CIMB international transfer - 2024
If you use CIMB for your day to day money management, you may be interested to know more about how to send a CIMB international money transfer.
This guide has all you need - including the costs, delivery times and how to make your first CIMB international bank transfer.
Sending money overseas with your bank may feel like the easy option - but that’s no guarantee it’ll be the cheapest or fastest way to arrange your overseas payment. Non-bank providers like Wise may have better exchange rates and lower overall fees. More on that later.
CIMB international money transfer comparison
Before we get into the details of CIMB money transfer fees and CIMB foreign exchange rates let’s get an overview of the costs compared to other services.
Depending on the details of your CIMB transfer, you may pay the following fees:
Transfer fee - paid to CIMB directly
Exchange rate markup - a percentage added to the CIMB foreign exchange rate which can push up the costs of your transfer
Third party fees - these costs apply in SWIFT transfers, and can include intermediary costs and fees levied by the recipient’s bank
Let’s start with a comparison of the costs involved when sending an international transfer with CIMB and other Malaysian banks, compared to specialist non-bank provider, Wise.
Here we’ll take an example of a payment of 5,000 MYR to a friend in Singapore, assuming we want the end amount to be received in SGD.
| Sending 5,000 MYR to SGD with: | Transfer fee | Recipient receives |
|---|---|---|
| Wise | 34.46 MYR | 1,512.82 SGD |
| CIMB | 10 MYR | 1,494.47 SGD -18.35 SGD compared to Wise |
| Public Bank | 32 MYR | 1,489.37 SGD -23.45 SGD compared to Wise |
| Maybank | 88.77 MYR | 1,475.75 SGD -37.07 SGD compared to Wise |
As you can see, in this example your recipient gets more in the end with Wise compared to CIMB and the profiled banks. That’s despite the fact that Wise looks to have a relatively high fee for sending money. The difference here is in the exchange rate - Wise uses the mid-market rate with no markup added, while the banks we've looked at add some costs to the rate offered to customers. We’ll look at the CIMB exchange rate in more detail later.
In this example transfer, CIMB is the cheapest of the Malaysian banks we’ve looked at. However, it’s still a more expensive choice in the end than using Wise as a non-bank alternative service.
CIMB international transfer fees
As we’ve already explored, the costs of sending a CIMB telegraphic transfer can be split out into several different fees, including a transfer fee, an exchange rate markup, and third party costs. Firstly, let’s look at the stated international transfer fees - we’ll investigate the exchange cost and potential third party fees in just a moment:
| CIMB international transfer type | CIMB telegraphic transfer fee |
|---|---|
| Outward transfer made in a branch | Sending to SGD: 10 MYR Sending to IDR: 20 MYR All other currencies: 30 MYR |
| Outward transfer made online or using Clicks | 10 MYR |
| Inward transfer | No fee |
CIMB exchange rate
You can find CIMB exchange rates online or in the CIMB Clicks banking app before you confirm a payment.
The exchange rate used to convert your ringgit to the currency you need to deposit in your recipient’s account will be the CIMB retail rate, which is the mid-market rate with a variable markup added. The markup is a percentage fee which is added into the rate used for your transfer.
You can calculate this fee if you compare the CIMB rate for your currency with the mid-market rate available on Google or using a currency conversion tool.
Or, if you’d prefer not to worry about the math, you may prefer a non-bank alternative provider like Wise, which gives the mid-market rate and shows the conversion costs transparently so you can check and compare them.
CIMB additional fees
When you send a payment overseas through the SWIFT system - which is used by most banks - agent or intermediary charges will also often apply. That’s in addition to the transfer and exchange rate fees you’ll pay.
Up to 3 banks may be involved in processing a single payment, and each agent or intermediary can deduct their own fee for the service they offer. This may mean that the amount the recipient gets will be lower than you expected, as fees are deducted as the transfer is processed and before the final amount is deposited.
How long does a CIMB international money transfer take?
CIMB does not give an estimated payment delivery time, but it’s helpful to understand that when payments are sent by banks through the SWIFT network, they can take anything from a day or two, to 5 days to arrive in the recipient’s account. This depends on the recipient’s own bank, and how the payment is routed through intermediaries.
