I am interested to open a SG bank account and after reading the recent posts, I am leaning towards opening the CIMB SG account despite the lengthy process. However, I still have some questions before proceeding.
1. Is the rate (SGD to MYR) really better on CIMB than Maybank? I couldn't find the forex rate on Maybank SG site to compare, though I read on this forum that most suggests CIMB SG has better rate.
2. What is the max amount per transaction for CIMB SG to CIMB MY and Maybank SG to Maybank MY?
3. Can I use the CIMB SG account to pay bills (e.g. insurance) via CIMB Clicks?
1. CIMB SG offer the best rate Vs other banks unless you can get access to fintech like singx.
2. Don't know.
3. Please do not use your sg money to pay your Malaysian bills. Kindly do not put money into Singapore if you keep wanting to bring back money or use the money every month. Money in Singapore is meant to be long term/one way ticket which you can only assess say after 5-10 years. By you keep bringing the money back, the only person to benefit is cimb.
Thanks for your reply, for my question #3 actually I meant paying for bills in SG. The reason I am opening a SG account is to pay the Singlife insurance as they do not accept Wise payment directly.
for Item 2, based on the cimb sg screen, the limit is RM 3000 per day. I am not sure if this can be increase.
just for info, the rate offer today is 3.4366 while the rate online from google is 3.44. so it seems the rate is quite competitive.
the cimb screen is 3.4366, I am not sure if this exc rate is net of all costs or there will be another chanrges/commission.
Just RM3000 seems a bit too less, and in their website its not mentioned what is the limit as well... perhaps I'll drop them an email later on to enquire. Thanks!
The rate seems to be competitive from SG to MY but from MY to SG is quite bad. I am seeing 3.48 from CIMB Clicks MY. If transfer back from CIMB SG to CIMB MY there's no charges/commission stated here in transfer through CIMB Clicks https://www.cimb.com.sg/en/personal/promoti...sfer-promo.html
CIMB Singapore transfer to own Malaysia CIMB a/c limit is RM 100,000 per day. MayBank Singapore transfer to Maybank Malaysia a/c limit is SGD 20,000 per day. Transfer from MY to SG can use WISE.
» Click to show Spoiler - click again to hide... «
My first time using moneymatch, send 10k MYR to CIMB SG, rates is much more better compare to WISE and Sunway Money. I received 2,902.03 SGD, as compare to WISE is 2,883.54 and 2896.78 for Sunway Money. The transaction is very fast, receive within 15 minutes after i made my payment.
As for the fees, is only RM5.
Thanks for testing. I did a bit of calculation and found that it’s cheaper than wise because their fee is only RM5 despite having a slightly lower rate compared to wise. It adds up a lot if your transaction amount gets bigger as moneymatch transfer fee remains RM5 fixed while wise fee is variable.
Jul 11 2023, 09:05 PM
Quote
0.0253sec
0.22
7 queries
GZIP Disabled