Here’s a review of CIMB Bank PH.
Learn about CIMB Bank PH and compare it with Capital International Group.
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Introduction
CIMB Bank PH is one of the Philippines’ first totally digital banks. It was introduced in the Philippines in December of 2018.
The CIMB Group, which has its roots in Malaysia, owns CIMB Bank PH. It was established in 1974 and has continued to grow and expand in recent years. It is present in a number of Asian nations. If you want to learn more about the CIMB Group, go here.
It has already become the Philippines’ most awarded digital bank since its establishment in 2018. Asian Banker’s Best Digital Bank, Global Finance’s Best Digital Consumer Bank, and International Finance’s Fastest Growing Digital Bank Award are among the eight awards they’ve earned.
Best Features of CIMB
Some of the best features of having a CIMB Bank Philippines account include the following:
Convenient Fully-Digital Banking
It is completely mobile and digital. That means you can use your phone to access your account, examine previous transactions, start new accounts, make transfers, and even apply for a personal loan. You may also use the app to report a missing card, get a replacement card, alter the card pin, block the card, restrict card usage, and set withdrawal restrictions.
Higher Interest Rates than Most Banks
For balances put into the UpSave account, the interest rate is up to 2.5 percent per year with no maintaining balance requirement. On the other hand, for GSave accounts, it is 2.6 percent. The annual interest rates for the Fast and Fast Plus Accounts are 0.50 percent and 0.75 percent, respectively.
They do occasionally provide a promotional interest rate that is greater than usual, so keep an eye out for that.
Life Insurance for Free
They do provide FREE Life Insurance coverage of up to PHP 250,000 by merely keeping a minimum average daily balance of PHP 5,000. There is no need for a medical examination to avail the free life insurance.
Easy-to-Use Mobile Banking App
The app is quite simple to use. It’s really basic and simplistic. You’ll have no trouble finding all of the connections to the transactions you need to complete. I used the app to apply for more accounts. The app is used for all online transfers into and out of your CIMB account.
Safe and Secure from Cybercriminals
As a member of the Philippine Deposit Insurance Corporation (PDIC), CIMB’s maximum deposit insurance for each depositor is P500,000, which is the same as the maximum deposit insurance for other PDIC member banks in the Philippines. The Bangko Sentral ng Pilipinas supervises CIMB Bank Philippines Inc. as well.
The CIMB App on your phone is likewise password-protected, and you may enable the fingerprint option to make it even more secure.
Multiple Deposit Options
You can deposit funds into your CIMB Bank PH account via its partners, such as 7-11 convenience stores, BDO, BPI, Metrobank, Landbank, PNB, RCBC, Security Bank, Eastwest Bank, SM Retail, Cebuana, LBC, Robinsons, ECPay, M. Lhuillier, and many more. You can also transfer funds online into your CIMB account via Dragonpay.
Withdraw from Any ATMs
You can acquire a physical debit card if you open a Fast Plus Account. You may use this card to withdraw money from any ATM that displays the Visa card logo. You won’t be charged a fee for your first two (2) cash withdrawals each month.
Please keep in mind that withdrawals made at a BancNet ATM will be debited up front, and you will be reimbursed within fourteen (14) working days of the following calendar month.
In the past, there was no requirement for a minimum amount when applying for a CIMB debit card. However, you can only acquire it for free if you have PHP 100,000 in your account at the time of this update.
This varies from time to time, so check the CIMB website for the most up-to-date information.
Great Customer Service
Because CIMB Bank PH is fully-digital, they do not have a physical branch where you make transactions or resolve issues. CIMB Bank PH invested greatly in their customer service to compensate for this. Expect to get a fast and clear response from their Customer Service Hotline.
Helpful Self-Help Page
One of the top responsibilities for any customer service teams may be to develop and update the Self-help website on a regular basis. Because having a comprehensive and informative Self-help website would expedite the supply of services to all consumers. This is exactly what CIMB has done.
Before calling or emailing their customer service department, see whether your question may be answered on their Self-help (FAQ) page. This will also assist you in saving time.
Not So Good Features of CIMB
A CIMB Bank PH account comes with no obvious drawbacks. They may, however, improve on a few things in the future:
Interbank Money Transfer Process
First-time users may be confused by the online interbank money transfer process. To be clear, this is not a disadvantage, but rather a little annoyance for new users.
