Published: February 26, 2021 | Updated: February 27, 2021 | Posted by: Moneymax | Personal Finance
Convenience is among the things that banks promise or sell to their customers. However, only a few actually deliver. This is because a lot of banks still have complicated bureaucracies and unnecessary processes, which undeniably make banking a burdensome chore.
If you’re after total convenience when it comes to banking, going digital is a great choice. In case you’re looking for a bank whose operations are completely online, CIMB Bank is worth considering.
Here are all the important things you need to know about CIMB Bank, particularly how to use the CIMB Online Banking app, from opening an account to carrying out some basic banking transactions.
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CIMB Bank Philippines is a completely digital and mobile-first bank. It is part of the Malaysian universal bank CIMB Group Holdings Berhad. CIMB stands for Commerce International Merchant Bankers.
Since its establishment in the Philippines in December 2018, it has already onboarded more than three million customers. Through this, CIMB Bank PH has become the most awarded digital bank in the country. It bagged 21 awards including the International Finance’s 2020 Best New Digital Bank Philippines. It also received recognition and accolades from Finance Review.
CIMB Bank has tight security features to protect its clients from fraud and identity theft.
Here are the app’s security features:
With CIMB Bank, all your transactions take place on a mobile app, which is available on App Store and Google Play. The app allows you to carry out the following banking transactions:
Through the CIMB app, you can cash in online anytime. This means there’s no need to line up and wait at the bank.
Some digital banks charge fees when you transfer funds. CIMB Bank, however, does not charge transaction fees when you transfer money to other banks. You can easily send money to family and friends with just a few taps.
Pay your bills anytime, anywhere. The bank accepts payments for your cable TV, credit card, and internet bills.
Using the app, you can buy mobile load from all major networks. You can reload from as little as PHP 10 to PHP 1,000.
Cashing out doesn’t have a withdrawal fee with CIMB banking. You can access your funds through 20,000 BancNet ATMs nationwide using your CIMB Bank Visa PayWave debit card. Alternatively, you can withdraw your money at any Bayad Center Branch after generating a request on your CIMB Bank app.
To manage and keep track of your expenses, you can use the app’s debit card management tool. Through it, you can enable or disable ATM withdrawals, contactless payments, e-commerce payments, and in-store purchases. You can also update your card’s withdrawal limits. In case you lose your card, you can block it using the app.
Now that you know the features of the CIMB app, it’s time to check the digital bank’s products.
At present, CIMB Bank has four major products:
If you want to grow your savings, open an UpSave Account. You can earn 3% interest per annum, which is 1,200% higher than those of traditional banks in the Philippines. Just a heads-up though, the base interest rate will be 2.5% per annum starting in March 2021.
UpSave accounts have zero annual fees. And if you maintain a minimum average balance of PHP 5,000, you’ll get free insurance coverage worth up to PHP 250,000. Interested? Here are the application requirements:
The unique selling point of this product is that you can open a savings account in 10 minutes with just your smartphone. Your account doesn’t have to have an initial deposit or a maintaining balance to keep it active. There are also no annual fees.
When you’ve saved PHP 100,000 in your account, you’ll receive a free Visa payWave ATM debit card. CIMB Bank will deliver this to your home.
Fast accounts are valid only for one year, but you can upgrade to a Fast Plus account, which will give you a higher interest rate of 0.75% per year.
If you want to apply, the requirements are the same as those of the UpSave Account.
Got a GCash account? If yes, you can open a CIMB Bank account. CIMB Bank describes GSave as the first-ever bank account that you can maintain straight from your GCash app. You can easily transfer funds from your GCash wallet to your CIMB Bank account or cash in through one of CIMB Bank’s 8,000 partners nationwide.
Your GSave account can grow with a yearly interest rate of 3%. Though in March 2021, the base interest rate will be 2.6% per annum. On top of a high interest rate, there are also no annual fees. And if you have a minimum average daily balance of PHP 5,000, you’ll have free life insurance coverage up to PHP 250,000.
Want to apply? Here are the requirements.
Using the CIMB Bank app, you’ll experience an effortless and all-digital loan application. CIMB Bank lets you apply for a personal loan from PHP 30,000 to PHP 1 million. The tenure ranges from 12 months to 60 months. You don’t have to worry about early settlement fees, as CIMB Bank’s Personal Loan doesn’t have them:
To apply, you must satisfy the following requirements:
Account registration through the CIMB Bank app is pretty easy and straightforward. Before you open an account, make sure that you have downloaded the app and then proceed with the CIMB account application.
Here are the steps to withdraw money from your CIMB internet banking account.
At present, CIMB Bank app users can only cash out at participating Bayad Centers in Metro Manila, Cebu, and Davao. However, you can withdraw from a BancNet ATM if you have a CIMB Bank debit card.
Currently, there are 64 banks where you can transfer money from your CIMB account. Here’s how you can send funds to another bank.
In case you’re paying through Bayad Center, you’ll need to fill out the required form and present it to the cashier together with the payment.
Before, you might have asked, “Is CIMB a good bank?” Now that you know how to use CIMB online banking, you already have an idea why the digital bank has acquired millions of users within just three years. In short, CIMB Bank Philippines is not your average online bank.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.