Do you have a Malaysian registered mobile number and a Malaysian address? With these you can open a bank account without leaving your doorstep.
Welcome to 21st century Malaysia! Finally, CIMB has become the first bank in Malaysia that allows you to register a bank account online. CIMB calls it KWIK which is probably derived from the word ‘quick’. This bank account is targetted for Generation Y, who spends a lot of time in front of the computers or smartphones.
On CIMB’s website, here’s how they summarised it:
Kwik Account is the first ever completely online bank account that would make life-and banking-a lot easier! With Kwik Account, you can send and receive money via email addresses and mobile numbers, transfer funds, make offline and online purchases, pay bills, reload your prepaid, save and budget painlessly and withdraw cash from any CIMB ATM or ATM with CIRRUS – all you need for everyday banking. Kwik Account can be accessed via Internet Banking in CIMB Clicks and Mobile Banking in Clicks App.
During registration, you have the option if you wish to have an ATM card issued for you. With a card, you can withdraw money from ATM or swipe it when making purchases. CIMB will charge RM10.00 to issue the card and they will have it sent to your address within 14 days after opening your account.
All transactions have a limit of RM4,999. That means if you run a medium-sized business, this may not be ideal for you because sometimes you may have to make transactions which are higher than the imposed limit set by CIMB. However, if you run a small, home-based or online business, KWIK may work nicely as you can easily send and receive payment from your customers.
If you wish to learn more about CIMB’s KWIK Account, you should take some time reading the Frequently Asked Questions on their website. One thing I noticed is that the charges for cash withdrawal at other Banks’ ATM via CIRRUS and Plus ATM Network (Domestic & International) are RM10.00. That’s pretty high.
I think I will open an account right now, so that I will have an alternative method of sending and receiving payments, aside from what I already have using Maybank2u.