I just found out direct transfer from CIMB SG to CIMB MY is much cheaper than using Transferwise and is on the spot while I still waiting the transferwise for 3 days still havn't see my money bank in.

After linking FastSaver acc to my MY account get approved, Malaysian CIMB transfer rate is like this

SGD 330 >> MYR1009 (Rate 3.052 + Free of charge + On the spot)

While Transferwise is

SGD330 >> MYR1000 (Rate 3.05549 + SGD3.43 Fees)

Direct transfer between CIMB much cheaper, RM10 gone! cry.gif cry.gif

Got bank ask for TIN no. though

Yeah.... both the CRS and W8-BEN Forms will ask for our Tax Identification Numbers (TIN). This will be our OG Number. Or SG Number.

Yeah.... both the CRS and W8-BEN Forms will ask for our Tax Identification Numbers (TIN). This will be our OG Number. Or SG Number.

Yes bro.... free of fees, good forex rates and RM funds can be accessed immediately from CIMB Msia. 👍

Ok thx.

About the CIMB SGD to RM.... sure the rate so good? Last time I check their TT rate from RM to SGD was not good at all. Maybe someone can also try the RM to SGD rate? It does not make sense... why other banks cannot beat Fintech? Only CIMB can?

Amendment:
I want to amend the above:

Transfer from SGD to MYR via CIMB is much cheaper than Transferwise as stated above, (via after you link your cimbclicks.sg with malaysia cimb account.

However from MYR to SGD, via Transferwise will be cheaper than going through CIMB MY to CIMB SG.

I dunno how u derive both rates 3.052 and 3.05549. Also, if u r converting SGD to RM....3.05549 is a better rate

Yes, the rate is better but you have to pay another SGD3.43 fee to Transferwise.

Ok, at least we know converting RM to SGD, TW is cheaper but then still does not make sense this is not the case if transfer SGD to RM! Maybe there is a hiccup in CIMB rates ...

Ok, then for transferring larger amount like 10k or more onwards, TW rate is actually about 1.1% better than CIMB.... 3.05549 vs 3.052

It is not cost efficient to transfer 1k.... as RM10 is 1% of 1k... imagine the amount of money bank makes on those small remittances daily ...using those TT is even worse

This post has been edited by aspartame: Dec 20 2019, 03:12 PM

If you transfer bigger amount, you have to pay more fee to TW.

Just a quick check on TW app, if you want to transfer SGD to RM10k, they will charge you a fee of SGD23.76. So in total the rate is about 3.03X only via TW.

It should be no hiccup, the rate is automatic shown when you enter the amount to be transfer from cimb sg to cimb my (own account) and shown how much you need to paid( after successful link MY account at the cimbclicks.sg)

As Hasel also said cheaper and I remember from this thread somebody previously also said direct transfer back from SG to MY better.

because transferwise have extract fees and cimb don't have and cimb rate is just abit different from transferwise and it is immediately, the reason because it is their company internal transfer i think.

Finally after 3 days my money should be reach by today via transferwise (exhausted)

Next time I just direct tranfer from SG to MY via cimb

any kind souls wanna help me out here?

sent via instarem with swift code MBBESGSGXXX, and after 4 long days was told bank rejected the transaction.

*okay, got email that they need more documents regarding the source bank. after processing etc, they tell me this.

This post has been edited by alexanderclz: Dec 21 2019, 12:37 AM

Looks right, my latest transaction 23 Sep 2019 to MBB SG that went through:
Name: <First Name> <Last Name>
Relationship: Self
Account No: XXXXXXXXXXX (11 numbers)
Bank: Malayan Banking Berhad
SWIFT: MBBESGSGXXX

thanks bro. very irritating that i spent 4 days waiting for them to process etc, then told me they need more documents. using BP instead, should arrive on same day.

alexanderclz, I have no prior experience of sending money via Instarem to Maybank Singapore, because I use another Singapore bank, to receive my money sent via Instarem.

Anyway, same as most of you, I have Maybank Singapore iSavvy Savings Account.

For individual customers like us (whether we are Malaysians or Singaporeans), our iSavvy Savings Account are in Maybank Singapore Limited, not Malayan Banking Berhad, Singapore Branch.

So, you should use instead SWIFT code of MBBESGS2.

Why am I saying that? When I receive official letters from Maybank Singapore via post, the sender of letters is Maybank Singapore Limited.

Malayan Banking Berhad, Singapore Branch is meant for enterprise customers from international countries, I think. Even the account of business customers (SME Banking and Commercial Banking) are also in Maybank Singapore Limited.


In my opinion, for roarus's case, after Malayan Banking Berhad, Singapore Branch receives roarus's money from Instarem, Malayan Banking Berhad, Singapore Branch will internally transfer roarus's money, to Maybank Singapore Limited which should be the correct recipient bank.


alexanderclz, to know more about the difference between Maybank Singapore Limited and Malayan Banking Berhad, Singapore Branch, just read the link you quoted, https://info.maybank2u.com.sg/about-us/loca...orporation.aspx.


After all, Maybank Singapore Limited and Malayan Banking Berhad, Singapore Branch belongs to the same Maybank Group.

This post has been edited by kart: Dec 21 2019, 04:53 AM

If you not confirm the SWIFT CODE , the better way is email or contact their customer services, they will response very fast as I did. This is the most efficient way, stop guessing

thanks for the detailed reply. appreciate it. yup, I would transfer to cimb sg in the future once both accounts activate since no inward remittance fee.

at the end it's not swift code problem, rather instarem needs more documents after processing and sending the fund, only to u turn back. nevertheless, I did send maybank a message and pending reply.

how much did you sent until they required documents, 4 digit or 5 digit transfer?

This post has been edited by jayb2: Dec 21 2019, 09:31 AM