Rating
Overall rating: 4/5
Methodology
This rating uses the same five-pillar framework applied across our Singapore business banking reviews: Features, Pricing and FX, Global payments, Ease of onboarding, and Support and ecosystem, each weighted equally and averaged for a final score.
Arithmetic mean approach
The final score is the simple average of the five pillar scores below.
Equal weighting
Each pillar carries 20% weighting, so no single category dominates the overall result.
Data sources
Scores draw on CIMB’s published rates, fee schedules, and feature pages, cross-checked against third-party reviews.
Interpretation caveat
This is a general benchmark. A business with different priorities, say, heavy international payments, would weigh these pillars differently.
Intended use
Use this score as a starting point for comparison, not a final verdict. Your transaction patterns and balance levels matter more than any single number.
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Features of the CIMB TransactPlus Account
The CIMB TransactPlus Account is designed for businesses that process frequent transactions and want predictable banking costs. The account focuses on transaction benefits and cashback rewards. Some notable features are:
Unlimited FAST, PayNow, and GIRO transactions
Businesses can make unlimited FAST, PayNow, and GIRO transactions without monthly transaction limits. This is particularly beneficial for companies with high payment volumes, as it helps reduce transaction-related banking costs.
3-month account fee rebate
Eligible businesses can receive a rebate of up to 3 months' account fees (SGD $84 total). To claim the rebate, applicants must submit their latest six months of business bank statements to CIMB after opening the account.
BizChannel@CIMB business internet banking
The account comes with access to BizChannel@CIMB, the bank's online business banking platform. Businesses can manage accounts, authorise payments, make local and international transfers, and monitor balances remotely without visiting a branch.
Cashback programme
The account offers SGD $2 cashback for eligible outward transactions made via BizChannel@CIMB, capped at SGD $100 per month. While the cashback per transaction is modest, it can add up over time for businesses that make frequent payments.
No minimum balance requirement
The account does not require businesses to maintain a minimum monthly or daily balance. This makes it suitable for businesses with fluctuating cash flows and eliminates the risk of fall-below fees.
Flat telegraphic transfers fee
TTs are charged at SGD $5 per transaction through BizChannel@CIMB. However, businesses with significant international payment volumes should assess CIMB's foreign exchange rates and conversion costs, as these can have a greater impact on overall payment expenses than the transfer fee itself.
CIMB TransactPlus Account fees and charges
One of the main attractions of the CIMB TransactPlus Account is its simple fee structure. A monthly fee is charged instead of fall-below fees and minimum balance requirements. This fee comes with unlimited local transaction capabilities.
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Documents required for CIMB TransactPlus Account
The exact documentation required depends on the company's legal structure, ownership profile, and authorised signatories.
For Private Limited / Public Company applicants:
- Memorandum and Articles of Association, or Constitution (where applicable)
- NRIC (for Singapore citizens and permanent residents) or passport copy, plus specimen signatures (for directors, shareholders, and authorised signatories)
- Certified true copy of the above, stamped/signed by either 2 directors, or 1 director + 1 secretary, or 1 director if there's a single director
- ACRA Business Profile or company registration documents
- Board Resolution authorising account opening and appointment of signatories
For Partnerships:
- Partnership Agreement
- NRIC/Passport copy and specimen signatures of partners/signatories
Businesses with foreign shareholders, corporate shareholders, or more complex ownership structures may be required to provide additional supporting documents during the application process.
Who the CIMB TransactPlus Account works best for
It’s ideal for the following:
- SMEs that process a high volume of local payments each month
- Businesses looking for unlimited FAST, GIRO, and PayNow transactions
- Companies that do not want to maintain a minimum balance
- Businesses with fluctuating cash flows that want to avoid fall-below penalties
- Companies seeking a traditional bank account backed by an established regional bank
- Businesses that can benefit from the monthly cashback programme
It’s less suitable for the following:
- Businesses seeking an interest-bearing current account
- Companies that regularly hold and transact in multiple currencies
- Startups that process very few transactions and may not fully utilise the account's transaction benefits
- Businesses looking for integrated expense management and accounting tools
- Companies that prioritise foreign exchange pricing and international payment optimisation
Pros and cons of the CIMB TransactPlus Account
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Ratings across platforms
- App Store (iOS): As of June 2026, the CIMB Clicks Singapore app is rated 4.6/5. Users praise its ease of navigation, account management features, and banking functions while some common complaints relate to occasional technical issues and login problems.
