CIMB multi-currency account (Singapore): 2026 review

Key Takeaways:

• CIMB Singapore doesn't have a product called a "multi-currency account" — what most people are looking for is its Foreign Currency Savings Account (for personal use) or its Foreign Currency Current Account (for business use).

• Both accounts come with minimum balance requirements and rely on SWIFT for international transfers, making them better suited to holding stable FX balances than managing active, cost-efficient cross-border payments

• With Airwallex’s Global Accounts, you can hold 20+ currencies without any minimum balance, plus you get free transfers to 120+ countries via local rails.

If you've been searching for a CIMB multi-currency account in Singapore, you may have noticed that CIMB doesn't actually use that name for any of its products.

What CIMB offers instead are two distinct foreign currency account options — one for personal customers and one for businesses — that serve a similar function: letting you hold, receive, and send money in major foreign currencies without having to convert everything to SGD first.

This review covers both products in full. You'll find out what currencies are supported, what the fees actually look like, and where the accounts fall short. We also cover how to open each account and what the application process involves.

What is the CIMB multi-currency account?

CIMB Singapore doesn't market a product under the "multi-currency account" label. The term is a colloquial one — and it maps to two main products:

• For personal use: CIMB Foreign Currency Savings Account

• For businesses use: CIMB Foreign Currency Current Account

Both accounts are operated through CIMB's Singapore branch, which holds a full banking licence from the MAS. If you're looking for a broader review of CIMB's SGD business accounts, we've covered those separately in our CIMB business account review.

Otherwise, here’s a quick overview of CIMB’s multi-currency accounts:

The information in this table has been reviewed to be accurate as of 19 March 2026.

Note: CIMB also offers a Foreign Currency Current Account for personal customers, but as it only supports USD and is aimed at a narrow use case, we won't cover it in this article.

1. CIMB Foreign Currency Savings Account (personal)

The CIMB Foreign Currency Savings Account is designed for personal customers who want to hold, receive, and transact in major foreign currencies from a Singapore bank account.¹

Number of currencies: 6 — USD, EUR, GBP, AUD, JPY, and CHF

Minimum opening deposit: Varies by currency. USD, EUR, GBP, AUD, and CHF each require a minimum of 1,000 units of that currency. JPY requires a minimum of JPY 500,000.

Interest: The USD account currently offers a promotional interest rate of up to 3.00% p.a. on incremental fresh funds for balances capped at US$3 million. To qualify, you need to deposit a minimum of US$5,000 in fresh funds within the promotional window. This promotion runs through 31 May 2026. Interest is accrued daily and credited monthly.

Card: No ATM or debit card is issued for this account.

Online banking: Managed via the CIMB Clicks Singapore mobile app. Monthly e-statements are provided free of charge.

Note that you can't open this account directly. You first need a CIMB FastSaver Account, fund it with an initial S$1,000 deposit, and then apply for the foreign currency account through the Clicks app. If you don't already bank with CIMB, that's an extra step most people won't anticipate.

2. CIMB Foreign Currency Current Account for businesses

The CIMB Foreign Currency Current Account is designed for businesses that need to hold, receive, and transact in foreign currencies as part of their day-to-day operations. It's managed through BizChannel@CIMB, the bank's online and mobile banking platform for business customers.²

Number of currencies: 7 — AUD, CAD, CNH, GBP, HKD, NZD, and USD

Minimum monthly average balance: Varies by currency. Fall-below fees apply (see next section on ‘fees and charges’ for more details).

Interest: No interest is earned on balances in this account.

Card: No corporate or debit card is issued for this account.

Online banking: Managed via BizChannel@CIMB, available on desktop and mobile. The account comes with complimentary monthly statements and free e-alerts for transaction monitoring. The first three security tokens are provided at no charge.

Virtual Account service: Businesses can assign a unique Virtual Account number to each payer or payee, making it easier to reconcile incoming and outgoing transactions — useful if you're managing payments from multiple counterparties.

Note that this account supports online application via CorpPass. However, it requires certified true copies of company documents — for example, your Constitution or Memorandum and Articles of Association — certified by two directors, or one director and one company secretary.

Fees and charges

CIMB's foreign currency accounts carry a range of fees that aren't always obvious from the product pages alone. Here's a full breakdown of what to expect.

Personal — CIMB Foreign Currency Savings Account fees

The information in this table has been reviewed to be accurate as of 19 March 2026.

Business — CIMB Foreign Currency Current Account fees

The information in this table has been reviewed to be accurate as of 19 March 2026.

International transfer fees

CIMB routes international transfers through the SWIFT network. Multiple fee components apply on top of the exchange rate:³

The information in this table has been reviewed to be accurate as of 19 March 2026.

