Best CIMB business account for Singapore businesses in 2025: features, fees, and alternatives compared

Key takeaways

• CIMB is a Malaysian bank that operates across Southeast Asia. In Singapore, it offers seven types of business accounts catering to different company sizes, each with its own monthly fees and minimum balance requirements.

• Despite the variety of offerings, CIMB business accounts all lack multi-currency support, corporate cards, and advanced expense management tools.

• With Airwallex, you get a single, full-featured business account with local bank details spanning 70+ countries, free global transfers via local rails in 120+ countries, payment acceptance tools, corporate cards with built-in expense management, and more – all without having to switch between multiple platforms. 

If you do business in Malaysia, you probably suffer from regular currency conversion headaches. Your invoices come in Malaysian ringgit (MYR), but your Singapore business account can only hold SGD. Every incoming payment triggers a conversion – on top of hidden transfer fees and whatever exchange rate your bank decides to give you that day.

CIMB Bank (CIMB) offers seven business accounts with competitive SGD-MYR rates, each targeting different transaction volumes and balance levels. 

In this blog, we break down how each CIMB account works – and why a single Airwallex Business Account gives you broader currency support, faster global transfers, and far more value as your business scales.

Are CIMB business accounts right for your business?

CIMB accounts target Singapore businesses that operate mainly in SGD and make occasional MYR transfers. The bank is also insured by the Singapore Deposit Insurance Corporation (SDIC) and offers Shariah-compliant options. 

That said, CIMB's seven accounts will come with trade-offs, no matter which one you pick. The fee-free account doesn’t earn interest, the interest-bearing account requires a S$30,000 minimum balance, and the rebate account comes with a S$28 monthly fee.

For businesses whose needs stay local, these trade-offs may be manageable. But once you start operating beyond Singapore and Malaysia or need tools that support a broader financial workflow, CIMB’s setup can feel limiting. 

Pros:

• Established regional bank with physical branches across Southeast Asia

• No minimum balance requirements on SME and TransactPlus accounts

• Free local SGD transfers via PayNow, FAST, and GIRO (selected accounts only) 

Cons:

• Most accounts support only SGD or USD

• Account maintenance fees of up to S$88 per month, with penalties for balances below S$30,000 for interest-crediting accounts

• Relies on SWIFT for cross-border transfers

• No corporate cards, payment acceptance tools, or expense management

With Airwallex, you get one business account that does it all – receive and hold funds in 20+ currencies, send free transfers to 120+ countries via local payment rails, and issue multi-currency cards with built-in expense management. You’ll also get integrations with accounting software like Xero and QuickBooks for seamless reconciliation, and payment tools to collect online payments across currencies with ease. 

What is the CIMB Business Account?

CIMB Group started in Kuala Lumpur in 1971 and expanded across Southeast Asia. In Singapore, the bank serves businesses moving money between Singapore and Malaysia, offering both conventional and Shariah-compliant accounts.

CIMB business accounts handle SGD and USD transactions. You can make local fund transfers, set up direct debit arrangements, and send international wire transfers. Businesses manage accounts through BizChannel, CIMB's online and mobile banking platform where you can view balances, process payments, and run payroll.

What types of CIMB Business Accounts are available in Singapore?

• CIMB SME Account: The account charges a monthly fee of S$8 with no minimum balance requirement. While the SME account offers free local SGD transfers via PayNow, FAST, and GIRO, it only supports SGD. The CIMB SME-i Account serves as the Shariah-compliant equivalent.

• CIMB TransactPlus Account: The account offers small rebates on outgoing local and overseas transactions, capped at S$100 monthly. International transfers cost S$5 via BizChannel. The CIMB TransactPlus-i Account offers the Shariah-compliant version.

• CIMB BusinessGo Account: The account offers tiered interest on SGD balances, but you’ll need to maintain a S$30,000 minimum balance or face steep monthly penalties. The CIMB BusinessGo-i Account serves as the Shariah-compliant equivalent. 

• CIMB USD Interest Plus Current Account: The account offers interest on USD balances, but also calls for a minimum balance requirement of US$8,000. 

