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 a bank account designed for companies operating in Malaysia. It lets you manage business transactions separately from your personal finances, which helps with bookkeeping, tax reporting, and overall financial organisation.

CIMB’s business current accounts are built for day-to-day operations in ringgit. They typically include access to BizChannel, CIMB’s online banking platform for business customers, so you can manage transfers, payments, and account activity without visiting a branch.

Depending on the account type, you may also have cheque facilities and access to local payment methods such as DuitNow and Interbank GIRO (IBG).

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 designed for businesses that primarily operate in Malaysia and transact in ringgit. It functions as a day-to-day operating account, making it suitable for managing customer receipts, supplier payments, payroll, and other routine cash flow needs.

This account works well for businesses that want straightforward domestic banking without foreign currency management or Islamic structuring. It focuses on operational efficiency in MYR rather than treasury features or currency risk management.

CIMB Business Current Account-i

The CIMB Business Current Account-i offers the same core transactional functionality as the conventional current account, but it is structured according to Shariah-compliant Islamic banking principles.

This account is relevant for businesses that require governance alignment with Islamic finance standards, whether for internal policy reasons, stakeholder expectations, or participation in Shariah-sensitive sectors. It lets you maintain day-to-day ringgit operations within an Islamic banking framework.

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

The CIMB Foreign Currency Current Account is designed for businesses that regularly deal with foreign currencies. Unlike a standard ringgit account, it lets you hold balances in selected foreign currencies instead of converting all incoming funds into MYR immediately. CIMB offers a conventional version (FCCA) as well as a Shariah-compliant version (FCCA-i).

This account is particularly useful for importers, exporters, and companies with overseas customers or suppliers. By maintaining foreign currency balances, you can better manage exchange rate fluctuations, align foreign income with foreign expenses, and decide when to convert funds into ringgit.

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:

The information in this table has been reviewed to be accurate as of 25 February 2026.

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 with an average credit balance of less than RM1,000⁴. This is essentially a fall-below fee that gets triggered when your average balance falls below RM1,000.

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 CIMB accounts are generally free. Domestic interbank transfers made via BizChannel may incur small fees depending on the payment method and transaction limits.

Method 2: DuitNow

DuitNow enables real-time transfers within Malaysia using a mobile number, NRIC, or business registration number. Fees and transaction limits depend on your BizChannel setup and account type.

Method 3: Interbank GIRO (IBG)

IBG is Malaysia’s interbank transfer system used for scheduled or non-urgent payments, including payroll and recurring supplier payments. IBG transactions are typically lower-cost than instant transfers, but may take longer to process.

Method 4: Telegraphic transfers (TT/SWIFT)

For international payments, CIMB uses telegraphic transfers routed through the SWIFT network. These transfers usually involve higher fees than local payments and may include correspondent bank charges. Processing times and total costs depend on the destination country, currency, and intermediary banks involved.

Cheque book and cash services

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

Interest or profit rates and currency spreads

When you exchange money through CIMB, the rate you receive will differ from the interbank (market) rate. This difference – known as the FX spread – is the bank’s margin. Banks typically don’t publish their exact spread, so you’ll only see the final rate when requesting a quote through BizChannel or at a branch.

If you convert money occasionally, the impact may be small. But for larger or frequent international transactions, even minor exchange rate differences can add up over time.

For Shariah-compliant accounts, profit structures apply instead of conventional interest. Returns and charges are structured according to Shariah principles, as outlined in the account’s terms and documentation.

How to open a CIMB business account

To open a CIMB business account, you’ll have to complete the application process and attending a branch visit for document verification. Here are the steps you’ll take.

Step 1: Complete the application form

Download the correct business account application form from CIMB’s official website and fill it in accurately. Different entity types (such as sole proprietorships, partnerships, LLPs, and companies) use different forms, so make sure you select the one that matches your business structure.

