CIMB Niaga is one of the leading banks in Indonesia. The Bank was founded in 1955 as Bank Niaga by Harjo Sutanto and Tjia Kian Tie. At the beginning of its establishment, Bank Niaga focused on international trade finance and foreign exchange.
Commitment to provide the best service to its customers and support economic growth in Indonesia realized through a variety of superior products CIMB Niaga.
One of the products related to this line of business is corporate accounts, corporate cards and other supporting services. This discussion will review the types of corporate accounts of one of the largest private banks in Indonesia, namely CIMB Niaga. Where the company's account product is Xtra Savers.
What is CIMB Niaga Xtra Savers corporate account
XTRA Savers is a collection of several previous CIMB Niaga savings, namely Xtra savings, CIMB Preferred Banking Account, CIMB Private Banking Account, Business savings and Xtra forex savings, which were integrated on February 1, 2022.
Tabungan Xtra is one of CIMB's savings products denominated in Rupiah, which is intended for individual customers and corporate who meet the requirements set by the Bank, which offers ease and convenience of transactions supported by unlimited access services, ease of shopping with various discounts and special offers, as well as multilevel daily interest.
Saving is more profitable without monthly administrative fees, another benefit is to provide funding in lighter installments for business. CIMB Niaga has branches throughout Indonesia and a worldwide network of ATMs (ATM CIMB Niaga, ATM Bersama/Prima, ATM CIMB Bank and MEPS and Mastercard network).
Key features of CIMB Niaga Xtra Savers Account for companies
XTRA interest
Xtra interest is calculated from the total average monthly savings balance of up to Rp250,000,000 and is given at the beginning of the following month (M+1) if the customer meets each of the criteria set by the Bank. By continuing to increase the balance starting from Rp25,000,000, the customer will get interest of 2% p.a.
Then, a minimum transaction of Rp1000,00 per month for shopping using debit cards at EDC (Electronic Data Capture) machines and online merchants, scanning QRIS at OCTO Mobile, bill payments or top up e-wallets through OCTO Mobile or OCTO Clicks will get an additional Xtra interest of 0.5% p.a.
XTRA points
Poin Xtra are points given to cardholders who are also CIMB Niaga savings customers as a form of loyalty rewards that can be used to shop or redeemed for various prize options directly.
By using tabungan XTRA Savers, customers can get Poin Xtra for shopping and paying bills. Poin Xtra does not apply to XTRA Savers linked to the XTRA benefits mortgage, XTRA Savers-iB Wadiah, and Xtra Saver forex.
XTRA Currency
There are 11 selected currencies with various benefits including USD, SGD, AUD, EUR, JPY, CAD, HKD, GBP, CHF, CNY, NZD, SAR, and THB. Forex transactions are available 24/7 anywhere using OCTO Mobile and OCTO Clicks, and free of charge bank notes cash withdrawal commissions with a certain limit.
XTRA light mortgage
Enjoy lighter mortgage installments with Tabungan XTRA Savers, 80% of the daily balance of the entire savings balance linked will reduce the installment or loan term.
The balance in the savings account can be used for transactions as usual, there are no conditions for the deposition of funds.
OCTO Clicks
OCTO Clicks was created specifically for those of you who need greater daily transaction capabilities or investment support features such as financial check-ups.
Ideal for entrepreneurs, business owners and investment lovers, OCTO Clicks is supported by financial check-up (a summary of your assets in CIMB Niaga for the last 6 months), and complete investment features (deposits, term savings, forex accounts, mutual funds, bonds to insurance).
Other benefits that you can take advantage of in supporting daily activities are:
- 20x Cash Withdrawal, no cash withdrawal fee in all ATM Bersama, Prima, MEPS and Mastercard or Cirrus Networks;
- 20x Transfer, no transfer fees to other banks via OCTO Mobile and OCTO Clicks;
- 20x e-Wallet Top up, no e-wallet top up fee via OCTO Mobile and OCTO Clicks.
Costs Associated with The Facilities Offered
Daily shopping transaction limit using Debit Card is Rp25,000,000 (regular card) Rp50,000,000 (CIMB Preferred or Private banking card). The daily withdrawal limit at ATMs is Rp15,000,000 where the type of savings report is in the form of an E-Statement.
