CIMB Multi-Currency Account (Malaysia): 2026 Guide

Key Takeaways:

• The CIMB Multi-Currency Account (MCA) is a business current account for Malaysian companies that lets you hold and transact in MYR and up to 14 foreign currencies from one account¹. There's also a Shariah-compliant MCA-i.

• The account suits businesses already in the CIMB ecosystem that want to add multi-currency capability. But FX costs are not disclosed upfront, and you can only apply in person at a branch.

• Airwallex offers a multi-currency account built for cross-border operations, with local payment rails in 120+ countries, faster settlement times, and competitive FX rates that let you save up to 80% on FX fees.

The CIMB Multi-Currency Account is one of the more established options for Malaysian businesses that deal in foreign currencies. CIMB is one of the country's largest banks, and its MCA has been around long enough to be a familiar choice for SMEs that trade internationally.

That said, CIMB's product pages are light on detail. They confirm the account exists and list the currencies it supports, but don't cover FX costs, fee schedules, or what the application process actually involves.

This guide fills in those gaps, so you can decide whether the CIMB MCA is the right fit for your business. We'll also discuss how Airwallex can handle your multi-currency needs and save you up to 80% on FX fees.

What is the CIMB Multi-Currency Account?

CIMB offers two versions of its multi-currency account for businesses:

• The Multi-Currency Account (MCA): a conventional business current account that lets you hold MYR and up to 14 foreign currencies in one account

• The Multi-Currency Account-i (MCA-i): the Shariah-compliant equivalent, structured on a Qard basis, that lets you hold MYR and up to 11 foreign currencies

The CIMB MCA lets your business receive, hold, and send money in multiple currencies without opening a separate account for each one. Everything is managed through BizChannel@CIMB, CIMB's online business banking platform, and the OCTO Biz mobile app.

It's designed for Malaysian businesses that deal regularly with overseas clients, suppliers, or markets, particularly those already banking with CIMB who want to add multi-currency capability.

CIMB MCA vs MCA-i: What's the difference?

The main difference is Shariah compliance and currency range. The MCA-i operates under a Qard structure: a Shariah-compliant arrangement where funds are treated as a loan to the bank, repayable on demand. Neither account pays interest or profit on balances.

On currencies, the MCA supports 14 while the MCA-i supports 11. If your business needs THB or IDR, you'll need the conventional MCA.

The information in this table has been reviewed to be accurate as of 10 March 2026.

Key features of the CIMB Multi-Currency Account

Here's a quick overview of the key features:

The information in this table has been reviewed to be accurate as of 10 March 2026.

Currencies supported

The CIMB MCA supports 14 currencies, while the MCA-i supports 11. The difference between the two is THB and IDR, which are only available on the conventional MCA.

Even then, these two currencies come with an important caveat. Under Bank Negara Malaysia's Local Currency Transaction Framework (LCTF), THB and IDR can only be used for legitimate underlying trade or investment purposes (for example, paying a supplier in Thailand).

If you're unsure whether your business qualifies, check with CIMB before applying.

Account management

Once your account is active, you manage it through BizChannel@CIMB on desktop or the OCTO Biz mobile app. Both give you visibility over your foreign currency balances and let you initiate transfers and manage your account day-to-day without visiting a branch.

International transfers

Outward international transfers from the MCA are processed as telegraphic transfers (TT) via BizChannel@CIMB. CIMB does not publish its TT fees publicly for business accounts: charges include commission, agent fees, and cable charges, and are only visible after logging in.

CIMB multi-currency account fees and charges

Here's what you need to know before you open the account.

The information in this table has been reviewed to be accurate as of 10 March 2026.

Unfortunately, two of the most important costs — outward transfer fees and FX margins — are not published anywhere on CIMB's website. You'll only see them once you're already logged into BizChannel@CIMB and transacting. For a business trying to forecast the cost of international payments, that lack of transparency makes it harder to plan.

As a general rule, FX spreads at traditional banks tend to be wider than those offered by fintech platforms. To get a sense of what you're paying on any given conversion, compare CIMB's quoted rate against the mid-market rate on Google at the time of your transaction.

How to open a CIMB Multi-Currency Account

You can't apply for the CIMB MCA online. Both the conventional and Islamic versions require a branch visit to complete the application. CIMB does confirm that your account number is issued on the same day.

Eligibility

The account is open to business enterprises operating in Malaysia. Contact CIMB's Business Banking Commercial Service Centre at 1300-888-828 to confirm eligibility for your specific business structure (Sdn Bhd, Bhd, partnership, LLP, or sole proprietorship) before visiting a branch.

Documents required

The standard documents for business account opening at CIMB include:

• Completed CIMB Business Account Application Form

• Certified true copies of NRIC or passport of all authorised signatories and beneficial owners

• Proof of address for authorised signatories (utility bill or bank statement, dated within the last 3 months)

• Relevant SSM registration documents (e.g. Form 49, Form 24, Constitution or Memorandum & Articles of Association)

• Board Resolution (CIMB's template or your company's own)

Requirements vary by business structure. Call 1300-888-828 or visit a CIMB branch to confirm the full checklist before your visit.