Step 2: Submit documents and await confirmation

Email the completed form together with the required supporting documents to CIMB’s business banking team. The bank will review your submission and contact you to arrange a branch appointment.

Step 3: Visit the branch for verification

All authorised signatories must attend the branch appointment in person. Bring the original documents for verification, your initial deposit, and valid identification for everyone involved. During this visit, the bank will confirm your details, complete compliance checks, and finalise the account opening.

Step 4: Account activation and online banking setup

Once approved, you'll receive your account number, which can typically be used immediately for receiving payments. Access to BizChannel online banking will be provided after activation, and your debit card and cheque book will be issued according to CIMB’s standard timelines.

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.

CIMB vs Airwallex: Which is right for your business?

CIMB is a reliable bank for local Malaysian operations, but it comes with the overhead you'd expect from a traditional bank. For modern businesses, Airwallex is the better choice.

Fees and onboarding

Opening a CIMB business account requires downloading forms, emailing documents, and attending a mandatory branch visit, where all authorised signatories must be present in person. Minimum deposits range from RM1,000 to RM3,000 depending on your entity type, and there's a half-yearly service charge if your balance falls below RM1,000.

Airwallex is fully digital. You can open an account online without branch visits or paperwork, and get access to a multi-currency account, payment tools, and Corporate Cards all within a single platform. Pricing is transparent, without any hidden charges or undisclosed FX margins.

International payments and FX

CIMB routes international payments through SWIFT, which can take several business days and involves multiple fees, including sender charges, intermediary charges, and recipient bank fees. On top of that, currency conversions carry an FX margin that isn't published upfront.

At Airwallex, most of our transactions go through our own network of 120+ local payment rails, with no SWIFT fees and 93% of transactions arriving on the same day. Our FX rates are highly competitive, saving our customers up to 80% on FX fees.

And where CIMB's Foreign Currency Current Account supports up to 13 currencies, Airwallex lets you hold and manage 20+ currencies in a single account. You also get local bank details in major markets so you can collect payments as if you have a local presence in each country.

Frequently asked questions (FAQs)

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

Yes, foreign-owned companies can open CIMB business accounts if they're registered in Malaysia. You'll need to meet CIMB's KYC requirements and provide valid identification for all authorised signatories. If any signatories are foreigners, they'll need to provide their passport and a valid Malaysia work pass where applicable.

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

Yes, a branch visit is mandatory for document verification and account completion. You can start the application online by downloading the form and emailing your documents, but you must visit a branch to finalise the account opening. All authorised signatories need to attend this branch visit.

Are CIMB business accounts in Malaysia protected by PIDM?

Yes, CIMB business accounts in Malaysia are protected by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000 per depositor. This protection is subject to PIDM's eligibility rules for protected deposits, so check with PIDM if you have questions about specific account types or amounts.

Can I open a foreign currency business account with CIMB?

Yes, CIMB offers a Foreign Currency Current Account (FCCA) and a Shariah-compliant version (FCCA-i) for business customers. These accounts allow eligible businesses in Malaysia to hold and transact in up to 13 foreign currencies instead of converting everything into ringgit immediately. Alternatively, use Airwallex's Global Account, which lets you hold 20+ currencies and save up to 80% on FX fees.

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

For the CIMB Business Current Account and CIMB Business Current Account-i, the minimum initial deposit ranges from RM1,000 for associations/clubs to RM3,000 for sole proprietorships, partnerships, LLPs, and companies. For the Foreign Currency Current Account, the minimum initial deposit is US$500 (or equivalent).

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

Opening a CIMB business account in Malaysia typically takes a few business days, depending. In most cases, you will need to submit your application documents and attend a branch appointment for identity verification. You may receive your account number on the same day as your visit, but full activation, including online banking access and card or cheque book issuance, typically takes a short additional processing period.

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

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Malaysia) Sdn Bhd is licensed in Malaysia as a MSB Class B (remittance business only) licensee and is regulated by Bank Negara Malaysia (licence number 00318).