CIMB Business Account Malaysia: Review & full guide (2026)

Key takeaways:

• CIMB offers three main options for Malaysian businesses: Business Current Account, Business Current Account‑i (Islamic), and Foreign Currency Current Account (FCCA / FCCA‑i).

• Minimum initial deposits for these business accounts range from RM1,000 to RM3,000 for most entities.

• Whilst CIMB covers the basics of local business banking, Airwallex is the better choice for businesses that want lower fees, faster payments, and a platform built for modern operations.

CIMB is one of the main banks Malaysian businesses use for their everyday banking. Its business accounts give you a straightforward way to manage company money separately from your personal finances, pay suppliers, run payroll, and handle local MYR transactions.

This guide walks you through how CIMB’s business accounts work, what they cost, and their use cases.

We also discuss how you can use Airwallex for faster international payments and collections, while saving up to 80% on FX fees.

What is a CIMB business account?

A CIMB business account is designed for companies operating in Malaysia.

It lets you manage business transactions separately from your personal finances, making it easier to track income and expenses, maintain bookkeeping records and prepare for tax reporting.

CIMB offers business current accounts for day-to-day banking, with online access through its business banking platforms, including OCTO Biz and BizChannel@CIMB.

Depending on the account and service package, you can use these platforms to check balances, review transactions and manage payments without visiting a branch.

Available services may include cheque facilities and local payment methods such as DuitNow and Interbank GIRO (IBG). Transaction limits, fees and access to specific services depend on the account and banking package you choose.

Information in this section is based on CIMB’s official website as of 12 Oct 2026.

Which CIMB business current account fits your company?

CIMB offers several business current account options in Malaysia, and each one is designed for different business structures and needs.

Here’s a quick overview of which CIMB account might work best for you:

CIMB Business Current Account

The CIMB Business Current Account is a conventional current account for businesses operating in Malaysia. It can be used to manage everyday cash flow, including customer receipts, supplier payments and other routine business transactions.

The account provides access to CIMB OCTO Biz for online account enquiries, fund transfers and bill payments. Eligibility, initial deposit requirements and available services vary by business type and account-opening method.

CIMB Business Current Account-i

The CIMB Business Current Account-i is the Islamic banking alternative for businesses that prefer a Shariah-compliant account structure. It supports day-to-day business banking, with online account enquiries, fund transfers and bill payments available through CIMB OCTO Biz.

CIMB also offers a Basic Current Account-i for eligible micro and small enterprises. Check the eligibility requirements and terms for the specific account before applying.

CIMB Foreign Currency Current Account (FCCA / FCCA-i)

CIMB’s Foreign Currency Current Account and its Islamic counterpart, the Foreign Currency Current Account-i, are designed for businesses that deal in foreign currencies.

They allow eligible businesses to hold balances in supported currencies and make deposits or withdrawals through available channels, subject to the account’s terms and conditions.

These accounts may suit importers, exporters and businesses that receive overseas payments or pay foreign suppliers. Holding funds in the currency you need can help you coordinate foreign-currency receipts and expenses and choose when to convert funds into ringgit.

However, it does not eliminate exchange-rate risk, and account fees and transaction charges may apply.

Information in this section is based on CIMB’s official website as of 12 Oct 2026.

Fees and charges for CIMB business accounts

Before opening a CIMB business account, it’s worth taking a look at the fees. Below, you’ll find a breakdown of the key costs, as well as minimum initial deposits.

Minimum initial deposit

For the CIMB Business Current Account and CIMB Business Current Account-i, the minimum initial deposit varies by entity type:

This information is based on publicly available information accessed on 12 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

For the Foreign Currency Current Account, the minimum initial deposit is US$500 (or equivalent)³.

You can make this deposit by cash or bank draft. All authorised signatories must be present at the branch visit to complete the account opening process.

Monthly and fall-below fees

For most CIMB business current accounts in Malaysia, there isn’t a recurring monthly maintenance fee just for having the account open, meaning you don’t pay a fee to keep the account active.

However, there’s a half-yearly service charge of RM10 for accounts that fall below the average credit balance. This is essentially a fall-below fee.

Transfers, DuitNow, IBG GIRO, and telegraphic transfer

CIMB supports several local and international transfer methods for business customers, with fees varying depending on the channel and transaction type.

Method 1: Local transfers

Transfers between your own CIMB accounts and to other CIMB accounts in Malaysia are free.

Transfers to other local banks may incur a fee depending on the payment method. For example, IBG transfers through BizChannel carry a transaction charge.

