CIMB Online Banking: Beginner’s Guide to Account Application and Using CIMB App

Published: February 26, 2021 | Updated: February 27, 2021 | Posted by: Moneymax | Personal Finance


how to use CIMB online banking

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.

What is CIMB Bank?

CIMB Bank Philippines[1] 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.

Related: Fully Digital Banking: What You Need To Know About the Future of Banking

Is CIMB Bank Legit?

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.[2]

How Safe is CIMB Bank?

CIMB Bank has tight security features to protect its clients from fraud and identity theft.

Here are the app’s security features:

  • MPIN: Also known as mobile PIN, MPIN is a combination of six digits that is sent to you only when you transact using the app. The bank uses it to validate your transactions.
  • Biometric Login: If you’re not confident about using a password, you can log into your account using your fingerprint or facial recognition.
  • 1 User, 1 Device Policy: The bank makes sure that your device is tagged to only one device. That way, you’ll be notified if a fraudster is trying to access your account using another device.

Related:

What are CIMB Banking App Features and Services?

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:

1. Cash In

Through the CIMB app, you can cash in online anytime. This means there’s no need to line up and wait at the bank.

2. Fund Transfer

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.

3. Pay Bills

Pay your bills anytime, anywhere. The bank accepts payments for your cable TV, credit card, and internet bills.

4. Mobile Reload

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.

5. Cash Out

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.

6. Debit Card Management

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.

Related: 15 Mobile Banking Apps to Manage Your Accounts Better

What are CIMB Bank’s Major Products?

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:

1. UpSave Account

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.[3]

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:

  • At least 18 years old
  • Filipino citizen
  • With a Philippine mailing address and an active Philippine mobile number.
  • At least one valid primary ID

2. Fast Account

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.

3. GSave 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.

  • At least 18 years old
  • Verified GCash user
  • Filipino citizen.
  • At least one valid government-issued ID

4. Personal Loan

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:

  • At least 21 years old (but must not be older than 65 upon the loan maturity)
  • Filipino Citizen.
  • With a Philippine mailing address and an active Philippine mobile number.
  • Minimum gross monthly income of PHP 15,000
  • For employees: Tenured for at least six months or one year of continuous employment, unless employed in the top 15,000 corporations
  • For self-employed borrowers: At least one-year business operation

How to Create a CIMB Account

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.

UpSave Account Registration Steps

  1. Open the CIMB Bank app and select “I Need a Bank Account.” Then, select UpSave Account.
  2. Fill the required fields with your details. Make sure they’re accurate and updated.
  3. Type the one-time password (OTP) sent to your mobile number.
  4. Once the OTP is typed in, you’ll be prompted to create your password and complete the remaining fields.
  5. The screen will then direct you to the Document Upload page where you will be asked to take a photo of your valid ID.
  6. Take a selfie for verification.
  7. Once the account is created, you’ll receive a message.
  8. To complete the process, you’ll need to verify your email.

Fast Account Registration Steps

  1. Open the CIMB Bank app and select “I need a bank account.” Then, select Fast Account.
  2. Fill out the required fields with your details. Make sure they’re accurate and updated.
  3. Type the one-time password (OTP) sent to your mobile number.
  4. Once the OTP is typed in, you’ll be prompted to create your password and complete the remaining fields.
  5. The screen will then direct you to the Document Upload page where you’ll take a photo of your valid ID.
  6. Once the account is created, you’ll receive a message.
  7. To complete the process, you’ll need to verify your email.

GSave Account Registration Steps

  1. On your GCash app, click the Save Money icon.
  2. Once clicked, you’ll be prompted to register for GSave by supplying some personal details.
  3. After filling out the forms, you’ll receive a notice that says “GSave Registration Success”
  4. You’ll then be redirected to the GSave dashboard that displays different transaction labels, such as “Make a Deposit” or “Withdraw Funds.”
  5. Wait for a message from GCash that you have created a GSave account.

How to Cash In Using CIMB App

Steps to Deposit Money Online

  1. Open the CIMB Bank app. On the dashboard, tap Transaction.
  2. After that, select Cash-in. Then, tap Online Cash-in.
  3. Provide the required details.
  4. You’ll then receive an email that contains further instructions.

Steps to Make an Over-the-Counter Deposit

  1. Open the CIMB Bank app. On the dashboard, tap on “Transaction.”
  2. Select Cash-in. Then, tap Over-the-Counter Cash-in.
  3. Select from CIMB Bank’s partners, such as 7-Eleven and Bayad Center.
  4. You can also find your preferred bank or payment center by tapping on “Other Payment Centers” or “Over-the-Counter Banks.”
  5. Provide the required details then follow the on-screen instructions.
  6. Proceed to the nearest cash-in location.

How to Cash Out From Your CIMB Account

Here are the steps to withdraw money from your CIMB internet banking account.

  1. Open the CIMB Bank app. Select Cash-out.
  2. Tap Create Request.
  3. Key in the desired amount and choose the account where you want to get the funds from.
  4. Check the cash-out details and type your six-digit MPIN.
  5. Once the request is verified, you’ll receive a 6-digit reference code. Take a screenshot of it.
  6. Present the code to the nearest participating Bayad Center. Don’t forget to bring 2 valid IDs.

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.

How to Transfer Funds Using CIMB App

Currently, there are 64 banks where you can transfer money[4] from your CIMB account. Here’s how you can send funds to another bank.

  1. Open the CIMB Bank app. Tap Transfer.
  2. Tap on “To Other Banks” > “PESONet.”
  3. Provide the required details.
  4. Confirm the transfer using your MPIN.

Read more: How to Use PESONet: Guide for Businesses and Individuals

CIMB Personal Loan Guide

How to Apply for a CIMB Loan

  1. Open the CIMB Bank app. On the home screen, select “I Need a Personal Loan.”
  2. Tap on “Apply Now.”
  3. Provide the required details.
  4. Type the OTP sent to your mobile number.
  5. You’ll be prompted to create a password and supply some preliminary details.
  6. Select loan amount and tenure.
  7. Provide the required personal, contact, and employment details, your digital signature, and your preferred Disbursement Method.
  8. Upload your income documents.
  9. Take a selfie for virtual verification.
  10. Wait for a verification link in your email.

How to Pay Back CIMB Loan Online

  1. Open the CIMB Bank App. Select Product Menu and then tap on “My Personal Loan.”
  2. Select Repay My Loan.
  3. Select Pay via Other channels then select Online Payment.
  4. Select the bank for the repayment.
  5. Input the payment amount.
  6. Check your email for further instructions.

How to Pay Back CIMB Loan Over the Counter

  1. Open the CIMB Bank App. Select Product Menu and then tap on “My Personal Loan.”
  2. Select Repay My Loan.
  3. Select Pay via Other Channels then select Over-the-Counter Payment.
  4. Select your payment center.
  5. Input the payment amount.
  6. Check your email for further instructions.

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.  

Final Thoughts

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.

Related: Beginner’s Guide to Opening a UnionBank EON Account Online

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