How to open a CIMB business bank account in Singapore

I am about to open a business bank account with CIMB and in this blog post, I will document the process that I experience firsthand. 

First, let me recap why I chose CIMB. 

Why CIMB?

My Wifey saw this CIMB ad that says I can earn 2.88%* p.a. on my balances, and there are no fall-below fees and minimum initial deposit.

They call it the CIMB BusinessGo... CIMB BusinessGo | Interest-bearing Business Current Account ... https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-businessgo-sgd-current-account.html

CIMB is not the top 5 best banks in Singapore, but I have transacted with a few financial companies in Singapore that use it. 

Here's the thing. I already have a business bank for my company at DBS, which is handicapped at the moment, Money can go in but cannot come out due to some minor issues but a big hassle to handle. 

So instead of going through a huge amount of paperwork to open a new DBS account and transfer the existing one over, I think it is easier to open a new account with CIMB and then close the DBS one. I can always open another DBS account later if I want. 

So now, let's click on the Apply Now button.

The Process

The first 3 things to fill in are...

• Account type: SGD BusinessGo 
• Currency: SGD 
• Purpose: Business Operations 
• Country: Singapore 

By the way, this company is a sole proprietorship.

Things to prepare...

• NRIC and specimen signature of the business owner. 

Then I see a button to Apply with Myinfo business... I love this convenience. 

I have to log in with my company UEN first. Then log in with my Singapass to go into Corpass. I agreed to share my business particulars. 

Back on the CIMB website, I had to fill in my particulars and give more information about my business type. It asked me to fill in some top customers and some top suppliers (I left them blank). I wanted to add my Wifey as the second signatory, but I will do that after opening the account. I chose to receive electronic advice, email, and SMS alerts. I chose myself as the viewer, maker, and approver under Bizchannel Onboarding. 

Next is a declaration for tax, and risk profile, and read the long text. 

At this point the long text made me feel hesitant. I began to wonder if there was something in there against me that I did not know of. 

Anyway, let's continue. 

Next, submit the picture of my NRIC and signature. This is the longest process. Taking pictures and cropping them into a template!

And finally, click on Submit.

Approval will take up to 3 working days. 

I was expecting an email acknowledgment immediately. There wasn't any. Let's wait. 

Oh, wait! It did send me an SMS acknowledgment though.

3 days later...

3 days later, I started receiving daily SMS and emails informing me of the balance in my account which is of course $0.

I tried to log in to my account online and realized I did not have the corporate ID and password.

So I called CIMB. They told me they would be snail-mailing me my corporate ID in about 9 to 10 days. 

9 days later... 

I received an email to check my snail mail.

I checked my snail mail and there it is. A welcome letter. A checkbook. A security device. Two of them. Same ones. Two? ... And user IDs also 2 of them. 

...update soon... subscribe or leave a comment to follow!

~ Adrian Lee