CIMB Telegraphic Transfer: Rates and Fees revealed

Hannes Ausmees

Headquartered in Kuala Lumpur, CIMB® is one of the leading banks in the ASEAN region and has over 20 million customers around the world¹. If you’re one of them, you might be wondering how to use your account to send money overseas.

This guide has you covered. We’ll look at how to make a foreign telegraphic transfer, including a brief review of an alternative service - cheap and convenient international payments with Wise - as a comparison.

Compare CIMB vs Wise international transfer fees and rates instantly

Before we get started on the full details of CIMB telegraphic transfer features and fees, let's look at a quick and easy way to compare CIMB against an alternative - Wise. Just enter the amount you want to send and the currency it should be deposited in, to get an instant quote and comparison.

The true cost of sending MYR to GBP

Remember to look at both the fees charged for an international transfer, and the exchange rate used. Depending on the value of your payment you may find that CIMB offers a cheaper transfer fee compared to Wise, but because the exchange rate has been marked up, the recipient may still end up with less in their account in the end. Wise always uses the mid-market exchange rate with low fees which are split out so they’re transparent and easy to spot.

Learn more about Wise 👀

CIMB exchange rate (TT rate)

When you make a CIMB international transfer, your payment will be processed using the exchange rate offered by CIMB. Rates go up and down all the time, so it’s important to take a look at the available exchange rates at the time you place your transfer.

It’s good to know that banks and currency services often add a markup to the rate they give their customers. When a bank buys foreign currency on the global markets, they’ll be given the mid-market exchange rate. This is also the rate you’ll see if you look for your currency pairing using Google® or an online currency converter.

It’s common then, to add a markup or margin to the exchange rate passed on to retail customers. The bank will then keep the difference as profit, in addition to any upfront fee they charge for international payment services. You can see the extra costs of a markup, in the comparison tool above. It can mean that you pay more for your transfer, and it also makes it harder to work out the exact fee you’re paying overall.

Not all currency services add a markup to the mid-market rate. Wise, for example, uses the mid-market rate and charges a clear and transparent fee for the service offered. This can work out cheaper, and means there are no nasty surprises. More on that later.

CIMB telegraphic transfer fees

When you send an international telegraphic transfer with CIMB you’ll pay a fee of MYR10 - MYR30. However, you may also be charged extra third party fees by intermediary banks, or the recipient’s own bank.

Here’s what you need to know:

Sending a foreign telegraphic transferCIMB fee²
Online via CIMB ClicksMYR 10
Via a branchSGD: MYR 10, INR: MYR 20, Other currencies: MYR 30
Additional fees may occurAdditional third party fees may be charged by intermediary banks, or the recipient’s own bank. If you arrange your transfer online the fees will be deducted from the amount sent. If you’re sending USD or EUR from a branch location, you can choose to pay the fees upfront instead of having the amount deducted from the transfer as it is processed³.

A cheap and transparent alternative: Wise

Looking for an alternative? Try the low cost, secure international payments available with Wise.

Send money to 160+ countries online or using the Wise app, to access the mid-market exchange rate with no markup added. You’ll just pay a low, transparent fee per transaction.

You can also receive money into your Wise multi-currency account from Malaysia as well as countries and regions including the UK, US, Australia, New Zealand and any Eurozone country, just as if you had a local bank account there. Hold your money in dozens of different currencies, and switch it using the mid-market rate whenever you want to. Plus, spend in 150+ countries with a Wise card.

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

How Wise works

Wise works differently than banks’ traditional telegraphic transfer system. Wise has bank accounts all over the world and uses them to send money abroad more efficiently.

For example, if you want to send MYR to the United Kingdom, you log in Wise and pay in MYR to Wise Malaysia account. Then Wise UK account sends GBP to the recipient.

To send money from Malaysia with Wise:

  1. Download the Wise app or head to the Wise desktop site
  2. Register an account using your email address, FaceBook, Google or Apple ID
  3. Upload your documents for verification - your MyKad or passport and visa
  4. Once your account is verified, set up your payment by entering the amount to send
  5. Add recipient’s bank details
  6. Pay for your transfer in MYR by bank transfer or FPX

And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

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How do I make an international money transfer with CIMB?

Here’s how to make a CIMB international transfer in the Clicks app⁴:

  1. Open CIMB clicks and log in with your Clicks ID and password
  2. Select Transfer then Foreign Transfers
  3. Complete the payment form giving all the details of your recipient, and the transfer amount
  4. Review the exchange rate and fees
  5. Click to confirm and proceed with the transfer

If you would prefer, you can also set up your payment by logging into Clicks on your desktop, or visit a local CIMB branch to arrange your international telegraphic transfer.

What do I need in order to make an international money transfer with CIMB?

The exact details you’re asked for will depend a little on where you’re sending a payment to, and the purpose of the payment itself. You can expect to need information including the following:

  • Beneficiary’s name, address, contact number
  • Beneficiary’s passport number
  • Full bank details including address, account number, IBAN/BIC, or routing number depending on the destination country
  • Purpose of payment, and supporting documents as required by law

CIMB customers may need to provide details of the payment purpose to comply with the law both at home and in the destination country. You may need to prove the reason for the payment by providing supporting documents. This may include proof of registration at a school overseas if you’re sending a payment for tuition fees, or proof of your relationship to the beneficiary if you’re sending a remittance to a family member, for example.

CIMB receiving a foreign telegraphic transfer

There is a MYR5 charge for receiving a telegraphic transfer from a foreign bank into your CIMB account.

You’ll also have to give your full personal and account details to the sender to make sure your payment arrives safely. The sender is likely to need your full name and address, bank account number, and branch address.

How long does an international money transfer with CIMB take?

CIMB processes all requests for telegraphic transfers received by 4pm, on the same working day. If the request is received after 4pm, at a weekend or public holiday, it will be processed on the next business day after receipt³.

The length of time taken for a CIMB foreign transfer to arrive in a recipient’s account will depend on the recipient’s bank’s own processes.

How to contact CIMB

Get in touch with CIMB:

  • Call the customer care line on +603 6204 7788
  • Log into the Clicks app and send a secure message
  • Get in touch with CIMB using the contact form on the CIMB desktop site
  • Email cru@CIMB.com

If you need to send money overseas, you can choose to arrange a telegraphic transfer via your bank, or another service provider. Doing some research is the best way to find the service which best fits your needs, and can help you cut the costs significantly. Don’t forget to check out modern alternatives to bank telegraphic transfers, such as the low cost international payments offered by Wise.

avoid-big-transfer-costs


Sources:

  1. CIMB | Corporates & Business
  2. CIMB Bank | Foreign Telegraphic Transfer Fees and Charges
  3. CIMB Bank |Foreign Telegraphic Transfer FAQ
  4. CIMB Bank | Foreign Telegraphic Transfer

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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