CIMB Bank International Transfers & Exchange Rates

CIMB is a leading digital financial service provider in the ASEAN region, but we want to find out how reliable and secure the bank is for online money transfers. In order to discover this, we will be diving into the various aspects related to global remittances, such as speed, costs, currency conversion and customer support.

About CIMB Bank

CIMB Group is a leading ASEAN universal bank and a leading corporate adviser in the region. Consumer banking, commercial banking, investment banking, Islamic banking, and asset management are among the products and services offered by the group, which is based in Kuala Lumpur, Malaysia. It is ASEAN's 6th largest banking company by assets, with about 34,000 employees and over 16 million clients as of March 2021.

The Group's commercial bank in Malaysia is CIMB Bank, which has 234 branches around the country. It has subsidiaries in Thailand, Cambodia, and Vietnam, as well as branches and representative offices in Singapore, the Philippines, the United Kingdom, Hong Kong and Laos.

CIMB Bank Exchange Rates and Fees

When sending money overseas, exchange rates may make all the difference, so do your research and evaluate your alternatives before sending.

Exchange Rates

Exchange rates fluctuate a lot. Before sending money, double-check the total cost with the provider. Begin by comparing CIMB Bank's exchange rates to those offered by other specialized money transfer providers.

As of this writing, CIMB Bank's buying rate for the US dollar is 1.3324, while its selling rate is 1.3626; for the British Pound, the buying rate is 1.8342, while the selling rate is 1.8806; for the Australian Dollar, the buying rate is 1.0031, while the selling rate is 1.0521; and so on.

You can find the most up-to-date data on CIMB Bank's exchange rates by visiting its website.

Transfer Fees

When sending an international telegraphic transfer through CIMB, you will be charged between MYR10 and MYR30 if you are in Malaysia. The amount may differ depending on which international branch you are banking. However, intermediary banks or the recipient's bank may charge you additional third-party costs.

Here are the types of charges you should be aware of:

• Online via CIMB Clicks : MYR 10

• Via a branch: SGD: MYR 10; INR: MYR 20; Other currencies: MYR 30

You can also check online the transfer fees charged by other branches in the different countries in the ASEAN region.

Additional Costs

Other than the fees charged by CIMB Bank, intermediary banks or the recipient's own bank may also levy additional third-party fees. Fees will be deducted from the amount sent if you plan your transfer online. If you're transferring USD or EUR from a branch, you can pay the fees in advance rather than having them taken from the transfer when it's processed.

How Do CIMB Bank Transfer Fees Compare to Using Other Money Transfer Providers?

There may be additional fees if the payment is transmitted over the SWIFT Network. This is because the SWIFT network necessitates the assistance of many intermediate banks, each of which - or the recipient's own bank - might charge a fee for their services.

If you transfer a payment in EUR or USD through a branch, CIMB will provide you the option of paying the third-party fees in advance rather than having them deducted from the amount sent. The charge will be deducted from the transfer when it travels through the processing system for other currencies.

The mid-market rate is not always marked up by all currency providers. For example, specialist money transfer companies use the mid-market rate and charge a clear and upfront fee for the service they provide. This can be less expensive and eliminates unpleasant surprises.

CIMB Bank Pros and Cons

Like all other online banks, CIMB Bank has its own set of advantages and disadvantages.

CIMB Bank Swift Codes

How to Open an Account and Transfer Money With CIMB Bank

The CIMB Bank app makes account opening simple and easy. Make sure you've downloaded the app before proceeding with the CIMB account application.

Opening an Account

In Malaysia, opening an account is straightforward and quick, requiring only these steps:

• Step 1: Go to CIMB Clicks and click "Apply for Kwik."

• Step 2: Confirm the application by filling out the e-form.

Kwik Money Transfer is another tool that allows CIMB Bank savings and current account users who have signed up for CIMB Clicks to send money to a recipient's Malaysian mobile number or email address.

When you download the CIMB Bank PH App in the Philippines, you may open an UpSave Account, Fast Account, Plus Account, or GSave Account in the same way:

• Step 1: Select "UpSave Account," "Fast Account," "Plus Account," or "GSave Account" under "I Need a Bank Account."

• Step 2: Verify your FATCA status.

• Step 3: Enter your contact information, such as your active phone number, registered email address, and username.

• Step 4: Enter the One-Time-Password provided to your active mobile phone number.

• Step 5: Make a password for yourself.

• Step 6: Fill in any remaining personal information.

• Step 7: Create a digital signature or upload a signature photo.

• Step 8: Carry out the Virtual Verification

• Step 9: Your account will be successfully established after successful Virtual Verification. Continue by clicking the verification link given to your email address to validate your email address.

Transferring Money

CIMB Bank and Dragonpay have teamed up to allow CIMB Bank account users to cash out their money at Dragonpay's partner businesses, as well as transfer money online and from other bank accounts. You may use the CIMB Bank PH App to transfer funds to and from Dragonpay's partners.

You may also use CIMB Clicks to send money to the following accounts:

• Your own CIMB Account(s)

• Third Party Account within CIMB Bank

• An Account in another bank via Interbank GIRO (IBG)

• An Account in another bank via DuitNow to Account (Instant Transfer)

• An Account within CIMB Bank or an Account in another bank via DuitNow to Mobile/ID

Customer Service Details for Users of CIMB Bank

You can contact CIMB Bank through its various country channels if you have any questions or feedback about its banking products or services.

• Malaysia: Its Consumer Call Center is open 24 hours a day, 7 days a week at +603 6204 7788.Preferred Call Centre is open 24 hours a day, 7 days a week (Local) and +603 2295 6888(Overseas).

• Indonesia: CIMB Niaga may be reached at +6221-29978888 or 14041.

• Singapore: Call the At-Your-Service Call Center at +65 6333 7777 or call its Preferred Call Centre at+65 6333 1111 from 9.00 a.m. to 7:00 p.m.daily.

• Thailand: The CIMB THAI Care Center may be reached at 02-626-7777 available from 7 a.m. to 7 p.m.

• The Philippines: Contact its Customer Care Team, which is available from 6:00 a.m. to 10:00 p.m., daily. Simply dial the number #CIMB (#2462) on your phone. Globe, Smart, and PLDT users may make free local calls everywhere in the Philippines. You may also reach the banks by calling +632-8924-2462 on its landline.

• Vietnam: You may reach the company's customer service at +1900 96 96 96.

Summary

CIMB Group provides products and services in consumer banking, commercial banking, investment banking, Islamic banking, and asset management.

CIMB Bank is aware of how the banking industry has changed in recent years as a result of the growing use of mobile technologies by customers. To enable this behavioural shift, CIMB Bank stays up and ensures that its products and services adapt as well. Online banking is quickly becoming a need rather than an option, particularly among Gen-Ys, who will be the next wave of banking clients.

If you need to send money internationally, you can set up a telegraphic transfer using a specialist money transfer company. The best approach to locate the service that best meets your needs and can help you save money is to do some research online.

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