Malaysian banks waive fees for interbank fund transfers

The move aims to accelerate the country’s cashless transition.

Malaysian banks are making it easier to transfer cash quickly as banks are waiving fees for Instant Interbank Fund Transfers (IBFT) in line with a central bank policy.

Also read: Malaysian bank earnings may slow to 9.8% in 2018 amidst new leadership

CIMB was one of the first lenders to offer free online transfers through its e-banking platform and mobile apps regardless of transaction amount. Public Bank Bhd followed shortly after making its Interbank GIRO (IBG) and IBFT free for conventional and Islamic accounts.

Maybank does not charge for IBG or IBFT provided that the amount being transferred is RM5,000 and under.

RHB, on the other hand, has made IBFT free but still charges 10 sen for IBG.

Bank Negara announced last December that instant fees should be waived by July to encourage the country’s cashless transition.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Anju Abrol has over 30 years of banking experience.
Tse Yi-Mun will lead the bank’s north Asia branch as its managing director and group head.
Clients can now purchase SC Hong Kong’s wealth management products.
Citi plans to offer around 100 types of wealth products from the mainland.
Agents can apply for the loan through the BRILink Mobile application.
The delinquency ratio has been on the decline since May 2018.
The market is forecasted to rebound by over 15% in 2021.
The fund aims to achieve a potential monthly dividend payout of 5% per annum.
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
There is an increased demand for loans for home purchases and 'jeonse.’
The partnership is eyeing 16 million customers by 2025.
The U-Energy platform has nine partners that can support energy efficiency projects.
The bank expects its own climate financing in 2019-2021 to reach $17b.