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If you’re running a business in Singapore, there’s over 75% chance you already have some form of overseas presence1. This usually means having to pay overseas vendors, suppliers, partners and even employees on time.

 

With the volume of cross-border payments only going to increase, the cost of foreign exchange (FX) transactions can quietly eat into your bottom line.

 

From hefty foreign transaction fees to opaque bid-ask spreads and intermediaries fees, SMEs often end up paying more than they realise when making overseas transactions. This is where CIMB’s FX solutions steps into the spotlight – designed to help SMEs save on overseas transactions while enjoying convenience and full transparency.

Put CIMB’s FX Online to the Test 

You don’t have to be a CIMB customer to test out our market-leading FX solutions. With FX Online, you can make an overseas payment before opening a business banking account with us to continue enjoying transparent rates and convenient FX solutions.

 

For example, if you’re making an overseas payment to a supplier in Malaysia, you can expect a competitive exchange rate compared to other banks. At the same time, we’re waiving off the TT charges^ on FX Online so you can try out our solutions without incurring additional costs.

 

Saving On Your FX Transactions

Scenerio: Company XXX Pte Ltd wants to transfer MYR100,000 as payment to a supplier in Malaysia 

TT Charges via online banking

 CIMB FX Online

Bank A

Bank B

Bank C

SGD Equivalent

S$30,052.59

 S$30,120.48
TT Charges S$0^ S$30 S$38.83 S$50
Total amount debited from your account  S$30,052.59 S$30,150.48 S$30,159.31 S$30,170.48
Additional Cost - S$97.89 S$106.72 S$117.89

 

If you’re intending to give FX Online a try, you’ll be glad to know you will enjoy the guaranteed* best exchange rates for your Singapore to Malaysian Ringgit (MYR), Thai Baht (THB) and Indonesian Rupiah (IDR) overseas payment. Nevertheless, you can make overseas transfers in 12 foreign currencies, including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, and USD – on top of the MYR, IDR and THB.

 

The entire overseas payment should take you no more than 10 minutes, roughly the same time you’d take to make an overseas payment with your existing business bank account.

 

5 Simple Steps to Transact on FX Online

 

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In 5 simple steps, you can make a one-time overseas payment on FX Online for free, even without a CIMB business banking account.
 

  1. Visit our FX Online Landing Page. Select your type of business entity (Private Limited / Sole Proprietor), and log-in with Singpass to automatically populate your business information.
  2. Check the details and make the necessary declarations, including for your Tax status.
  3. Upload all relevant documents, such as Board Resolutions, M&AA, Identification documents and signatures with the stipulated timeframe of 10 days upon submission of transaction.
    You can skip this step if you don’t have all the documents on hand, and make the submissions within 10 days instead.
  4. Input and check your beneficiary details.
  5. Make a PayNow transfer from your existing company’s mobile banking app in SGD.

 

And, you're done!

 

Come for the Low-Cost & Competitive Rates, Stay for the Transparency and Convenience 

If you’re still not convinced, you can check out CIMB’s live FX Online rates at any time – and compare it to your own bank account’s rates – before making a transaction. 

 

And, if you want to continue using CIMB’s FX solutions after trying it out, you simply need to sign-up for a business account – in 2 simple steps, entirely online.

 

    Step 1: Prepare the relevant documents. For example, a private limited company has to submit

  • Certified true copies of their Memorandum and Articles of Association or Constitution.
  • NRIC/Passport, and specimen Signatures
  • Image with NRIC

    Step 2: Click “Apply Now”, and your application will take about 15 minutes to complete.

 

Once this is done, you can start making FX bookings via CIMB’s digital banking platform, BizChannel@CIMB.

 

Enjoy Lower FX Fees that Protect your Margins

FX costs can add up quickly, especially for businesses with recurring and incremental payments in overseas markets.

 

FX bookings via CIMB offer competitive rates for 12 major currencies in the region and internationally: AUD, CAD, CHF, EUR, GBP, HKD, IDR, JPY, MYR, NZD, THB, and USD

 

Beyond FX spreads, transfer charges remain a hidden drain on your margins. Many banks impose high telegraphic transfer (TT) fees, which eat into SME cash flow.

 

CIMB’s FX solutions charges one of the lowest telegraphic charges, with waivers for transfers within the CIMB regional network. This means more of your money reaches its destination instead of being lost to fees.

 

While FX Online gives you a free trial, our usual TT rates are still lower than most banks, charging between S$5 and S$18.88, depending on the CIMB Business Account that you choose to open.

 

Enjoy the Lowest Telegraphic Fees with CIMB     

TT Charges via online banking

 CIMB Business Accounts

Bank A

Bank B

Bank C

Commission charges (excluding Agent fee if any)

S$5 - $18.88

(Free with FX Online) 

S$30

1/16%, min. S$10, max S$50

S$50

 

With CIMB, SMEs can always check real-time live FX rates before making your FX bookings, and lock in the guaranteed rates. This allows businesses to transact with confidence and avoid unexpected costs later on.

 

This level of visibility helps business owners make better, real-time data-driven decisions when managing overseas payments.

 

CIMB Singapore: A Smarter Way Forward for SMEs

 

As one of ASEAN’s leading banks, CIMB has built FX Online to strengthen regional connectivity for SMEs. This means: 

  • Offering relevant currency pairs with competitive FX rates,
  • Optimising FX costs across multiple countries, rather than applying a fixed rate or percentage of transaction fee,

 

Managing overseas transactions doesn’t have to be costly, complicated, or filled with uncertainty. With CIMB FX Online, SMEs can trial the service for free, secure more competitive rates, reduce transfer fees, and enjoy greater transparency in their overseas payment.

 

If you like what you see, open a CIMB business banking account today, to enjoy our comprehensive suite of tools, including competitive FX solutions, to help you grow your business and secure your cash flow.

 

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. 

^FX online allows businesses to make a one-time FX booking without having a CIMB Business Account subjected to the Terms & Conditions Governing FX Online. Click here for more details. 

 *Terms & Conditions Governing Best & Guaranteed rate. Click here for more details.
1 National Business Survey (NSB) 2023/2024

#Business #Entrepreneur #Financing #Corporates

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