Which is the Best CIMB Business Account for Singapore Business Owners in 2025?

Founded in 1971 and headquartered in Kuala Lumpur, CIMB is an established bank with a strong ASEAN focus, and a world leader in Islamic finance¹.

In this article we review the CIMB business accounts available in Singapore and compare their features, fees and benefits to help you select the best CIMB business account for your needs. We will also introduce an alternative, non-bank business account - Wise Business.

Table of contents

Overview of CIMB corporate accounts Why having a business account is important CIMB SME Account/ SME-i Account Wise Business Account CIMB TransactPlus / TransactPlus-i CIMB BusinessGo / BusinessGo-i CIMB SGD Current Account CIMB USD BusinessGo-i Account CIMB Foreign Currency Current Account CIMB USD Interest Plus Current Account CIMB SGD Business Interest Transaction Account/ Business Plus Current Account-i Who is eligible to open a business account with CIMB? How to open a CIMB business bank account? Conclusion: What types of companies would benefit most from CIMB Business?

Overview of CIMB corporate accounts

Here’s a quick overview of the different types of CIMB business accounts available, along with the Wise Business Account. There’s more detail coming up later for each account.

	Minimum Balance	Monthly Account Fees	Fall Below Fee	Payment Options	Currencies Supported	Notable Features
CIMB SME Account/ SME-i Account	No minimum balance	First year free, 28 SGD thereafter	Waived	Free local transfers. International payments from 15 SGD.	SGD	Fees on PayNow, FAST and GIRO are waived.
CIMB TransactPlus / TransactPlus-i	No minimum balance	50 SGD	Waived	Free local transfers. International payments from 5 SGD.	SGD	Fees on PayNow, FAST and GIRO are waived; Earn up to 100 SGD cash rebate each month.
CIMB BusinessGo / BusinessGo-i	30,000 SGD	No monthly account fee	88 SGD if balance falls below 30,000 SGD	Free local transfers. International payments from 18.88 SGD.	SGD	Fees on PayNow, FAST and GIRO are waived; Earn between 0.28% to 2%, depending on account balance.
CIMB SGD Current Account	8,000 SGD	No monthly account fee	35 SGD if balance falls below 8,000 SGD	Local transfers from 0.2 SGD. International payments from 30 SGD.	SGD	Basic, no frills business banking account.
CIMB USD BusinessGo-i Account	30,000 USD	No monthly account fee	50 USD if balance falls below 30,000 USD	International payments from 20 SGD.	USD	Earns interest rates of 0.6% for balances above 30,000 USD
CIMB Foreign Currency Current Account	Minimum balance varies depending on currencies held	No monthly account fee	Fall below fee varies depending on currencies held	International payments from 30 SGD.	7 currencies supported	Manage multiple currencies in one account.
CIMB USD Interest Plus Current Account	8,000 USD	No monthly account fee	35 USD if balance falls below 8,000 USD	International payments from 30 SGD.	USD	Earns interest rates of 0.6% to 2% for balances more than 500,000 USD
CIMB SGD Business Interest Transaction Account/ Business Plus Current Account-i	8,000 SGD	No monthly account fee	35 SGD if balance falls below 8,000 SGD	Local transfers from 0.2 SGD. International payments from 30 SGD.	SGD	Preferential interest rates.
Wise Business	No minimum balance	No monthly account fee. One-time 99 SGD fee for full account services	No fall below fees	Send international payments from 0.26%	40+ currencies supported	International debit cards available Ways to receive payments in foreign currencies

*Details accurate at time of research - 15th January 2025

Why having a business account is important

A business banking account is specifically for a business’ financial transactions.

It is wise to separate business finances from personal finances to reduce legal liability and maintain transparency. Having clear records also reduces the risk of commingling of funds that could raise flags during audits or regulatory checks.

Unlike personal bank accounts, business banking accounts offer features tailored for businesses. For example, multi-currency accounts enable seamless global transactions with partners and clients.

Nowadays, businesses aren’t restricted to traditional business banking options; there are many alternative non-bank options that provide similar services, but in a more efficient way or with less fees.

Do you know the difference between the Wise Personal and Business accounts?
➡️ Find out here: Wise Business vs Personal: Which Account Suits Your Needs Better?

CIMB SME Account/ SME-i Account

CIMB SME Account is designed to help small businesses succeed by keeping costs low. The CIMB SME-i Account is a Shariah-compliant equivalent².

