If you’re reading this, you probably want to open a Singapore account from Malaysia (for investing or saving reasons) and you know that it’s pretty hard to open an SG account if you don’t have a valid working visa, PR etc. Luckily CIMB SG allows you to do just that without any visa requirements.
This article will teach you how to open an SG bank account from Malaysia — all online in under 1 week! Let’s dive into it.
Before we got into the nitty-gritty, you’ll need these 4 prerequisites:
- ID Card (You need to be over 16 years old)
- Proof of Address (Utility bill, Bank statement, etc.) — preferably same as your address stated on your ID Card.
- 1,000 SGD (~RM3,000)
- CIMB Malaysia account (or CIMB Clicks)
Once you have those ready, follow this 6 steps to open your SG account:
Step 1: Visit CIMB SG Website (CIMB Fast Saver)
a. Visit this website:https://www.cimb.com.sg/en/personal/banking-with-us/accounts/savings-accounts/cimb-fastsaver-account.html
b. Scroll down and click on “Apply for FastSaver”
c. You’ll be redirected to a new page. From there, select “Individual application” and scroll down & click “apply manually here”
d. Complete the application form and submit the necessary documents. It should take around 10 minutes.
Step 2: Your Account Number
After you submit your form, you’ll receive an email with a PDF attached. To unlock the PDF (your account number is inside), you’ll need a password that’ll be sent via SMS to your phone number.
Your new Singapore account number will appear on the top right corner of the PDF.
Step 3: Funding Your SG Account
Now you’ll need to fund your SG account with an initial deposit of SGD 1,000. There are plenty of ways to do this, i.e. use your local bank, ask your SG friends/relatives to transfer over, etc.
But if you’re like me, paiseh ask your friends/relatives and dislike bank exchange rates (disgusting fees as well), then use TransferWise — now rebranded to Wise.
They offer the best rates compared to any bank and peers. I’ve personally transferred more than MYR100k worth using Wise. I’m not sponsored by them, just speaking from personal experience.
If you have not signed up yet, you may do so here -> Sign up to Wise.
ps: They are regulated in Malaysia. Those who have studied in the UK will know Wise as they are very popular there.
Step 4: Linking CIMB MY to CIMB SG account
This can be done even before you fund your SG account with 1k.
Simply go to your CIMB Clicks MYR account > Under Services > Account Linking > Singapore Accounts
It’ll take 1–2 Business Days for your account to be approved.
Step 5: e-KYC Transfer
This step is necessary to verify your account. You’ll need to transfer at least 1SGD from your CIMB Clicks Malaysia account to your CIMB SG account. (No, you can’t use Wise or any third party for this. It has to be from your CIMB Malaysia account)
Go to “Pay & Transfer” and “Transfer Money”
Select your newly linked SG Fast Saver account and transfer 1.20SGD. The required amount is 1SGD but I prefer to transfer slightly more just to be safe :)
Step 6: Account Approval
Final step! Once that’s all done, you simply need to wait for a CIMB representative to give you a call back in the next 1–3 days. They’ll ask for your details, purpose of opening and so forth.
Should be a fairly straightforward process. After the call, you’ll receive an email and/or SMS saying that your SG account is approved! (I personally use the SG account to transfer SGD to my Tigerbrokers account or Syfe ,Ref Code: SRPRMB5SL)
In my next article, I’ll go through how to open a Tigerbroker account for Malaysians. Stay tuned!
Ps: For anyone who wants to transfer money overseas, you can seriously consider Wise (not sponsored by them). I’ve personally transferred AUD to MYR (or to SGD) and it reached my bank account in less than 2 hours — their rates are much better than banks too.