CIMB launches cross-border banking between Malaysia and Singapore

Malaysian customers will be able to open Singapore bank accounts.

CIMB Bank Berhad and CIMB Islamic Bank Berhad (CIMB) launched their Cross-Border Solutions for their customers with CIMB accounts in Malaysia and Singapore.

According to a press release, CIMB’s Cross-Border Solutions cater to any customer living in Malaysia or Singapore. “With their CIMB conventional or Islamic accounts in both countries, they are able to conduct cross-border banking seamlessly between Malaysia and Singapore, providing the ultimate convenience for transactions like fee-waived fund transfers, preferential forex rates for online transfers and bill payments,” CIMB said.

Benefits of the Cross-Border Solutions currently available in Malaysia and Singapore include a single login to CIMB Clicks, wherein customers will be able to manage and view both Malaysia and Singapore CIMB accounts at the same time via an integrated platform.

There will also be a fee waiver for fund transfers between CIMB accounts using CIMB Clicks and fund withdrawals at over 6,000 CIMB ATMs across ASEAN with a CIMB ATM/debit card. CIMB also added a guaranteed cash rebate with a valid claim for online exchange rate for fund transfers from CIMB Singapore to CIMB Malaysia account via CIMB Clicks, which is valid until 31 December 2018.

Moreover, there are benefits exclusive to CIMB Preferred customers, which includes an ease of account opening. The opening of a CIMB Singapore account can be facilitated in Malaysia. A relationship manager will also be available for the customer’s wealth management needs in both Singapore and Malaysia.

Recently, banks in Singapore are finding it easier to link their overseas services to Singapore. Standard Chartered transferred its commercial banking, corporate & institutional banking and private banking businesses, which are operating in Singapore, to its local unit Standard Chartered Bank (Singapore) Limited (SCBSL).