Method 2: DuitNow

DuitNow supports instant transfers between participating banks in Malaysia. Business customers can make payments using a recipient’s DuitNow ID or bank account number, and a business registration number can be registered as a DuitNow ID.

CIMB currently waives DuitNow transfer fees until 31 December 2026, subject to the applicable terms.

Method 3: Interbank GIRO (IBG)

IBG is Malaysia’s interbank transfer system for payments between different banks. Businesses can use it for payments such as supplier invoices and payroll.

Unlike instant DuitNow transfers, IBG processing may take longer, depending on the submission time and applicable processing schedule.

Method 4: Telegraphic Transfers (TT/SWIFT)

For international payments, CIMB offers telegraphic transfers through BizChannel@CIMB. These transfers can involve bank transfer fees and additional charges from intermediary or beneficiary banks.

The total cost and processing time depend on factors such as the destination, currency, payment route and applicable cut-off times.

Looking for more cost-effective international transfers? Airwallex routes 94% of its transfers via local rails instead of SWIFT, with RM0 transfer fees. This helps you save when you transfer internationally.

Cheque book and cash services

Here are the charges for CIMB’s cheque book and cash services:

This information is based on publicly available information accessed on 12 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

Interest or profit rates and currency spreads

When you exchange currencies through CIMB, the rate you receive may differ from the prevailing interbank exchange rate. This difference can reflect the provider’s FX margin, although the margin may vary by currency, transaction size and customer arrangement.

CIMB does not publish a standard FX markup for business customers on its website. Instead, customers can check real-time exchange rates through BizChannel@CIMB during FX trading hours, with preferential rates available for eligible transactions.

For Shariah-compliant accounts, the applicable structure and any profit payments depend on the specific account and its terms. Not all Islamic current accounts pay profit; for example, CIMB’s Foreign Currency Current Account-i is listed as non-profit-bearing.

Want to know exactly what you’re paying? Airwallex prices its FX at 0.4% to 0.6% above interbank, helping you save up to 80% on FX fees as compared to traditional banks.

How to open a CIMB business account

CIMB offers online applications for eligible businesses, while other applicants may need to submit documents and visit a branch to complete the account-opening process. The steps depend on your business structure and the account you choose.

Step 1: Choose your business account and application route

Visit CIMB’s official website and select the business account that suits your needs. Check the eligibility criteria and whether your business can apply online or needs to use the branch application process.

Step 2: Prepare your application and supporting documents

Complete the relevant application form or online application, depending on the route available to your business. You’ll need to provide supporting documents for your business structure, registration details and the individuals associated with the account.

CIMB may request additional information or documents as part of its verification and KYC checks.

Step 3: Complete any required verification

If your application requires a branch visit, follow CIMB’s instructions on who must attend and bring the original documents requested by the bank. You may also need to provide identification for the relevant business owners, directors or authorised signatories.

CIMB will review your application and complete the necessary checks before approving the account.

Step 4: Activate your account and set up online banking

Once your application is approved, CIMB will provide your account details and instructions for accessing its business banking services. You can then set up access through the applicable online banking platform, such as OCTO Biz.

Any debit card or cheque book facilities will depend on the account and services you have selected.

Documents required to open a CIMB business account

Opening a CIMB business account requires different documentation depending on your business structure. Make sure you bring your original documents, as CIMB won't accept photocopies for verification.

Sole proprietorship or enterprise

If you're a sole proprietor, you'll need to be present at the branch to open the account. Bring your MyKad if you're Malaysian. If you're a foreigner, you'll need your passport and a valid Malaysia work pass.

Professional firms have additional requirements. If you're running a law practice, accounting firm, or similar professional service, you'll need to provide your practising certificate. This proves you're licensed to operate in your profession. Specialised businesses like travel agencies or money changers also need to provide relevant business licences.

Partnership or LLP

Partnerships and Limited Liability Partnerships (LLPs) are more complex because multiple people own the business. CIMB requires all partners holding more than 25% stake to be present at the branch. This ensures that everyone with significant ownership agrees to the account opening.

You'll need to provide:

• Partnership agreement or LLP agreement: This document proves the partnership exists and shows who the partners are.

• Partnership mandate form: All partners need to sign this form, which authorises the account opening and specifies who can access the account.

• Compliance officer certification: LLPs need this additional certification to comply with regulatory requirements.

Private limited or public company

Companies have the most complex requirements because they're separate legal entities with formal governance structures. All authorised signatories must attend the branch visit. These are the people who will have the authority to sign cheques and approve transactions on behalf of the company.

