A multi-currency account might be a wise choice to reduce your banking expenses if you frequently send and receive money transfers or run a business that deals with clients and suppliers located abroad.
Although CIMB Singapore provides more than 20 finance products based on consumer banking, the related data was stored in separate silos. Information was difficult to retrieve, consolidate, and analyze due to the lack of a specialized data platform. As a result, the bank was left without a complete picture of its clients’ interactions with it.
Leading ASEAN customer bank CIMB Singapore was confronted with both a difficulty and an opportunity due to the rapid development of digital banking and the entry of creative, agile challenger banks. The choice was to ignore the situation and risk losing market share and relevancy or to embrace information technology to unlock tremendous growth potential while enhancing consumer engagement and intimacy.
In addition to possibilities for personal multi-currency accounts, CIMB offers a foreign exchange account for your company. Online banking gives you access to a wider variety of available currencies. Before deciding which is the best account for the business needs, you should carefully consider the fees.
- The following currencies are accepted: HKD, USD, EUR, CNH, CAD, CHF, NZD, AUD, GBP, and JPY.
- Monthly costs If the budget range is not kept, a fee of USD10 per month or its equivalent in another currency will be assessed.
- Limits There is a $1,000 minimum initial deposit requirement in other currencies.
- Account services are provided. Online banking, checkbooks, and monthly statements are all free of charge.
- Foreign exchange and foreign transaction costs; online payment Including currency conversion: 0.0625 percent commission (minimum SGD10-maximum SGD50) plus any applicable agency fees + SGD30 for the cable fee.
When selecting a business account, examining a variety of possibilities from several providers is a smart idea. It pays to compare options when searching for a foreign exchange account, whether for personal use or to facilitate international corporate operations.
With a little research, you’re sure to find an account type that works for you because there are so many different ones accessible. Remember to examine all available fees and features, pay attention to possible exchange rates, and consider the charges associated with making an international payment.
One benefit of establishing a business in Singapore is the availability of government assistance in the form of grants, which increases the likelihood of business success. Several different grants are available for Small and Medium-sized Businesses (SMEs) to take advantage of, ranging from grants for productivity, digital transformation, and business growth to funding specifically for Covid-19.
Entrepreneurs Choose Singapore As Their Location For Business For Various Reasons.
- Government Grants Aggregatorare available and can speed up business growth.
- 100% ownership and total management of your business
- Creating a corporation is simple; it just takes one day to establish and incorporate a company.
- Talent hub with liberal immigration laws to entice top international talent gateway to East Asia and Australia in a strategic position
- Tax-friendly: Singapore’s corporation tax rate is set at 17%.