CIMB has several business bank account options, but their fees, transfer benefits and balance requirements differ. Compare the range to see what each account provides
Key takeaways
- CIMB offers three SGD business current accounts (CIMB SME, CIMB TransactPlus, andCIMB BusinessGo) with unlimited PayNow, FAST and GIRO transfers
- CIMB also offers a foreign currency current account for businesses
- The World Account by WorldFirst, is a multi-currency account that supports 20+ currencies and virtual cards for business payments
CIMB offers several business accounts designed for startups, SMEs and established businesses in Singapore.1,2 While each account supports everyday banking, they differ in monthly fees, transaction benefits, telegraphic transfer charges and balance requirements.1
Most accounts support unlimited PayNow, FAST and GIRO transfers.3 But, international transfers require currency conversion and may carry a markup fee too.4 Some accounts like BusinessGo also require a S$30,000 average monthly balance.5
This CIMB business account review compares the bank’s main business account options, including their fees, features, eligibility and foreign currency capabilities. It also explores the World Account, a multi-currency account by WorldFirst.
What is CIMB?
CIMB Bank is an ASEAN universal bank that provides personal and business banking services in Singapore.2 It offers business current accounts, foreign currency accounts, cash management services, trade finance and digital banking.1
CIMB Bank Berhad which is the Singapore branch, is licensed by the Monetary Authority of Singapore (MAS).1
→ Read more about the best business accounts in Singapore
CIMB business account types
CIMB SME account
The CIMB SME Account is an SGD business current account for Singapore-registered businesses.3 It supports day-to-day banking through BizChannel@CIMB on web and mobile, with unlimited PayNow (instant bank transfers), FAST (real-time interbank transfers), GIRO (scheduled bank transfers) and payroll transactions, no cost e-Alerts and telegraphic transfers.3
The SME business account has no minimum balance or fall-below fee. Telegraphic transfers through BizChannel@CIMB are waived for the first 12 months under the current promotion (usual fee S$15, excluding agent charges).3 Plus, an early account closure fee of S$50 applies if the account is closed within six months of opening.3
→ Take a look at SME business account options in Singapore
| Fee | CIMB SME account fees3 |
| Monthly fee | S$0 for first 12 months, then S$8/month |
| Initial deposit | Zero |
*Fees checked in August 2026
CIMB TransactPlus
CIMB TransactPlus is designed for businesses that make frequent outgoing payments in Singapore Dollars.4 Features are the same as the SME account.4
There is no minimum balance or fall-below fee, and businesses earn a S$2 rebate for every eligible outward payment, capped at S$100 per month.4 Telegraphic transfers cost S$5 per transaction (excluding agent charges), with a new customer promotion of S$0 telegraphic transfer fees for six months.4 An early account closure fee of S$50applies within six months.4
| Fee | CIMB TransactPlus account fees4 |
| Monthly fee | S$28 |
| Initial deposit | Zero |
*Fees checked in August 2026
CIMB BusinessGo
The CIMB BusinessGo account is an SGD business current account with no monthly account fee or initial deposit.5 The account provides the same features as the SME account.5
The usual minimum average monthly balance is S$30,000, otherwise an S$88 monthly fee applies, although this requirement is waived for eligible new customers until 31 December 2026.5 Telegraphic transfers cost S$18.88 (excluding agent charges).5 An early account closure fee of S$50 also applies within six months.5
| Fee | CIMB BusinessGo account fees5 |
| Monthly fee | Zero if balance is above S$30,000, otherwise S$88 |
| Initial deposit | Zero |
*Fees checked in August 2026
CIMB Foreign Currency Current Account
The CIMB Foreign Currency Current Account allows businesses to hold and transact in 7+ currencies including AUD, CAD, CNH, GBP, HKD, NZD and USD.6 A separate account needs to be set up for each currency.
Minimum opening deposits range by currency.6 Maintaining less than the required monthly average balance attracts a monthly fall-below fee, ranging from GBP5 to USD10, depending on the currency.6
| Fee | CIMB Foreign Currency Current account fees6 |
| Monthly fee | Zero |
| Initial deposit | Varies by currency (e.g. USD1,000, GBP1,000, AUD1,000) |
*Fees checked in August 2026
→ Explore the best foreign currency accounts in Singapore
Pros and cons of CIMB business accounts
| Pros | Cons |
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Who can open a CIMB business account?
CIMB business accounts are available to businesses registered in Singapore, including private limited companies, public companies, partnerships and sole proprietorships.
How to open a CIMB business account
Here are the steps to open a business bank account with CIMB:
- Start your application using your Corppass or UEN.
- Enter your business details and upload the required documents.
- Submit the application and receive your account details once approved
The World Account: Built for global businesses
The World Account is a multi-currency account offered by WorldFirst, an international payments provider. It enables businesses to open local currency accounts in 20+ currencies, including USD, GBP, EUR, SGD, CNH, AUD, NZD, JPY and HKD, each with local receiving account details for collecting payments like a local.
Businesses can send payments in 100+ currencies across 200+ countries and regions, receive funds from 130+ marketplaces, e-commerce platforms and payment gateways including Amazon, Shopify, Shopee, Lazada and Stripe, and make no cost instant transfers between World Account holders. It also supports Xero and NetSuite integrations, forward contracts for eligible Singapore businesses and World Pay (the authorised payment provider for 1688.com) for paying suppliers on 1688.com. Businesses can also access the World Card, a Mastercard-powered multi-currency virtual card supporting payments in 150+ currencies, with up to 20 virtual cards at no additional cost. Any payments made via the card in 15 supported currencies (with sufficient balance held in that currency) do not incur any FX fees.
Main fees
| Fee type | World Account fees |
| Account opening fee | Zero |
| Monthly account fee | Zero |
| Opening local currency accounts | Zero |
| Receiving payments | Zero |
| Holding funds in multiple currencies | Zero |
| Sending payments to other World Account holders | Zero |
| Sending payments to other accounts | USD 1 for local transfers, USD 5 for international transfers |
| Currency conversion | Up to 0.6% |
| World Card issuance | Zero for up to 20 cards |
| Payments to 1688.com suppliers via World Pay | Up to 0.8% currency conversion fee |
*Fees checked in August 2026
→ Here’s everything you need to know about business virtual cards
FAQs
1. What is CIMB?
CIMB is a commercial bank that offers personal and business banking services in Singapore. Its business banking products include Singapore dollar current accounts, foreign currency accounts, cash management services and online banking through BizChannel@CIMB.
2. How do I open a CIMB business account?
Eligible Singapore-registered businesses can apply online using their Corppass or UEN. The application requires company information, authorised signatories, supporting documents and the necessary declarations before submission.
3. Can CIMB business accounts hold foreign currencies?
The standard online business current accounts are only SGD accounts. Businesses that need to hold foreign currencies can open a CIMB Foreign Currency Current Account, which supports selected currencies such as USD, GBP, AUD, CAD, CNH, HKD and NZD, with one currency held per account.
Sources
- https://www.cimb.com.sg/en/business/digital-banking/online-business-current-account.html
- https://www.cimb.com/en/home.html
- https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html
- https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-transactplus-acct.html
- https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-businessgo-sgd-current-account.html
- https://www.cimb.com.sg/en/business/solutions-products/cash-management/corporate-current-accounts/cimb-foreign-currency-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.
