bakedbean

I've got accounts with CIMB Malaysia and online banking and I see some interesting looking tabs online where you can click into CIMB Singapore

I've also noticed that on the CIMB Singapore website that their deposit interest rates (for certain currencies) are way way more interesting than CIMB Malaysia....and that is just the bog-standard rates (not CIMB preferred).

I'm just wondering if anyone has any experiences of using both CIMB Malaysia and Singapore and how easy is it to switch funds between the two. Anyone?

Gunnar45

I noticed the same, so I use both and opened a Singapore account through the Prima T office here in Penang.
No problem at all.

bakedbean

OK that's great, Gunnar. Thanks.

eCdD

Interested to hear how this story continues. CIMB at the moment has the best chances to become my future bank in Malaysia. They give a great rate for the fixed deposit. At least for the first year, then things will get interesting...

bakedbean

It depends what currency you're talking about. And with CIMB, I think both Sing and Malaysia, the rates are tiered depending on size of deposit and tenure I.e. The bigger the deposit and the longer the tenure, the higher rate you get. Not always the case with other banks .

I'm currently looking at AUD deposits. The difference on the rates online between CIMB Malaysia and CIMB Singapore is huge.

I'm having a few legal battles with CIMB at the moment so I won't say everything I want to say just yet suffice to say that I am not a happy bunny with them at the moment .

eCdD

Hmm, AUD, never thought about this currency. Maybe I should.

I am talking about RMB and SGD.

The website of CIMB MY for this is not too useful as it is "Last Updated: Tuesday June 23 2015": Rates & Charges

The Singapore website is up to date and has brillant rates for RMB savings!

If your legal battles could be of any interest for a MM2H collegue that wants to open his account and MM2H fixed deposit there, please send me a private message

bakedbean

Just a small update on this.

Yes you can open up accounts fairly easily with CIMB Singapore via CIMB Malaysia. I've done it now but the account is empty

You need to figure in whether you're going to be shifting money around a lot. Moving money to Singapore via CIMB fairly cheap - a TT charge of equiv USD 2. But going back in the other direction (Singapore to Malaysia) it costs SGD 50. That's currently around RM 150. Quite a hefty charge.

What I am discovering (much like the guys in the Car buying topic) is that quite a lot of things can be "negotiated" face-to-face, not in writing.

I had a good face-to-face meeting with my contact at CIMB here the other day. And we thrashed out what is wrong, what has been wrong, and how to fix the problems. Basically I want Hassle Free Banking and some good Interest rates. They want to keep me as a Customer. We worked it out. Obviously not going to put details on an open forum but just saying Talk to people here and see what can be done. Ask and it will be Given

Gunnar45

I have similar experiences with CIMB bank here, I mean that some of their procedures can be quite irritating. But on the whole, I prefer them over HSBC here.
CIMB interest rates are better and they have more offices around with preferred customer facilities.
Also, if you travel a lot in the region, their lounge access program for preferred card hlders is very convenient and if you open accounts in Singapore you will have the same benefit with their preferred card(s).

Scuba Tyke

David Yang, you may find this post of mine, from another thread of interest, updated as it's now not 3 weeks ago:

We placed our MM2H FDs with CIMB bank 3 weeks ago (early March 2015) at 3.8%, all we needed was our passports, MM2H approval letter and proof of address (utility bill).
On our next visit to the branch the manageress advised us that the FD rate available during March had now gone up to 4.2%. All in all I found CIMB Port Dickson very easy to deal with, they knew all about the MM2H scheme and made the whole experience simple and easy. We opened a joint standard savings account with them as well to use as an everyday account, that gave us an ATM/Mastercard debit card. Their online app 'CIMB Clicks' is good too. The only issue we had was that you have to go in via the app or at an ATM and set all the limits for various transactions. They hadn't mentioned that, but until you do the initial settings are zero, so you can't use the cards as the system reports that you have exceeded the limit. Once we discovered that requirement, via the helpline after some failed transactions, we were up and running. CIMB were much better that Maybank, the person we spoke to there had very sketchy knowledge and the best FD rate offered was 3.3%, plus they wanted to see our marriage certificate before opening a joint account.

SushiFan

One remark related to CIMB Clicks: you need to have a mobile phone with Malaysian phone number as they send a PIN code for each action as SMS message. I didn't have a mobile phone number yet and was thus unable to sign up for CIMB Clicks.

bakedbean

There's supposed to be a CIMB App now that will generate the required TAC (I think). I haven't actually checked it out. Maybe someone else can comment.

Scuba Tyke

Indeed there is BB, it's called CIMB Clicks and is simple to use. And now I've read the post above yours I can add that I keep a Malaysian sim card in an old phone I have for that purpose. I can then use the app wherever I happen to be, as long as I have a mobile signal.

ST

bakedbean

Aha. Think I might check that out today.

Gunnar45

For payments via CIMB Clicks there is the option to select either 'TAC via SMS' or 'TAC on device'.

I got a little TAC generator from the bank so I don't have to worry about switching on my MY mobile when abroad.
I think there was a charge for it, not sure it was some years ago.

SushiFan

The option of "TAC on device" was not offered to me. I complained that they basically require me to have a mobile phone for CIMB Clicks and that other banks provide options for people who don't have a mobile phone. CIMB did not have an answer to that.

They told me to first get a Malaysian mobile phone and register the number at an ATM or at a branch office. After you've done this you can apply for CIMB Clicks online. I haven't completed this procedure yet so I can't share my experience.