Receiving an international wire transfer at CIMB Bank
When receiving an international wire transfer at CIMB Bank, you will typically need to provide specific bank codes to ensure the smooth processing of the transaction. Here are the commonly used bank codes for CIMB Bank:
SWIFT Code: The SWIFT (Society for Worldwide Interbank Financial Telecommunication) code for CIMB Bank is CIBBMYKL. This code is used to identify CIMB Bank as the recipient bank in international wire transfers. You or the sender will need to provide this code to ensure the transfer reaches CIMB Bank correctly.
Bank/Branch Code: CIMB Bank also uses a bank and branch code system for domestic transfers within Malaysia. However, for international wire transfers, the SWIFT code mentioned above is the primary code required. The bank/branch code is not typically necessary for international transfers.
Account Number: In addition to the bank codes, you will need to provide your CIMB Bank account number. This account number ensures that the funds are credited to the correct account within CIMB Bank.
When receiving an international wire transfer, it is crucial to provide accurate and complete information to the sender, including your full name, bank account number, and the CIMB Bank SWIFT code (CIBBMYKL). Additionally, it is recommended to communicate with CIMB Bank directly or visit their website to obtain the most up-to-date and accurate information regarding the bank codes required for receiving international wire transfers.
What is the
CIMB Bank Send Money conversion rate for SGD to PHP?
The CIMB Bank SGD to PHP exchange rate is 40.92. This is -5.5% compared to the latest SGD-PHP mid-market rate 43.32.
As exchange rates can vary
significantly between banks and also between currency exchange providers,
it's therefore important to carefully compare
Singapore dollar (SGD) to Philippine peso (PHP) rates from different sources before making a conversion.
The above
CIMB Bank - Singapore dollar to Peso comparison table
makes it easy to compare the Total Fees (both variable and fixed) you are being charged by
CIMB Bank and other foreign exchange providers against the latest SGD-PHP mid-rate and the possible savings of using various providers.
How do CIMB Bank SGD-PHP rates compare between providers?
Looking at the
full comparison table
the best SGD to PHP exchange rate is 43.1 from OFX, -0.51% from the mid-market rate 43.32. The next best rate is 43.06 from XE, -0.6% from the mid-rate. Then Wise with 43.06 is -0.6% from the mid-rate.
Among the banks the CIMB Bank rate is 40.92 at -5.5% the OCBC Bank rate is 42.15 at -2.7% and the Maybank rate is 41.8 at -3.5% compared to the mid-rate 43.32.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally,
banks like CIMB Bank often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate.
For more competitive rates, you might consider using a specialized currency exchange service
or platforms that offer rates closer to the mid-market rate.