIMB Foreign Currency Current Accounts⁶ are offered for investors looking to hold a balance in a foreign currency, and people exporting or trading internationally who want to retain a proportion of their income in foreign currencies. 13 major foreign currencies are offered, including USD, GBP and EUR.

Once you have an account you can add and withdraw funds through foreign currency telegraphic transfers, demand drafts and transfers to and from your MYR account. These accounts are not intended for travel spending or shopping internationally particularly, and do not come with a linked debit card or cheque book.

CIMB Account NameCIMB Foreign Currency Current Account
EligibilityAged over 18 years - apply in branch only
Minimum deposit amount500 MYR
Account fees

Account service fee - 10 MYR every 6 months

Online international transfer fee - 10 MYR + exchange rate markup + third party charges

In branch international transfer fee - 10 MYR - 30 MYR based on currency + exchange rate markup + third party charges

Interest ratesNon-interest bearing account
Account limits

Minimum foreign transfers - 250 MYR

Maximum online foreign transfer - 50,000 MYR daily

There are also limits about the eligible sources of funds for deposit to this account type - get all the details before you open your account ⁷

There are also limits about the eligible sources of funds for deposit to this account type - get all the details before you open your account ⁷

Looking for a cheaper and more flexible way to manage your money across currencies? The Wise multi-currency account can be 3x cheaper than a regular bank account, with an easy online and in-app opening process, 50+ currencies and a linked debit card. Get your account for free with no minimum balance requirements and no ongoing charges, then manage your money easily on the move, switching between currencies with the real mid-market exchange rate and low, transparent fees. More on that coming up later.

avoid-big-transfer-costs

Basic Current Account - no frills account with internet banking and a linked debit card

CIMB’s Basic Current Account⁸ is a no-frills solution for Malaysian citizens and PRs, looking for a simple account with a linked debit card and cheque book. Accounts can be opened by businesses as well as individuals, and joint accounts are allowed. Account maintenance fees are waived if you hold a balance of 1,000 MYR or more, and the CIMB current account minimum opening deposit is a relatively low 500 MYR.

CIMB Account NameCIMB Basic Current Account
Eligibility

Aged over 18

Malaysian citizens and permanent residents only

Minimum deposit amount500 MYR
Account fees

Account service fee - 10 MYR every 6 months for accounts with less than 1,000 MYR balance

Online international transfer fee - 10 MYR + exchange rate markup + third party charges

In branch international transfer fee - 10 MYR - 30 MYR based on currency + exchange rate markup + third party charges

Account closure fee - 20 MYR if account is closed within 3 months of opening

Interest ratesNon-interest bearing account
Account limits

Default daily card spend limits - 10,000 MYR

Minimum foreign transfers - 250 MYR

Maximum online foreign transfer - 50,000 MYR daily

Regular Current Account - banking services with an overdraft facility

CIMB’s Regular Current Account⁹ offers full banking facilities, plus an overdraft for eligible customers. With this account you can get a free CIMB current account statement on a monthly basis, or pay an extra fee for more frequent statements. As with all CIMB accounts, you’ll be able to manage your money online through the CIMB Clicks online banking service.

CIMB Account NameCIMB Regular Current Account
EligibilityAged 18 or over
Minimum deposit amount1,000 MYR
Account fees

Account service fee - 10 MYR every 6 months for accounts with less than 1,000 MYR balance

Annual debit card fee - 15 MYR

Dispatch of cheque books - 10 MYR

Online international transfer fee - 10 MYR + exchange rate markup + third party charges

In branch international transfer fee - 10 MYR - 30 MYR based on currency + exchange rate markup + third party charges

Account closure fee - 10 MYR - 20 MYR

Interest ratesNon-interest bearing account
Account limits

Default daily card spend limits - 10,000 MYR

Minimum foreign transfers - 250 MYR

Maximum online foreign transfer - 50,000 MYR daily

Prime Account - preferential interest and bonus points for Prime members

With the CIMB Prime Account¹⁰, Prime members can have monthly account fees waived by maintaining a 1,000 MYR balance, as well as earning bonus points based on account use. The Prime Current Account is interest bearing, with the levels of interest earned based on the balance of the account - hold more in the account to achieve a better rate of up to 0.75%. Prime Accounts also come with a linked debit card and cheque book to make it easy to transact day to day.

