Need to transfer cash quickly? Banks are now offering free Instant Interbank Fund Transfer (IBFT) in line with Malaysia’s central bank policy.
Last December, Bank Negara announced instant bank transfer fees would be waived effective July 1 to encourage the move towards a cashless society. A check of several banks showed most had followed the instructions, though with varying terms and conditions.
CIMB Bank Bhd was one of the first, offering free online transfers through its online banking platform and mobile apps regardless of the transaction amount, as of April 25. Public Bank Bhd has also made Interbank GIRO (IBG) and IBFT free for conventional and Islamic accounts, as of June 13. RHB Bank Bhd allows for free IBFT, but still charges 10sen for IBG. Maybank also does not charge for IBFT as long as the amount is RM5,000 and under.
During last year’s announcement, then governor Tan Sri Muhammad Ibrahim said the instant transfer fee of 50sen will be waived for transfers of up to RM5,000 for individuals and small medium enterprises (SMEs). However, the cheque fee would be increased from 50sen to RM1, beginning Jan 2, 2021 to reflect the higher processing cost.
- The Star