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CARDS & PAYMENTS | Staff Reporter, Malaysia

CIMB waives fees on online and mobile fund transfers

The move is in line with the central bank’s cashless push.

CIMB Bank Berhad is waiving the Interbank GIRO (IBG) fee of $0.028 (RM0.11) per transaction and the Instant Interbank Fund Transfer (IBFT) fee of $0.14 (RM0.53) per transaction performed on its online platform, website on CIMB Clicks and CIMB Clicks and CIMB Eva mobile apps regardless of transaction amount.

The move is set to take effect immediately, according to a press release, which is in line with the central bank’s push for a cashless society.

“CIMB Bank is delighted to offer zero-fee interbank fund transfers via CIMB Clicks and our mobile bankign apps to our customers,” said CIMB Group CEO of Group Consumer Banking Samir Gupta. “We are confident the zero-fee fund transfers will encourage more of our customers to switch to electronic payments, whilst helping to develop Malaysia’s e-payments system.”

CIMB has accelerating the digitisation of its systems with digital transactions growing by a compound annual growth rate of close to 40% whilst mobile transactions have ballooned 90%. It was also able to see the usage of cheques fall by 17.% YoY in 2017.

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