CIMB Customers Can Now Perform Online Interbank Transfers For Free

The Interbank GIRO (IBG) fee and Instant Interbank Fund Transfer (IBFT) have been waived with immediate effect.

Cover image via SAYS

CIMB Bank customers will no longer need to pay the fees charged for interbank transfers if they perform the transactions online

Image via CIMB

Bernama reported yesterday, 25 April, that CIMB Bank Bhd is waiving the fees for transactions made via its online banking portal CIMB Clicks, as well as the CIMB Clicks and CIMB EVA mobile apps, regardless of transaction amount.

Previously, users would have to pay the usual charge of RM0.11 per transaction for Interbank GIRO (IBG) transactions while a charge of RM0.53 per transaction was also imposed for Instant Interbank Fund Transfer (IBFT).

It was learned that CIMB has implemented the zero-fee IBG and IBFT service from 1 April 2018

According to a post on the bank's official Facebook page, customers will be able to make the said transactions for free until 30 June 2018 as a "token of appreciation".

This means that CIMB customers are able to perform instant online fund transfers for free three months earlier, ahead of Bank Negara Malaysia's (BNM) waiver that will begin on 1 July 2018.

BNM revealed late last year that a special waiver will be given to individuals and small-and-medium enterprises (SMEs) for instant online fund transfers amounting to RM5,000 or less.

Image via SAYS

It was reported that CIMB said in a statement yesterday that the move to implement the zero-fee service is in line with the Malaysian central bank's ambition to embrace the digital economy

"The announcement is part of CIMB’s effort to drive the usage of digital payments, in support of Bank Negara Malaysia’s cashless society agenda.

"We are confident [that] the zero-fee fund transfers will encourage more of our customers to switch to electronic payments, while helping to develop Malaysia’s e-payments ecosystem," CIMB Group Consumer Banking chief executive officer Samir Gupta said in the statement, as reported by The Edge.

Read more about the online instant transfer waiver that will begin on 1 July 2018 here:

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