• CIMB USD BusinessGo-i Account: A Shariah-compliant USD account that offers returns on deposits and tiered profit rates for businesses operating under Islamic banking principles. It requires a minimum balance of US$30,000. 

• CIMB SGD Business Interest Transaction Account: The account offers negotiated interest rates on SGD deposits for larger corporate clients.

• CIMB SGD Current Account: A basic SGD checking account for day-to-day transactions via PayNow, FAST, and GIRO. 

How do CIMB Business Accounts compare with Airwallex?

CIMB works if your business operates mainly in SGD and occasionally sends payments to Malaysia. The limitations start to show the moment you need to collect or hold foreign currencies, accept payments from global customers, or run more complex financial operations.

Airwallex gives you everything CIMB offers for SGD–MYR transfers, and then extends far beyond it. You can hold and receive funds in multiple currencies with one account, send free transfers through local payment rails in 120+ countries, and get access to a modern financial stack built for globally-minded businesses.

Here's how they compare:

Note: The information in this table has been reviewed to be accurate as of 9 December, 2025.

What are the key features of CIMB business accounts?

CIMB offers three main accounts: SME for companies that want to transact in SGD without running into minimum balance requirements, TransactPlus for businesses with higher transaction volumes, and BusinessGo for earning interest on large balances. CIMB also provides several specialised SGD and USD accounts for specific use cases.

We'll cover CIMB’s three flagship accounts, alongside four additional options.

CIMB SME Account

The CIMB SME Account is designed for startups and growing SMEs that need a straightforward SGD business account with predictable costs. 

No minimum balance or fall-below fees

Unlike other CIMB accounts that require minimum balances of up to S$3,000, the SME account allows you to maintain any balance without incurring any fall-below fees. 

Free local transfers

PayNow, FAST, and GIRO transfers are free. Airwallex extends this with S$0 transfers to 120+ countries via local rails, plus free batch payments to up to 1,000 recipients.

Lack of multi-currency support

The account only supports SGD, which means businesses looking to expand globally will need separate accounts to handle different currencies. In contrast, the Airwallex Business Account lets you accept funds like a local across 70+ countries – without having to switch between platforms. 

CIMB TransactPlus Account

TransactPlus serves businesses processing high transaction volumes, particularly those that frequently move funds across Singapore and Malaysia. The account converts transaction costs into potential revenue through a rebate structure.

Cash rebates on outward transactions

 With TransactPlus, you earn a small rebate of S$2 on each outward payment, capped at S$100 per month. 

Flat fee for international transfers

Telegraphic transfers made via BizChannel, which relies on the SWIFT network, cost a flat fee of S$5 In contrast, Airwallex routes payments through local payment rails in 120+ countries, eliminating SWIFT fees and other hidden transfer charges. To top it off, 93% of transactions arrive within the same day, meaning your global suppliers and employees get paid faster and at lower cost.

Guaranteed SGD-MYR exchange rates

While the TransactPlus account claims to offer guaranteed exchange rates during peak trading hours, the FX spread isn’t disclosed, making it difficult to confirm if you’re getting a competitive rate.  With Airwallex, you get 24/7 access to interbank FX rates and a transparent pricing structure that lets you know exactly how much you’d be paying per transaction.

CIMB BusinessGo Account

BusinessGo combines basic banking features with savings account returns. It’s designed for businesses maintaining substantial operating balances that want to earn returns on funds without locking them into fixed deposits.

Tiered interest on SGD deposits

With the BusinessGo account, your operating balance earns interest at tiered rates that increase with balance size – balances of up to S$1 million get an interest rate of 0.80%, while balances of S$1–2 million earn 2.00%. For businesses that want to earn returns without tying up funds, Airwallex Yield offers competitive returns on both SGD and USD balances with no lock-ins. Funds can be withdrawn as quickly as within 48 hours, giving you access to higher liquidity than traditional interest-bearing accounts.

High minimum balance requirement

With BusinessGo, you’d have to maintain a minimum balance of S$30,000 to avoid an S$88 monthly fee. This structure suits businesses with predictable cash positions, but may be less suitable for companies with fluctuating working capital. The Airwallex Business Account removes these constraints entirely with no minimum balance requirements, ongoing monthly fees, or fall below fees, giving businesses the flexibility to scale.

