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.