Banks Have Waived The Instant Transfer Fee. Here's How It Affects You
The policy has come into effect on 1 July.
Bank Negara Malaysia's (BNM) free instant interbank fund transfer policy has been officially enforced on 1 July 2018
The central bank announced in December 2017 that the Instant Transfer fee of 50 sen will be waived for transactions up to RM5,000 made by individuals as well as small and medium enterprises (SMEs) beginning 1 July 2018.
The move is part of BNM's efforts to boost cashless payment systems.
4. Hong Leong Bank
Customers can enjoy all IBG (Interbank GIRO) and Instant Transfers (IBFT) at zero cost on Hong Leong's Connect mobile app and Connect online banking portal.
6. Public Bank
Since 13 June 2018, customers have been able to enjoy service fee waiver for IBG and IBFT transactions performed via the PBe online banking website, PB engage mobile app, and the PB enterprise corporate online banking platform.
Both retail and corporate customers are entitled to this service fee waiver.
Although IBFT transactions done via the RHB Now online banking platform are now free, customers are still charged 10 sen for each IBG transaction.
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