Free local transactions

Local transfers via PayNow, FAST, and GIRO are included at no additional charge. 

Other CIMB business accounts

CIMB USD Interest Plus Current Account

The account offers tiered interest on large USD balances, with higher returns kicking in at higher thresholds. That said, businesses must meet a minimum monthly balance of US$8,000 to avoid monthly fees that can quickly erode interest earned. 

For businesses looking to earn returns on USD without the lock-ins, Airwallex offers a better alternative. You can create local currency accounts in 20+ currencies at no cost, and earn competitive returns on SGD and USD via Airwallex Yield – with no lock-in period and withdrawals available within 48 hours. 

CIMB USD BusinessGo-i Account

The BusinessGo-i account is a Shariah-compliant USD account offering profit-sharing on deposits in place of conventional interest. While the account suits businesses that operate under Islamic banking principles and maintain large USD deposits, it demands a minimum balance of US$30,000 to avoid a US$50 monthly fee, limiting accessibility for companies with smaller or fluctuating USD reserves. 

CIMB SGD Business Interest Transaction Account

This CIMB business account offers customised interest rates on SGD deposits for larger corporate clients. Rather than published tiers, you negotiate rates directly with relationship managers based on your deposit levels and overall banking relationship.

For companies that want to earn returns on SGD without the complexity, Airwallex Yield provides competitive SGD returns with no lock-ins and high liquidity, making it easier to access funds as operational needs change.

CIMB SGD Current Account

The SGD Current Account serves as a basic business checking account covering day-to-day SGD transactions via PayNow, FAST, and GIRO. It does not earn interest and requires a minimum balance of S$8,000 to avoid monthly fees. 

What are the pricing & fees for CIMB Business Accounts?

CIMB's seven accounts carry different fee structures targeting distinct business profiles.

Note: The information in this table has been reviewed to be accurate as of 9 December, 2025.

Stop losing money on hidden fees with Airwallex’s transparent pricing

Airwallex offers one of the best business accounts in Singapore. You'll access local payment rails instead of SWIFT for international transfers, cutting transfer times from days to hours and reducing costs through direct connections to Malaysian and global banking networks. We also charge transparent FX fees, ranging from 0.4% with no markup on exchange rates.

Note: The information in this table has been reviewed to be accurate as of 9 December, 2025.

How to open a CIMB Business Account?

Singapore companies can open CIMB business accounts online.

Check business eligibility

CIMB accepts applications from Singapore- and Malaysia-incorporated businesses, including sole proprietorships, partnerships, and private limited companies. Businesses registered in other jurisdictions need to apply through a bank representative in person. 

Prepare your documents

You’ll need identification (NRIC or passport) for all directors, signatories, and beneficial owners.  

Companies must provide certified true copies of their Constitution or Memorandum and Articles of Association, while partnerships need certified partnership agreements. Documents must also be certified by two directors, or one director and the company secretary. 

Submit your application via CIMB’s online portal

Log in with CorpPass or MyInfo Business. Your company details – name, UEN, and registered address – are pulled automatically from government records.

Upload the required documents and complete a video verification. The process takes about 15 minutes.

Wait for verification

CIMB reviews applications within one to two business days. Once approved, you’ll receive your account number and activation instructions by email.

Activate your account

Log in to BizChannel online banking to set up your security tokens and fund your account. Each new account includes three complimentary tokens for transaction authorisation.

Need a global-ready option? See how to open a business account with Airwallex

Opening an account with Airwallex is 100% online – no branch visits, no paperwork. The process takes just a few minutes, giving you instant access to multi-currency accounts, competitive FX rates, and high-speed global transfers once approved.

To get started, you’ll need:

• A registered business in Singapore

• A valid NRIC or passport for identity verification

• Proof of address and business details

• Names and IDs of directors or shareholders (if applicable)

To get started with your Airwallex Business Account, follow the steps below:

1. Visit the Airwallex signup page

2. Sign up for an Airwallex Business Account 

   1. Provide your business email and legal name, and create a password 

   2. Provide additional details, including your company size, primary area of interest, business name, business headquarters, and mobile number

3. Verify your business and activate your account 

   1. Confirm your business location  

   2. Provide your Unique Entity Number (UEN)     

   3. Provide documents for identity verification

Want to see how it works? Watch our quick demo.