Sending a payment through a provider like Wise could give a faster alternative. Wise has built its own payment network to move money faster, and avoid the SWIFT system. This means that 45% of Wise payments arrive instantly, and 90% are there in 24 hours*.
*The speed of transaction claim depends on individual circumstances and may not be available for all transactions
Pros and cons of transferring money abroad with CIMB
Pros:
Send money in a branch, online or in the Clicks app
SWIFT transfers can be sent to almost anywhere in the world
CIMB Clicks transfers have a fee of only 10 MYR
Cons:
Variable exchange rate markup applies
Intermediary charges are likely to apply for overseas transfers
SWIFT transfers can take anything up to 5 days to arrive, depending on destination and intermediary banks
Making an international transfer with a bank can be reassuringly familiar - but usually specialist services can offer faster delivery times, lower overall costs and a better exchange rate.
How to make an international transfer with CIMB
You can send your payment with CIMB online or in an app, or in a branch. To make a digital payment you need to register for CIMB OCTO or CIMB Clicks.
The exact process may vary depending on how you set up the transfer - here’s an outline of what will be needed for digital payments online and in app:
Login to your online or in app banking
Look for the option to set up a payment and pick the international transfer button
Fill in all the required payee information including bank details - more on what’s needed next
Enter the currency, amount and payment purpose
You may be prompted to complete a security step, depending on how your account is configured
Confirm your payment and your money is on the way
What information do you need to make an international transfer with CIMB?
The exact information you need to send an international transfer with CIMB does vary depending on the details of the payment. However, you may be asked for some or all of the following:
Beneficiary’s name, address and contact number
Beneficiary’s passport number
Beneficiary’s bank account number or IBAN
Beneficiary’s bank BIC/SWIFT code
Name of the beneficiary bank
Address of the beneficiary bank
Sender’s relationship with the beneficiary
Beneficiary’s Malaysia resident status
Purpose of payment
Transfer limits and available countries
The minimum amount you can send abroad with CIMB is 250 MYR. If you’re using CIMB Clicks, you can send up to a daily maximum limit of 50,000 MYR for all payment purposes.
There’s no maximum limit for CIMB international transfer transactions submitted through branches.
Receiving money from abroad with CIMB
There’s no fee to receive money from abroad with CIMB in most cases. Bear in mind though, that the person sending you money is likely to have to pay fees, and an exchange rate markup may also apply, to convert the foreign currency to MYR for deposit to your account.
You’ll just need to make sure your sender has your name, account number and the CIMB SWIFT code. They may also ask for a few more details, depending on the country they’re based in, such as the purpose of the payment.
CIMB SWIFT code
SWIFT codes are unique identifiers which are issued to many financial institutions to help guide international payments to the right banks around the world. You can think of a SWIFT code as being like a postcode on a mailing address - getting it right is essential if you want to make sure your money gets to you safely.
CIMB Bank’s SWIFT/BIC code: CIBBMYKL
Conclusion
Banks aren’t necessarily the best option for sending money overseas. They’ll often use exchange rate markups, and the delivery times aren’t usually the best on the market. Specialist services have stepped in to offer international payments which can have faster delivery times - plus lower overall fees and better exchange rates.
Compare the costs of your transfer with CIMB against alternatives like Wise, to make sure you get the best available deal for your needs.
CIMB international bank transfer FAQs
Yes, you can send money overseas with CIMB online, in app and in person in a branch.
CIMB Clicks transfers have a 10 MYR fee - in branch you’ll pay up to 30 MYR. Exchange fees and third party costs are also likely to apply.
Send from 250 MYR to a daily maximum limit of 50,000 MYR using CIMB Clicks, for all payment purposes. There’s no maximum limit for CIMB international transfer transactions submitted through branches.
CIMB international transfer fees run from 10 MYR to 30 MYR, depending on the payment details - extra fees including an exchange rate markup can also apply.
CIMB transfers are likely to be processed through the SWIFT network. SWIFT payments can take from 1 - 5 days to arrive.
You can send your payment with CIMB online or in app, or in a branch. To make a digital payment you need to register for CIMB OCTO or CIMB Clicks.