Note that the exchange rate CIMB applies to conversions includes a bank spread on top of the mid-market rate. This spread is not published, so the true cost of a currency conversion is difficult to calculate in advance.

What CIMB's foreign currency accounts do well

CIMB's foreign currency accounts aren't the most feature-rich option on the market, but there are genuine reasons why some customers choose them.

Established bank with full MAS licence

CIMB Singapore operates as a licensed bank regulated by the MAS, not a payment institution. For customers who prefer the assurance of banking with a regulated full bank, that matters.

ASEAN network

CIMB has a physical presence across Southeast Asia, including Malaysia, Indonesia, Thailand, Cambodia, Vietnam, and the Philippines.

For businesses with operations or suppliers in these markets, having a bank with direct regional relationships can be an advantage: particularly for SGD-MYR transactions, where CIMB promotes guaranteed exchange rates for business customers.²

Online application available

Both accounts can be opened online — personal customers via the CIMB Clicks app, business customers via CorpPass. No branch visit required for most applicants.¹ ²

Limitations to know before you apply

CIMB's foreign currency accounts cover the basics, but there are some real constraints worth understanding before you commit.

Narrow currency range

The personal savings account supports six currencies and the business current account supports seven. If you regularly transact in currencies outside these lists — Thai baht, Indonesian rupiah, Vietnamese dong, or any other Southeast Asian currency — you'll need a separate solution. Modern alternatives typically support 20 or more currencies from a single account.

Minimum balances and fall-below fees

The business account carries minimum monthly average balance requirements for each currency, with fall-below fees that kick in automatically if you dip below the threshold. For businesses with fluctuating cash positions, those fees can accumulate without much notice.

SWIFT-based international transfers

All international transfers go through the SWIFT network, which means higher fees and slower processing compared to providers that use local payment rails. The full fee structure — cable charge, commission, and potential agent fees — applies to every outward transfer.

No multi-currency card

Neither account comes with a debit or corporate card. You can't spend directly from your foreign currency balance — any spending needs to go through a separate SGD account and card. For businesses managing employee expenses across currencies, this is a meaningful gap.

No expense management tools

The accounts offer no expense tracking, receipt capture, reimbursement workflows, or accounting software integrations. If you need to manage company spend alongside your foreign currency balances, you'll be doing that in a separate system entirely.

Foreign currency deposits are not SDIC-insured

This is important for Singapore-based depositors to know. The Singapore Deposit Insurance Corporation (SDIC) covers SGD deposits up to S$100,000 per depositor per institution — but foreign currency deposits are explicitly excluded from this protection.¹ ² If CIMB were to face financial difficulty, your foreign currency balances would not be covered under the scheme.

How to open a CIMB foreign currency account

The application process differs depending on whether you're opening a personal or business account.

Personal: CIMB Foreign Currency Savings Account

You can't apply for this account directly. You need a CIMB FastSaver Account first.¹

Step 1: Open a CIMB FastSaver Account

Apply via MyInfo through CIMB's online application portal. Once approved, FAST in an initial deposit of S$1,000 from a personal account held at another Singapore bank — or from your own CIMB Malaysia account.¹

Step 2: Set up digital access

Download the CIMB Clicks Singapore mobile app and set up your Digital Token.¹

Step 3: Apply for the Foreign Currency Savings Account

Log in to the CIMB Clicks app, go to Apply & Services > Apply for Deposits > Savings Accounts > CIMB Foreign Currency, select your preferred currency, and tap Apply Now.¹

Step 4: Wait for approval

CIMB reviews applications within seven business days, assuming no further follow-up is required.¹

Business: CIMB Foreign Currency Current Account

The business account can be opened online via CorpPass.²

Step 1: Prepare your documents

You'll need certified true copies of your company's Constitution or Memorandum and Articles of Association (for private limited or public companies), or your partnership agreement (for partnerships). Documents must be certified by two directors, or one director and one company secretary.²

You'll also need NRIC or passport copies and specimen signatures for all directors, authorised signatories, controlling persons, ultimate beneficial owners, and approving persons.²

Step 2: Submit your application online

Go to CIMB's online business account application portal and log in via CorpPass. Your company details — name, UEN, and registered address — are pulled automatically. The application takes approximately 15 minutes to complete.²

Step 3: Wait for approval and activate

Once approved, log in to BizChannel@CIMB to activate your account and set up your security tokens.²

Why businesses use Airwallex instead of CIMB

CIMB's foreign currency accounts are built for a specific use case: holding a stable balance in one or two major currencies within a traditional bank structure. If that's all you need, they do the job.