Airwallex: the global financial platform built to scale with your business

Your business today might focus on Malaysia. Next year you're exploring Thailand, testing Australia, or expanding into Europe. CIMB business accounts are designed to handle SGD-MYR transfers, but each account comes with different trade-offs: hefty monthly fees on some accounts, high minimum balance requirements on others, and lack of broad multi-currency support across most options. 

The Airwallex Business Account brings all your financial workflows into a single platform. You can skip the SWIFT fees and route payments to suppliers in Malaysia and beyond through local payment rails – with over 90% of transfers landing within the same day. Currency exchanges come with a transparent 0.4% markup for most currencies, so your suppliers get paid faster while your margins stay intact.

The value that Airwallex brings extends beyond cross-border transfers. Issue multi-currency cards with real-time spend controls, earn competitive returns on your balances, and reconcile transactions seamlessly with our accounting software integrations. With Airwallex Checkout, you can let customers pay in their preferred currencies and offer 160+ local payment methods, including Touch ‘n Go and DuitNow. 

With Airwallex, you get the speed, visibility, and global flexibility traditional banking can’t match – all in a single platform built to power your next stage of growth. 

Frequently asked questions (FAQs)

Is CIMB licensed in Singapore?

Yes. CIMB Bank Singapore operates as the local branch of CIMB Bank Berhad, which holds a full banking licence from the Monetary Authority of Singapore. The bank has maintained operations in Singapore as part of its ASEAN regional network.

Is CIMB safe?

SGD deposits at CIMB Singapore are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor per institution. CIMB Group maintains significant capital reserves and regulatory compliance across its regional operations.

Is Airwallex licensed and safe?

Airwallex (Singapore) Pte. Ltd. holds a Major Payment Institution licence from the Monetary Authority of Singapore. Client funds are safeguarded in segregated accounts with regulated financial institutions. The platform maintains compliance with Singapore's payment services regulations and data protection requirements.

What is the best business bank account in Singapore?

The best business account in Singapore depends on your company’s size, cash flow, and international needs. Traditional banks offer the assurance of deposit insurance and interest-bearing accounts, but often also come with hefty account maintenance fees and limited multi-currency support. The Airwallex Business Account goes further to provide broad multi-currency support, global transfer coverage to 200+ countries, and a comprehensive suite of integrated financial tools – all at zero ongoing monthly fees. 

Sources:

1. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html

2. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-transactplus-acct.html

3. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-businessgo-sgd-current-account.html

4. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-usd-interest-plus-current-account.html

5. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-usd-businessgo-i-account.html

6. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/sgd-business-interest-transaction-account.html

7. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sgd-current-account.html

8. https://www.cimb.com.sg/en/business/help-support/rates-charges/fees-charges/corporate-pricing-guide.html

All comparisons and information reflect Airwallex’s own research using public documentation as of 9 December, 2025, and have not been independently validated.

Product features, pricing and other details are subject to change. Airwallex does not guarantee the continued accuracy of this information and is not responsible for any inaccuracies that may arise from such changes. This publication is not intended to be relied on for the purpose of making a decision about a financial product. In particular, Yield is not a savings or deposit product. Investments involve risks, including the possible loss of principal amount invested. Past performance is not indicative of future results. Users are encouraged to conduct their own verification and seek their own advice.

Indicative rate is based on historical annualised rate of underlying funds as of 2 September, 2025, net of Airwallex fees and assumes subscription to the Accelerate tier at SGD 399/ month. Click here to learn more.

If you would like to request an update of the content in this publication, feel free to contact us at [email protected]. 

Airwallex (Singapore) Pte. Ltd. is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore. Airwallex Capital (Singapore) Pte. Ltd. is licensed as a Capital Markets Services License holder under the Securities and Futures Act 2001 by the Monetary Authority of Singapore (License No. CMS101830). The MAS has not reviewed this information. For more details, you can refer to the MAS website here.