No Minimum Balances or Fall Below Fees³

This is especially helpful for small businesses because you do not need to worry about cash flow and can focus on growing your business.

No Transaction Fees³

Transaction fees across popular fund transfer services in Singapore like PayNow, FAST and GIRO are waived. You will also save on fees when you handle payrolls via the BizChannel@CIMB app.

Do note that charges apply on Telegraphic Transfers and Cheque processing.

Monthly Fee Waived on first 12 Months³

The monthly fee of 28 SGD is waived for the 1st 12 months from the opening of your CIMB SME Account.

📝 Bottom line: The CIMB SME Account / SME-i Account is most suitable for small businesses, businesses with little cash balances or businesses with low volume of monthly transactions.

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Wise Business account: The business account with low fees for effective cashflow management and maximising growth

Wise Business account allows businesses to transact across over 40 currencies with lower fees and FX markups.

Zero recurring maintenance fees⁴

Wise Business comes with no monthly account fees or fall below fees, so you do not have to worry about raking up unnecessary expenses while operating your business. (A one-time set up fee of 99 SGD applies to get full account features).

Low, transparent conversion fees

There is no need to worry about markups or hidden FX fees. Wise lets you transact at the mid-market exchange rate and all conversion fees are reflected before you make any transactions.

Essential local banking features available

On top of sending and receiving foreign currencies, Wise allows you to transact locally via PayNow, FAST and GIRO.

Discover how having a Wise Business Account can help you save on fees and grow your business faster

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CIMB TransactPlus / TransactPlus-i

The CIMB TransactPlus is designed for businesses with a global clientele.

Low flat fee on telegraphic transfers⁵

All telegraphic transfers made via the BizChannel@CIMB app incur a low flat fee of 5 SGD.

This could add up to substantial savings for businesses with high volume of telegraphic transfers.

Cash Rebates on Transactions⁵

As the first cash rebate business account in Singapore, you could get up to 100 SGD in cash rebates each month. This could be used to offset the monthly account fee.

However, you should take note of the limits and caps on eligible transactions:

Type of transactions	Number of applicable transactions	Fee per transaction	Total Rebate*
PayNow / FAST	25	S$0	S$50
Giro	12	S$0	S$24
Payroll	8	S$0	S$16
Telegraphic Transfer	5	S$5	S$10

*Rebate is given out at a rate of 2 SGD per outward transaction via BizChannel@CIMB app.

Businesses that process more than 25 transactions monthly will benefit greatly as they would be able to offset the monthly fees with cash rebates.

No Transaction Fees⁵

Transaction fees on PayNow, FAST and GIRO as well as payroll transactions done via BizChannel@CIMB are waived.

No Minimum Balances or Fall Below Fees⁵

There are no minimum balance requirements nor fall below fees. However, there is a monthly fee of 50 SGD.

📝 The CIMB TransactPlus / TransactPlus-i account is suitable for businesses with high volume of monthly transactions, or businesses with international partners and rely heavily on telegraphic transfers.

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CIMB BusinessGo / BusinessGo-i

CIMB BusinessGo is a high interest account for businesses. The CIMB BusinessGo-i Account is a Shariah-compliant equivalent.

Earn an interest on your balance⁶

While CIMB BusinessGo comes with a minimum balance of S$30,000, you get to grow your cash balance.

Here are the latest rates you get to enjoy, based on your account balance:

Account Balance	Base Interest (p.a.)
0 SGD - 30,000 SGD	0% (+88 SGD monthly fee applies)
30,000.01 SGD - 1,000,000.00 SGD	0.80%
1,000,00.01 SGD - 2,000,000.00 SGD	2.00%
2,000,000.01 SGD and above	0.28%

No Transaction Fees⁶

You enjoy waivers on transactions via PayNow, FAST, GIRO as well as payrolls made via BizChannel@CIMB.

CIMB BusinessGo accounts will receive their first cheque book free (cheque processing fees still apply).

📝 The CIMB BusinessGo account is suitable for businesses that want to earn an interest on their operating funds. Businesses with cash balances of more than 1,000,000 SGD would benefit the highest yield with a CIMB BusinessGo account. That said, depending on how much liquidity you need, alternatives like fixed deposits may offer higher rates.

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CIMB SGD Current Account

A no-frills, basic SGD account that offers essential business banking features.