Initial account deposit: Rp500,000
Minimum deposited balance: Rp100,000
Dormant Fee: Rp5,000
Stamp Duty: Rp10,000
Debit Card Replacement Fee: Rp20,000
Monthly administration fee and account closing fee are free. Furthermore, the daily transfer limit of e-channel (OCTO CLICKS and ATM) is Rp50,000,000 for ATMs, and Rp200,000,000 for OCTO Clicks and OCTO Mobile.
Withdraw Cash at ATMs of Other Banks (ATM Bersama, ATM Prima, MEPS, Mastercard or Cirrus) at the following rates:
ATM Prima: Rp7,500 per transaction
ATM Bersama: Rp7,500 per transaction
Mastercard network ATM: Rp30,000 per transaction
MEPs network ATM: Rp16,500 per transaction
Then, interbank transfer fees include:
SKN: Rp2,900 per transaction
RTGS through the counter: Rp30,000 per transaction
RTGS via OCTO Mobile & click: Rp25,000 per transaction
Online: Rp6,500 per transaction
How to open a CIMB Niaga Xtra Savers Account for companies
You can open an account in two ways; by visiting this website, or by visiting the nearest branch office. Here are the easy steps to register an account through internet banking:
- Prepare e-KTP, tin and selfie photo before starting the account opening process;
- Start filling in the information required to open an account; and
- Continue the verification process with Video Banking.
In each transaction, the user customer must fill in all the necessary data and ensure that all the data required for the transaction has been filled in correctly and completely, and if necessary, then OCTO CLICKS will confirm the input of data by the customer, and ask the customer to enter the OTP sent to the user customer's registered phone which serves as security and consent given to the Bank to process the transaction.
The officer will process the customer's application within a few minutes, then the customer has a valid CIMB Niaga Xtra Savers savings account.
Comparison between CIMB Niaga Xtra Savers Account and other banking products
Versatile Application
Complete features in transactions are provided by simply accessing www.octoclicks.co.id and OCTO Mobile from the Google Play Storeand App Store. Small things like paying by QR, withdrawing and depositing cash without a card, to a list of investments (deposits, mutual funds & bonds), you can experience at OCTO Mobile.
The XTRA Program
The XTRA Program at CIMB Niaga Xtra Savers, ranging from Xtra interest, Xtra points, and XTRA Currency to Xtra light mortgage installments, was created to introduce Xtra Savers products to the public, and also as an attraction to encourage community participation in opening Xtra Savers savings.
Competitive Interest
Other banks generally apply interest policies through monthly average balances only, in contrast to Xtra Savers savings which go through account opening and transactions through OCTO's app and website. In addition, the opportunity to get 0.5% interest can also be obtained through accumulated transactions of Rp 1,000,000 per month.
Corporate Account Alternative from Aspire
Aspire provides easily obtainable corporate accounts, which are able to make local payments for free and in real time, as well as international transfers easily and quickly.
Get access to USD and RpVirtual accounts for global business expansion, where you can send and receive international payments in over 30 currencies with low and transparent fees.
Corporate accounts can be easily integrated with accounting software such as Journals, Quickbooks, MYOB, Oracle Netsuite, Deskera and SAP. Aspire delivers exceptional business experience with easy use for national and international business scale.
Main Features of Aspire Vs CIMB Niaga Xtra Savers
Cashback
CIMB Niaga offers XTRA points that can be used as a discount. Aspire provides many unlimited 1% cashback benefits including for digital marketing, software subscriptions (SaaS, google suites, open AI and others), your business travel-related expenses (such as Agoda, Garuda Air, AirAsia and others), and telecommunications (Telkomsel, 3 Indonesia, XL Axiata and others).
Corporate Card
CIMB Niaga corporate card in physical form, with debit and credit types, under the umbrella of Mastercard International Inc. For Aspire, the corporate card is virtual and physical, which can function as a credit or debit card, and also under the auspices of Mastercard.
Multi-Forex Transaction
CIMB Niaga provides 13 foreign currencies namely USD, SGD, AUD, EUR, JPY, CAD, HKD, GBP, CHF, CNY, NZD, SAR, and THB. Where customers can get a USD 10 remittance fee rebate for incoming remittance, and free telex fee of USD 5 for outgoing remittance.
Aspire can service over 30 foreign currencies, with access to USD and IDRVirtual accounts for global business expansion with transparent fees and FX rates.
Aspire offers many benefits including 1% cashback, transparent FX fees, and serves more than 30 foreign currencies. Not only that, Aspire has access to USD and IDR virtual accounts for your global business expansion needs.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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