For favourite transfer to other bank:
- Select Pay & Transfer > Transfer Money
- Click on the Search button to retrieve your favourite
- Select a Transfer Method (IBG/DuitNow to Account (previously known as Instant Transfer)
- For IBG fund transfer, you can opt to verify Recipient ID by entering Recipient Name, Recipient ID Type & Recipient ID Number.
- Select a Payment Type according to your purpose of payment. (Fund Transfer, Loan or Credit Card)
- Choose which account you would like to transfer fund from
- Key in transfer Amount, date and Recipient’s Reference (mandatory)
- Confirm all transfer details & click Request TAC
- And that’s the end of it! By pressing the fast link in the upper right, you may print the acknowledgment reference.
For open transfer to other bank:
- Select Pay & Transfer > Transfer Money
- Click on the Search button to enter ‘Recipient Name, Account No. or DuitNow ID’ > Click ‘Proceed’ to continue
- Select ‘To Other Bank’s or E-Wallet’ as transfer type
- Select Recipient’s ‘Bank Name’
- Select a Transfer Method (IBG/DuitNow to Account (previously known as Instant Transfer). (Note: For IBG fund transfer, you can opt to verify Recipient ID by entering Recipient Name, Recipient ID Type & Recipient ID Number. Please ensure the Recipient ID Number entered matches the ID number maintained in the recipient’s bank.)
- Select a Payment Type according to your purpose of payment. (Fund Transfer, Loan or Credit Card)
- Choose which account you would like to transfer fund from
- Key in transfer Amount, date and Recipient’s Reference (mandatory)
- Confirm all transfer details & click Request TAC
- And that’s the end of it! By pressing the fast link in the upper right, you may print the acknowledgment reference.
Money Transfer Turnaround Time
Transfers made after 1:15 PM utilizing the PESONet option from your CIMB Account to another bank will be paid the next banking day.
If you choose the Dragonpay option, transfers made after 12 p.m. will be processed the next banking day. The transaction will be reflected the following Monday if it is done after 2:00 p.m. on Friday or on the weekend.
How to Get the Most Out of Your CIMB Account
Create a Fast Plus and Upsave Accounts
Open a Fast Plus Account to receive the ATM Visa card, and then an Upsave Account to earn the 2.5 percent interest and free insurance if you keep your average daily amount at P5,000.
The majority of consumers deposit funds into their Upsave account, then transfer the funds to their Fast Plus account whenever they need to withdraw.
This allows them to earn a high rate of interest while also saving money by not having to pay a withdrawal charge (for two withdrawals per month only).
Open Multiple Upsave Accounts
Yes, you can establish numerous Upsave Accounts, and the procedure for opening subsequent accounts is quicker because you already have one. You can conveniently manage your accounts in one app, and because it’s an Upsave Account, both money will earn 2.5 percent interest.
How to Keep Your CIMB Bank PH Account Safe and Secure
Secure Your Phone and Debit Card
Because this is a completely digital and mobile banking system, you must keep your phone secure to prevent your account from being hacked.
If you lose your phone/ATM card or it is stolen, call them straight away to report it by phoning #CIMB (#2462) from any other phone to confirm that your account has not been used and to assist you through setting up your CIMB account on another device.
CIMB has a one-device policy, which implies that each device is associated with just one account. This provides your account with an additional degree of protection.
Keep Your Passwords and Pins Secret
We should always keep our password and pin safe, just like any other online bank account we may have. It is encouraged, but not needed, to update your password and pin frequently.
Because CIMB has a one-device policy, anyone who obtains your login details will have a difficult time gaining access to your account.
Having said that, you must keep the password to your CIMB-linked email account secure at all times.
Keep an Eye Out for Ongoing Banking Scams
Fraudsters and fraudsters are growing more clever as the years go by.
Keep an eye on local news for stories on how phishing emails allowed gangs of hackers to obtain access to bank accounts and steal money from some unfortunate people. Hackers frequently impersonate bank emails in order to get the personal information of unsuspecting victims.
Always keep in mind that your bank will never ask for your account security information. Don’t hand it on to anyone.
Avoiding frauds like these requires awareness. Check the news and perform a fast Google search regarding this type of action from time to time to keep yourself updated.
Keep an Eye on Your Transactions
Check your transactions periodically by logging into your CIMB app. If there is a transaction that you did not make, you will be notified immediately.
If you suspect a probable fraudulent transaction, contact CIMB Customer Service as soon as possible.
Final Thoughts
Before you sign up for any CIMB Bank Philippines Account, be sure to read the terms and conditions, the fine prints, and the product descriptions to ensure that you are completely educated and aware of the product that you will receive.
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