CIMB Foreign Currency Current Account review for Malaysian businesses

The CIMB foreign currency account lets Malaysian users send and receive international payments. Look at how the account works and what it offers

Key takeaways

• CIMB’s Foreign Currency Current Account is available to users in Malaysia
• It supports sending and receiving in 13 foreign currencies but comes with a US$500 initial deposit requirement
• The World Account by WorldFirst is a multi-currency account for businesses that holds and receives funds in USD and MYR and sends in USD, MYR and CNH

The CIMB Foreign Currency Current Account (FCCA) is an account offered by CIMB Bank in Malaysia for both personal and business users.¹ It supports sending and receiving payments in 13 foreign currencies and requires an initial deposit.¹ But, users should note that CIMB does not specify whether foreign currency balances can be held in the account, and there is no linked card mentioned for making payments.

This review covers what the CIMB account offers and then looks at the World Account for businesses that need to make international payments.

What is the CIMB Foreign Currency Current Account?

CIMB’s Foreign Currency Current Account (FCCA), is an account for users operating in Malaysia.¹ CIMB offers two types of accounts: Trade FCCA for personal users and Investment FCCA for business users.^1,2 The account supports 13 currencies including USD, GBP, JPY, AUD, EUR, and more.¹

→ Want to open a business account? Learn more about the CIMB business account in Malaysia here

Quick look: pros and cons of the CIMB Foreign Currency Current Account

Key features of the CIMB Foreign Currency Current Account

Currencies supported

The CIMB Foreign Currency Current Account supports 13 currencies: USD, GBP, JPY, AUD, NZD, SGD, CHF, EUR, CAD, HKD, CNY, THB and AED.¹

Trade and investment account options

CIMB offers two types of Foreign Currency Current Account:

• Trade FCCA: Designed for eligible trade-related funds, including export proceeds, and can be used for import payments, foreign currency loan repayments and other permitted international transactions by individuals aged 18 or above^1,3
• Investment FCCA: Covers eligible non-export foreign currency funds and can be used for any purpose by businesses, subject to applicable Foreign Exchange Policy requirements and limits^2,3

Foreign currency deposits and withdrawals

Users can deposit into and withdraw from the Trade FCCA through foreign telegraphic transfers, demand drafts and transfers to or from an MYR account.¹ But, CIMB does not specify the payment network used for foreign telegraphic transfers. Apart from the payment methods mentioned, cheques are also supported for Investment FCCA transactions.²

For resident users, up to 25% of export proceeds from goods can be retained in the Trade FCCA account.⁴ The remaining 75% must be converted to MYR and kept in a Ringgit Export Current Account or another MYR account with CIMB.⁴

Online account access

CIMB provides digital banking services through BizChannel@CIMB.⁵ There’s a daily transaction limit of RM10,000 for users under the specified FCCA payment service.⁶

→ If you want to open a digital business bank account, go through this guide to know more

CIMB Foreign Currency Current Account fees: the breakdown

*Fees checked in September 2026

Who can open a CIMB Foreign Currency Current Account?

The FCCA is available to individuals and business enterprises operating in Malaysia.¹ An initial deposit of US$500 or equivalent applies to both export and non-export proceeds.¹ Required documents include an NRIC or passport along with a Companies Resolution and Customer’s Declaration.^1,2

How to apply for a CIMB Foreign Currency Current Account

1. Check eligibility: Confirm the business operates in Malaysia and choose between a Trade FCCA or Investment FCCA.^1,2
2. Prepare documents: Get the Companies Resolution and Customer’s Declaration ready.²
3. Complete the application: Fill in the Business Account Application Form and Guidelines, submit the application, and make the US$500 or equivalent initial deposit.¹

The World Account: A multi-currency account for Malaysian businesses

The World Account is a multi-currency account by WorldFirst for Malaysian businesses. It provides local receiving account details for USD and MYR, so businesses can receive payments in these currencies using local payment details rather than receiving them through a traditional foreign currency bank transfer. Received funds are credited to the USD or MYR balance and can be held, converted or sent whenever required.

Businesses can also receive payouts from multiple international platforms. Funds received through these channels can be held in the account or converted into another supported currency before sending. International payments can be sent in USD, MYR and CNH.

Additional features of the World Account

• Receive international payments from 130+ marketplaces and payment gateways, including Amazon, Shopify, Stripe and Etsy
• Use World Pay, the authorised international payment provider for 1688.com, to send payments to suppliers through the World Account when you buy from 1688 from Malaysia
• Firm Orders are available for eligible USD, MYR and CNH transactions, allowing a business to set a target exchange rate for a future conversion
• Convert between USD, MYR and CNH

CIMB Foreign Currency Current Account vs the World Account: feature comparison

FAQs

1. What is the minimum balance for a CIMB Foreign Currency Current Account?

Minimum balance to be maintained for the account is not specified but CIMB requires a US$500 or equivalent minimum initial deposit for both export and non-export proceeds.¹

2. Can my CIMB account accept foreign currency?

Yes. CIMB’s Foreign Currency Current Account supports 13 listed currencies.¹ The account supports deposits and withdrawals through foreign telegraphic transfers, cheques, demand drafts and transfers from or to an MYR account.^1,2

→ Here’s everything you need to know about international money transfers

3. How to close a CIMB foreign currency account?

To close a CIMB Foreign Currency Account, submit a signed written instruction to the bank or visit a CIMB branch in person.⁸ CIMB charges RM20 for closing the FCCA within three months and RM10 for closure after three but within six months of opening.⁹

Sources

1. https://www.cimb.com.my/en/personal/day-to-day-banking/accounts/current-account/foreign-currency-current-account.html
2. https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/foreign-currency-current-account.html
3. https://www.cimb.com.my/content/dam/cimb/business/documents/faq/deposit-and-investment/current-account/conventional/foreign-currency-account-ca-en.pdf
4. https://www.cimb.com.my/content/dam/cimb/personal/documents/account/current-account/fcca-faq-conventional-1June17.pdf
5. https://www.cimb.com.my/en/business/digital-services/bizchannel-cimb.html
6. https://www.cimbclicks.com.my/pdf/031121-External-Account-clauses.pdf
7. https://www.cimb.com.my/en/personal/help-support/rates-charges/interest-rates-charges/fees-charges/current-accounts.html?#foreign-ca
8. https://www.cimbclicks.com.my/pdf/TawarruqConversion-FCCA-i_TnC-ENG.pdf
9. https://www.cimb.com.my/en/business/help-and-support/rates-charges/interest-rates-charges/fees-charges/current-account.html

This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.