But if your business is actively moving money across borders — paying suppliers, receiving customer payments in multiple currencies, or managing employee spend — the limitations add up fast. No card, no expense tools, SWIFT-only transfers, and a currency range that stops at seven.

Airwallex is built for exactly this kind of business. Here’s what you can do with Airwallex:

Hold 20+ currencies with no minimum balance

With Airwallex Global Accounts, you can hold and receive funds in 20+ currencies — that’s more than double what CIMB's business foreign currency account supports. There's no minimum balance requirement and no fall-below fee, so your account costs stay predictable regardless of how your cash position fluctuates.⁴

Send free international transfers via local payment rails

Rather than routing payments through SWIFT, Airwallex connects directly to local payment networks in 120+ countries — which means no cable charges, no commission fees, and faster delivery. 93% of transfers made through Airwallex arrive within the same day.⁴

Multi-currency corporate cards with expense management

CIMB's foreign currency accounts come with no card at all. Airwallex issues multi-currency Corporate Cards for both companies and employees, with real-time spend controls and built-in Expense Management.⁵

You can set limits, track spending by team member, and reconcile transactions directly — without needing a separate expense tool.

Transparent and competitive FX rates

Airwallex charges a FX fee from 0.4% above the interbank rate, with no hidden spread.⁴ With these rates, our customers save up to 80% on FX fees. In contrast to this, CIMB's exchange rate markup is not published, making it hard to know what you're actually paying on each conversion.

One account, fully online

Opening an Airwallex Business Account is fully online, and it only takes a few minutes to fill in the application. You'll need a registered Singapore business, a valid NRIC or passport, and proof of address. No branch visits, no certified document requirements.⁴

Frequently asked questions

Does CIMB have a multi-currency account in Singapore?

CIMB Singapore doesn't offer a product called a "multi-currency account" by name. The equivalent products are the CIMB Foreign Currency Savings Account for personal customers, which supports USD, EUR, GBP, AUD, JPY, and CHF, and the CIMB Foreign Currency Current Account for businesses, which supports AUD, CAD, CNH, GBP, HKD, NZD, and USD. Both let you hold and transact in foreign currencies from a Singapore bank account.

What currencies does the CIMB foreign currency account support?

The personal Foreign Currency Savings Account supports six currencies: USD, EUR, GBP, AUD, JPY, and CHF.¹ The business Foreign Currency Current Account supports seven: AUD, CAD, CNH, GBP, HKD, NZD, and USD.² Neither account supports Southeast Asian currencies such as Thai baht, Indonesian rupiah, or Vietnamese dong.

Are CIMB foreign currency deposits insured in Singapore?

No. The Singapore Deposit Insurance Corporation (SDIC) covers SGD deposits up to S$100,000 per depositor per institution, but foreign currency deposits are explicitly excluded from this protection.¹ ² This applies to all foreign currency accounts at CIMB Singapore, regardless of the amount held.

What are the fees for the CIMB foreign currency account?

Fees vary by account type. The personal Foreign Currency Savings Account has no monthly fee and no fall-below fee, but requires a minimum opening deposit (from USD 1,000 or equivalent depending on currency). The business Foreign Currency Current Account has no monthly fee but carries minimum monthly average balance requirements per currency, with fall-below fees ranging from GBP 5 to US$35 per month. Outward international transfers on both accounts use SWIFT and attract a cable charge of S$30 plus a commission on the transaction amount.¹ ²

Do I need an existing CIMB account to open a foreign currency account?

For personal customers, yes. You need to hold a CIMB FastSaver Account before you can apply for the Foreign Currency Savings Account. The FastSaver requires an initial deposit of S$1,000. Once that's in place, you can apply for the foreign currency account through the CIMB Clicks Singapore app.¹ Business customers can apply for the Foreign Currency Current Account directly online via CorpPass without needing an existing CIMB account.²

Can I use my CIMB foreign currency account to send international transfers?

Yes, both accounts support outward international transfers. However, all transfers are routed through the SWIFT network, which means a cable charge of S$30 applies per transfer, plus a commission on the transaction amount, plus any agent fees charged by intermediary banks.³ If you're sending transfers regularly, these costs can add up. Try Airwallex, which routes international transfers through local payment rails in 120+ countries with no cable charge and no commission fee.

Sources

1. https://www.cimb.com.sg/en/personal/banking-with-us/accounts/savings-accounts/cimb-foreign-currency-savings-account.html

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

3. https://wise.com/sg/blog/cimb-multi-currency-account

4. https://www.airwallex.com/sg/business-account/global-accounts

5. https://www.airwallex.com/sg/spend-management/cards

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it 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 (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.