CIMB Account NameCIMB Prime Current Account
EligibilityAged 18 or over
Minimum deposit amount1,000 MYR
Account fees

Account service fee - 5 MYR/month for accounts with less than 1,000 MYR balance, waived for Prime members

Annual debit card fee - 15 MYR

Replacement debit card fee - 12 MYR

Online international transfer fee - 10 MYR + exchange rate markup + third party charges

In branch international transfer fee - 10 MYR - 30 MYR based on currency + exchange rate markup + third party charges

Account closure fee - 10 MYR - 20 MYR

Interest ratesUp to 0.75%
Account limits

Default daily card spend limits - 10,000 MYR

Minimum foreign transfers - 250 MYR

Maximum online foreign transfer - 50,000 MYR daily

Smart alternative - 3x cheaper multi-currency account and card with Wise

Looking for a smart all-in-one solution to manage your money day to day in both MYR and a broad range of other currencies? You need the Wise multi-currency account.

Wise-card

Wise accounts are opened and managed online or in the Wise app, and come with local MYR account details, plus account details for 9 other currencies including SGD and USD. Use these account details to get paid like a local from 30+ countries, and hold and exchange 50+ currencies all in the same place. Wise currency exchange always uses the mid-market exchange rate with low, transparent fees which can mean you save 3x compared to using a regular bank. It’s also free to make domestic MYR transfers with the Wise card.

There’s no fee to open the Wise account and no ongoing charges - just a low one time fee to get the linked Wise Visa debit card. You can then use your Wise card to spend and withdraw all over the world with no foreign transaction fees, the perfect solution for travel and international shopping, as well as day to day spending.

Learn more about Wise!


Opening a CIMB current account online

Whether or not you can open your CIMB account online will depend on the specific account you select, and your personal situation. Once you’ve selected the right CIMB current account for your needs you’ll have to take the following steps:

  • Select the CIMB current account you require on the CIMB website
  • Click Open Now
  • Enter your personal contact details in the online form
  • Await a call back from CIMB to talk through the account options and opening process based on your eligibility

Some CIMB accounts, such as the Foreign Currency Current Account, can only be opened in a branch, and most will require you to complete an online opening process and then attend a branch in person to present your documents and get your account up and running.

Summary

CIMB Malaysia has a good range of current account options which are designed to suit different customer needs. All accounts offer online banking through CIMB Clicks, and most have linked debit cards and cheque books to make day to day spending simple.

If you travel often, or like to shop online with international ecommerce sellers, it’s worth knowing that CIMB’s accounts don’t tend to be the most flexible when it comes to foreign currencies. That can mean you’re forced to switch currencies unnecessarily - at an extra cost - or run into foreign transaction fees when you spend overseas. Modern alternatives like the Wise multi-currency account, are an innovative solution with easy spending in person and online, in both MYR and a huge range of other currencies. Before you open an account, compare the CIMB current account options against Wise, to see which suits you best.

wise-account

Frequently asked questions

How to get a CIMB current account statement?

You can get a CIMB currency account statement online through CIMB Clicks, and in some cases can also get mini-statements from ATMs. Fees may apply, depending on statement frequency and the specific account.

What is the transfer limit for CIMB current accounts?

You can transfer up to 50,000 online daily from a CIMB current account.

How to close my CIMB current account?

Close your CIMB current account by calling into a CIMB branch or giving written notification that you want your account to be closed.


Sources:

  1. CIMB Preferred Current Account
  2. CIMB Preferred bonus points
  3. CIMB Current Account fees
  4. CIMB foreign telegraphic transfer fees
  5. CIMB foreign telegraphic transfer limits
  6. CIMB Foreign Currency Current Account
  7. CIMB Foreign Currency Current Account FAQ
  8. CIMB Basic Current Account
  9. CIMB Regular Current Account
  10. CIMB Prime Current Account

Sources checked on 19.07.2022


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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