How to Open a CIMB Account Online in Singapore?
CIMB International Bank (CIMB) provides personal and commercial banking services in Singapore. This article introduces three main types of CIMB accounts, covering Current Accounts, Savings Accounts, and Foreign Currency Accounts, with detailed information on account opening requirements, procedures, and fees.
As one of the largest Islamic banks in the world by asset size, CIMB International Bank (CIMB) holds a significant position in the Singapore market.
CIMB Singapore Account Types
CIMB offers various types of accounts in Singapore to cater to diverse financial needs, which include:
StarSaver Account (Current Account)
- Minimum initial deposit: 5000 SGD
- Free withdrawals, FAST transfers, and complimentary personal chequebook
FastSaver Account (Online Savings Account)
- Minimum initial deposit: 1000 SGD
- High-interest online savings account, with a maximum interest rate of 3.5% for new customers
Foreign Currency Savings Account
- Minimum initial deposit: 1,000 USD/AUD/EUR/GBP/CHF or 500,000 JPY
- Multiple major currencies available for investment, trading, remittance, and receipt
Opening Requirements
The requirements for opening a CIMB account are as follows:
- For StarSaver Account: Minimum age of 18, with a minimum deposit of 5000 SGD
- For FastSaver Account: Minimum age of 16, with a minimum deposit of 1000 SGD
- For Foreign Currency Savings Account: Minimum age of 18, with a minimum deposit of 1,000 USD/AUD/EUR/GBP/CHF or 500,000 JPY
Required Documents for Account Opening
Documents required for account opening include:
- For Singapore citizens/permanent residents: Copy of ID/passport, proof of residence address
- For foreigners: Passport, proof of residence address (e.g., telephone bills, bank statements, or government letters), additional documents (e.g., residency permit)
Minimum Initial Deposit
The minimum initial deposit required for different account types is as follows:
- For StarSaver Account: 5000 SGD
- For FastSaver Account: 1000 SGD
- For Foreign Currency Savings Account: 1,000 USD/AUD/EUR/GBP/CHF or 500,000 JPY
Account Opening Process
CIMB offers two methods for account opening:
Online Account Opening:
- Visit the CIMB website to understand the fees and opening conditions for different account types.
- Choose between online or branch account opening based on your account type.
- If eligible for online account opening and with MyInfo, the process can be completed in as fast as 10 minutes.
- After successful account opening, an initial deposit from another Singapore bank account under the applicant's name is required to activate the account.
- Finally, download the "CIMB Click Singapore" mobile app to complete online banking setup.
Although CIMB provides online account opening services, newcomers to Singapore may find it inconvenient as they may need another local bank account for the initial deposit.
Additionally, if encountering difficulties with traditional bank account opening, consider using Wise. Wise offers globally usable debit cards, supports multiple currencies, and offers competitive exchange rates and lower fees, providing users with more convenient international financial services.
Branch Account Opening:
Visit a CIMB branch with the necessary documents (ID, proof of address, etc.) to complete the account opening process.
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