Interbank Internet Transfer Money is Now Only RM0.10!!

Posted by Kris | Saturday, May 11, 2013 | | 0 comments »

Kudos to Bank Negara to give this directive to encourage internet banking. It used to cost like RM1 - RM2 depending on banks to transfer money from one bank to another (aka interbank transfer). I bet the banks made alot of money thru these transfers as a service to their customers.

But now they can only charge RM0.10!! Hooray to customers. There is a catch though, from what i remembered there will be additional charges to those bank cheque users.

Nevertheless, as Malaysians get internet savy this is a welcome move by Bank Negara.

CIMB offers something extra. There is the instant transfer where you supposely can see the name of the beneficiary when you key in the accounts. This is a good feature actually, as usually you have no way of counter-checking interbank transaction's account information. I have not yet try it out though. Soon. If this is true, then hooray.

Of course this service is no longer RM0.10 :p

Facts you need to know:
CIMB Clicks internet banking helps you transfer funds easily. Whether it's topping up your own account or paying others, you'll never have to worry about the risk of handling large amounts of cash. There are two types of funds transfer services offered via CIMB Clicks:
  • Interbank GIRO (IBG)Enjoy the convenience of transferring funds between your own CIMB accounts, third party CIMB accounts?? or to any participating bank accounts via Interbank GIRO. The IBG service lets you transfer funds of up to RM5,000 per day from your CIMB Clicks account to selected accounts in any MyClear member bank.

  • Instant Transfer (IBFT) 
    Need to transfer funds urgently? Worried that you might key in the wrong account number? With Instant Transfer*, transferring funds is fast and simple! Upon keying in the beneficiary account number, the name of the account holder will be displayed so you know your money is going to the right person. Funds will be sent immediately to the recipient's account upon confirmation.
*Instant Transfer is applicable to selected MEPS (Malaysian Electronic Payment System) participating banks.
Transaction limit

Transfer Charges
Debiting Account Type
Transfer Charges
IBGInstant Transfer
All Savings & Current AccountsRM0.10RM2.00
Schedule Transactions for all Savings & Current AccountsRM4.00

Transfer Schedule
Transfer DayTransfer TimeFunds Available at Beneficiary Bank
IBGInstant Transfer
Monday - FridayBefore
12:00 noon
Same dayImmediate
12:00 noon
Next business dayImmediate
Saturday, Sunday, Federal Territory Public HolidayAnytimeNext business dayImmediate