Free PayNow transactions till 31 Dec 2025⁷

While charges apply for FAST and GIRO charges, fees on the more commonly used PayNow has been waived till 31 Dec 2025.

📝 The CIMB SGD Current Account is suitable for business owners who want a basic account with essential business banking features.

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CIMB USD BusinessGo-i Account

The CIMB USD BusinessGo-i Account is a Shariah-compliant USD current account that offers a profit rate on funds.

Earn a profit on funds⁸

Deposit balances of above 30,000 USD earns a profit rate of 0.6% per annum:

Deposit Balance	Base Interest (p.a.)
Below 30,000 USD	0% (50 USD monthly fee applies)
30,000.01 USD and above	0.60%

Enjoy preferential Telegraphic Transfer rates⁹

Save on telegraphic transfers with preferential rates depending on:

Type of Telegraphic Transfer	TT Charge
TT with foreign exchange	20 SGD
TT without foreign exchange	50 SGD

📝 The CIMB USD BusinessGo-i Account is suitable for businesses engaging in activities in line with Islamic principles.

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CIMB Foreign Currency Current Account

The CIMB Foreign Currency Current Account allows businesses to manage their foreign currencies.

Supports 7 currencies⁹

This account supports AUD, CAD, CNH, GBP, HKD, NZD, and USD.

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CIMB USD Interest Plus Current Account

CIMB USD Interest Plus Current Account is a high interest USD account for businesses.

Earn an interest on your balance¹⁰

Here are the latest rates, based on your account balance:

Account Balance	Base Interest (p.a.)
0 USD - 500,000 USD	0%
500,000.01 USD - 1,000,000.00 USD	0.60%
1,000,00.01 USD - 3,000,000.00 USD	2.00%
3,000,000.01 USD and above	1.00%

📝 The CIMB USD Interest Plus Current Account would suit businesses with significant liquid cash held in USD.

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CIMB SGD Business Interest Transaction Account/ Business Plus Current Account-i

CIMB SGD Business Interest Transaction Account offers preferential interest rates with zero maintenance fees. The CIMB Business Plus Current Account-i is the Shariah-compliant equivalent.

Preferential Interest Rates¹¹

Account holders can get access to preferential interest rates via their Relationship Manager.

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Who is eligible to open a business account with CIMB?

Businesses incorporated in Singapore and Malaysia can apply for a CIMB business banking account online¹².

If your business is registered outside Singapore, you will need to contact a CIMB bank representation who can help you with your application.

But if you’re unsure whether CIMB business accounts are for you,

➡️ Check out our Review of the best corporate bank accounts in Singapore

How to open a CIMB business bank account?

You can open a CIMB business account via the CIMB website or the BizChannel@CIMB Mobile App.

If you have Corppass set up, most of your details can be accessed via Myinfo business. You will also be required to submit a photo verification along with your business’ Memorandum and Articles of Association (for Private Limited Company), or partnership agreement (for Partnerships).

The process only takes minutes. You can receive banking details via email and start banking almost immediately.

Conclusion: What types of companies would benefit most from CIMB Business?

As the fifth largest banking group by assets in ASEAN, CIMB is one of the leading banks in the region¹³. They offer several business account options to support Singapore businesses of different sizes.

🌟 CIMB has also carved out a niche in the Islamic finance space. If you operate in Islamic markets and need a Shariah-compliant business account, having a CIMB business account would give you the ability to operate your business confidently.

• That said, if you’re running a global business, CIMB Foreign Currency Current Account currently supports only 7 currencies, and
• Most other CIMB business accounts only offer the option to transact in SGD or USD.
• This also comes with minimum balances and fall below fees across different currencies, and
• Telegraphic transfer fees on top of foreign exchange charges⁷.

With Wise Business, you can handle international payments with low fees and transparent pricing, ensuring that you can handle cross-border transactions with no hidden fees eating into your profits.

Get Started with Wise Business

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Sources:

1. About CIMB
2. CIMB SME-i ACCOUNT
3. CIMB SME Account
4. Wise Business
5. CIMB TransactPlus Account
6. CIMB BusinessGo
7. CIMB Corporate Pricing Guide
8. CIMB USD BusinessGo-i Account
9. CIMB Foreign Currency Current Account
10. CIMB USD Interest Plus Current Account
11. CIMB SGD Business Interest Transaction Account
12. Commercial Current Accounts
13. CIMB Group

Sources checked: 15th January 2025