- Google Play: Rated 4.8/5 (as of June 2026). Users praise its interface and usability, access to easy cross-border transfers, and security features.
CIMB TransactPlus Account vs competitors in Singapore
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Other alternatives to CIMB TransactPlus Account
- DBS Business Multi-Currency Account: The DBS Business Multi-Currency Account is designed for businesses with cross-border banking needs. It supports 13 currencies within a single account and integrates with accounting platforms such as Xero, QuickBooks, and Financio. The account has no monthly service fee, although a minimum daily balance of SGD $10,000 is required to avoid fall-below fees. Eligible businesses that are less than 3 years old can opt for the DBS Starter Bundle, which costs SGD $10 per month and includes unlimited free local transfers with no minimum balance requirement. This account may appeal to SMEs that regularly transact in multiple currencies and value accounting integrations
- ANEXT Business Account: The ANEXT Business Account is a digital-first business banking solution designed for startups and SMEs. The account does not require a minimum deposit or minimum balance and does not charge any monthly account fees. International transfers cost a flat SGD $15 per SWIFT transaction. Businesses can hold and transact in multiple currencies while managing their finances through a fully digital banking platform. These features make it a compelling option for businesses seeking greater flexibility, lower banking costs, and multi-currency capabilities without relying on traditional branch banking.
- OCBC Business Growth Account: The OCBC Business Growth Account offers a relatively low minimum balance requirement of SGD $1,000 and charges a monthly fee of SGD $10, which is waived for the first two months. It includes a monthly bundle of 80 free FAST and GIRO transactions each. Businesses also gain access to a linked multi-currency account supporting several foreign currencies. This makes it a practical option for SMEs looking for a balance between traditional banking services and transaction flexibility.
- UOB eBusiness Account: The UOB eBusiness Account is designed for newer businesses seeking a straightforward SGD current account. Compared with many traditional business accounts, it has a relatively low minimum balance requirement of SGD $5,000 and provides a 12-month waiver of fall-below fees for newly opened accounts. The account also includes up to 60 free FAST/PayNow transactions and 60 free GIRO transactions per month through fee rebates. This makes it a practical option for young SMEs that primarily operate within Singapore and have moderate local transaction needs.
Conclusion
The CIMB TransactPlus Account is designed for businesses that prioritise transaction efficiency. Its unlimited FAST, PayNow, and GIRO transactions, combined with the SGD $2 cashback programme, make it particularly appealing for businesses that process a high volume of local payments each month. Unlike many traditional business bank accounts, it does not require a minimum balance and does not charge fall-below fees.
For SMEs with active payment cycles and fluctuating cash flow, this structure provides greater flexibility and predictability in banking costs. However, businesses seeking interest on account balances, multi-currency capabilities, expense management tools, corporate cards, or accounting software integrations may find more comprehensive solutions elsewhere.
By comparison, Aspire supports 30+ currencies and includes free local transfers, expense management tools, corporate cards, and accounting integrations, all without minimum balance requirements. Businesses looking for a more digital-first financial platform may benefit from comparing both options to determine which best suits their operational needs.
FAQs
How does the SGD $2 cashback programme work?
Businesses receive an SGD $2 cashback on eligible outward transactions made through BizChannel@CIMB. Cashback is subject to CIMB's terms and conditions and is capped at SGD $100 per month.
Can startups open a CIMB TransactPlus Account?
Yes. Startups can apply for the CIMB TransactPlus Account provided they meet CIMB's account opening and compliance requirements.
Is there a minimum balance requirement?
No. The CIMB TransactPlus Account does not require businesses to maintain a minimum balance and does not charge any fall-below fees. This gives businesses greater flexibility in managing cash flow; however, there is a monthly account fee of SGD $28.
What is the early account closure fee?
An SGD $50 fee applies if the account is closed within six months of opening.
Are payroll payments free?
Yes. Payroll transactions are included within the account's unlimited transaction offerings, subject to CIMB's prevailing terms and conditions.
What is the telegraphic transfer fee for CIMB TransactPlus Account?
TT processed through BizChannel@CIMB are charged at SGD $5 per transaction. Additional correspondent bank, agent bank, or foreign exchange charges may apply depending on the destination and payment method.
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