Required documents include:

• Memorandum and Articles of Association or Constitution: This document outlines your company's structure and rules. If your company was incorporated after a certain date, you might have a Constitution instead of the traditional Memorandum and Articles.

• Board resolution: You need an original board resolution (either full or extract) that authorises the account opening. This proves the board of directors has approved the decision.

• Company secretary and director certification: These certifications verify the company's current structure and confirm who the directors and authorised signatories are.

Clubs, associations, societies, and others

These entities are usually governed by a committee or board, so the account must be opened and operated according to the organisation’s approved rules. The authorised signatories must attend the branch visit to verify their identity and sign the necessary documents.

Here are the required documents:

• Certificate of registration: This proves your organisation is legally registered with the relevant authorities.

• Rules and regulations documentation: This shows how your organisation is structured and governed.

• Committee resolution: Similar to a board resolution for companies, this proves your committee has approved the account opening.

• Authority letters: These specify who has the authority to operate the account on behalf of the organisation.

Why Malaysian businesses choose Airwallex

Looking for a free business account you can use to save on banking and transfer fees? That’s where Airwallex comes in.

Here’s what you get with Airwallex:

• Fully online account opening: All Airwallex account applications are handled online, so you don't need to visit a branch to apply. CIMB offers online applications only to eligible businesses, while others may need to complete the process through a branch.

• Fewer account fees: Airwallex has no monthly fees, setup fees, or minimum balance requirements. In contrast, CIMB requires an initial deposit to open a business account, and some accounts incur a half-yearly service fee if the balance falls below the required threshold.

• Lower-cost international transfers: Airwallex routes 94% of transfers through local payment rails with RM0 transfer fees. CIMB offers international telegraphic transfers through SWIFT, which is typically more expensive.

Airwallex is licensed as a Money Services Business under Malaysia’s Money Services Business Act 2011 and authorised as an Electronic Money Issuer under the Financial Services Act 2013.

Frequently asked questions (FAQs)

Can a foreign-owned company registered in Malaysia open a CIMB business account?

Foreign-owned companies registered in Malaysia should check their eligibility directly with CIMB before applying for a business account. Approval is subject to the bank's eligibility and KYC requirements. Foreign directors, business owners or authorised signatories may need to provide their passports and additional supporting documents, depending on their circumstances.

Do I need to visit a CIMB branch to open a business account?

Not necessarily. CIMB offers online account opening for eligible businesses through its Online Business Current Account application. Other applicants may need to submit their forms and supporting documents before attending a branch to complete the process. Check CIMB's requirements for your business structure to confirm which route applies and who must attend.

Are CIMB business accounts in Malaysia protected by PIDM?

Yes. Eligible CIMB business deposits are protected by PIDM up to RM250,000 per depositor, per member bank. Company, partnership and sole proprietorship deposits may qualify for separate protection from personal deposits, subject to PIDM's rules and the ownership information recorded by the bank.

Can I open a foreign currency business account with CIMB?

Yes. CIMB offers a Foreign Currency Current Account (FCCA) and a Shariah-compliant Foreign Currency Current Account-i (FCCA-i) for eligible business customers. These accounts let businesses hold and transact in supported foreign currencies, subject to the account's terms and conditions. Alternatively, Airwallex offers a Business Account that lets eligible businesses hold 20+ currencies, with FX pricing that save you up to 80% on FX fees as compared to traditional banks.

What is the minimum initial deposit for a CIMB business account in Malaysia?

The minimum initial deposit depends on the account type and business structure. CIMB's conventional and Islamic Business Current Accounts have different requirements for certain business categories, while foreign currency accounts are subject to their own terms. Check CIMB's latest product information for the applicable minimum before applying.

How long does it take to open a CIMB business account in Malaysia?

The time required to open a CIMB business account depends on the account type, application method and completion of the required checks. CIMB offers online applications for eligible businesses, while other applicants may need to submit documents and attend a branch. CIMB states that applicants completing the relevant branch process can receive their account number on the same day. Additional checks or incomplete documentation may affect the overall timeline.

Sources:

1. https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/online-business-current-account.html

2. https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/online-business-current-account-i.html

3. https://www.cimb.com.my/en/personal/day-to-day-banking/accounts/current-account/foreign-currency-current-account.html

4. https://www.cimb.com.my/en/business/help-and-support/rates-charges/interest-rates-charges/fees-charges/current-account.html