Application process

Visit any CIMB business banking branch with your documents and initial deposit. Once the account is active, you can manage it via BizChannel@CIMB on desktop or the OCTO Biz mobile app.

CIMB Multi-Currency Account: Pros and cons

The CIMB MCA has genuine strengths, but it also has limitations worth knowing before you apply.

Pros of the account

Here are the advantages of the CIMB multi-currency account:

• Established bank with wide branch coverage: CIMB is one of Malaysia's largest banks, with branches across the country.

• Low initial deposit: The US$500 or equivalent minimum is accessible for most SMEs and lower than what some other Malaysian banks require for comparable products.

• PIDM-protected balances: Foreign currency balances are insured by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor.

• Integrated with CIMB's business ecosystem: If your business already banks with CIMB, the MCA slots into your existing BizChannel@CIMB setup without disruption.

Cons of the account

Here are the disadvantages of the CIMB multi-currency account:

• FX costs and transfer fees are not transparent: CIMB doesn't publish its FX margins or outward TT fees publicly. You won't know what you're paying until you're already transacting. And as a general rule, FX spreads at traditional banks tend to be higher than those offered by fintech platforms.

• 14 currencies only: The account doesn't support INR, KRW, PHP, or several other currencies that matter to Malaysian businesses with broader international exposure.

• Ongoing account charges: Unlike some alternatives, the MCA carries a half-yearly service charge and a per-entry handling fee for every debit or credit transaction. These costs add up over time, particularly for businesses with high transaction volumes.

• No linked corporate cards: The MCA is a transactional account only. You can't spend directly from your foreign currency balances.

• Branch-only application: There's no online application. You need to visit a branch in person to get started.

Why businesses choose Airwallex over CIMB

The CIMB MCA has genuine strengths, particularly for businesses already in the CIMB ecosystem. But it has real gaps around FX transparency, ongoing charges, currency range, and digital access. Airwallex is built to address exactly those gaps.

Here's a quick overview of what you get with CIMB vs Airwallex, before we go into more details:

The information in this table has been reviewed to be accurate as of 10 March 2026.

Hold and transact in more currencies

The CIMB MCA supports 14 currencies. Airwallex gives you access to 20+ currencies and the ability to send payments to 120+ countries through local payment rails. Payments move faster too, with 93% of our transactions arriving on the same day.

Transparent FX rates

With Airwallex, you see the exact rate you're getting before you confirm a transaction. There are no hidden margins to discover after you’ve made your transfer. And because Airwallex's FX rates are significantly more competitive than what traditional banks typically offer, businesses switching from a bank account can save up to 80% on FX fees.

No initial deposit or ongoing charges

Airwallex has no minimum deposit requirement, no half-yearly service charge, and no per-entry handling fees. You can activate currencies and start transacting from day one without worrying about recurring costs.

Corporate cards and expense management

Airwallex Corporate Cards let your team spend directly from your foreign currency balances wherever Visa is accepted. Combined with built-in spend controls, expense management, and reimbursement workflows, it gives you visibility and control over business spending that the CIMB multi-currency account simply doesn't offer.

Apply online in minutes

You can open an Airwallex account entirely online, without any branch visits. Airwallex is licensed in Malaysia as a MSB Class B licensee and regulated by Bank Negara Malaysia (licence number 00318).

Frequently asked questions (FAQs)

Is the CIMB Multi-Currency Account for personal or business use?

The CIMB Multi-Currency Account is a business product. It's open to business enterprises operating in Malaysia and is not available to individuals. If you're looking for a personal foreign currency account, CIMB offers a separate Foreign Currency Current Account for personal banking customers.

How many currencies does the CIMB Multi-Currency Account support?

The conventional CIMB Multi-Currency Account supports MYR and up to 14 foreign currencies, including USD, EUR, GBP, JPY, AUD, SGD, HKD, CNY, CAD, NZD, CHF, THB, and IDR. The Shariah-compliant Multi-Currency Account-i supports MYR and up to 11 currencies: the same list minus THB and IDR. If your business deals in currencies outside this list, Airwallex supports 20+ currencies with no initial deposit required.

What is the minimum deposit to open a CIMB Multi-Currency Account?

Both the MCA and MCA-i require an initial deposit of US$500 or the equivalent in your chosen currency, regardless of whether the funds come from export or non-export proceeds.

Can I apply for the CIMB Multi-Currency Account online?

No. Both the conventional and Islamic versions of the account require a branch visit to complete the application. You can get your account number on the same day. If you need a multi-currency business account you can open entirely online, use Airwallex instead.

Is the CIMB Multi-Currency Account protected by PIDM?

Yes. Balances held in both the MCA and MCA-i are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor — the same deposit insurance that applies to standard ringgit accounts with Malaysian licensed banks.

What is the difference between the CIMB Multi-Currency Account and the CIMB Foreign Currency Current Account?

The Multi-Currency Account lets you hold multiple foreign currencies within a single account. The Foreign Currency Current Account holds one currency per account — so if you need to transact in three currencies, you'd need to open three separate accounts. The Multi-Currency Account is generally the better fit for businesses dealing in multiple currencies regularly.

Sources:

1. https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/multi-currency-account-i.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).