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WHAT IT'S ABOUT |
| Outward Telegraphic Transfers |
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Outward Telegraphic Transfer is a payment sent by SWIFT to an overseas party. Payment should be received within a few days depending on the currency, destination, period and the agent bank used.
It is the fastest means of remitting funds to overseas. CIMB Bank has a very extensive network of correspondent banks and overseas branches. You can, therefore send money in various currencies to most parts of the world. |
| Inward Telegraphic Transfers |
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Inward Telegraphic Transfer is a receipt of funds by SWIFT from an overseas party. Funds should be received within a few days depending on the currency, destination, period and the agent bank used.
It is the fastest means of receiving funds from overseas. CIMB Bank has a very extensive network of correspondent banks and overseas branches. You can, therefore, receive funds in various currencies from most parts of the world. |
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MEPS (MAS Electronic Payment System) is an online Singapore Dollar (SGD) inter-bank payment and settlement system, which allows instantaneous and irrevocable transfer of funds and securities. It is the fastest way of remitting SGD funds in Singapore. This service is available at all CIMB Bank branches in Singapore. |
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A demand draft is a written order issued by CIMB Bank to its overseas correspondents to pay a stated amount in foreign currency or SGD to a named beneficiary. CIMB Bank or our overseas agent will pay your beneficiary when the demand draft is deposited and cleared by the beneficiary's bank.
While the speed of remitting funds via a demand draft will be slower compared to a telegraphic transfer, the associated charges are lesser. You can send money in various currencies to most parts of the world. |
| Foreign Bills for Collection |
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Foreign Bills for Collection refers to foreign currency & SGD cheques and demand drafts payable outside / within Singapore, deposited by customers to be sent for clearance by the Bank.
Simply deposit your cheques and we will credit the funds to your account at the prevailing rate of exchange when we receive the funds from the drawn-on bank. The clearing period depends on the clearing regulations of the country on which the cheque is drawn. |
Current & Savings Accounts
