Starting from 1st July 2018 onwards, all Instant Transfer (IBFT) within banks in Malaysia are free, but subject to terms and conditions:
- RM 50,000 and below
- individuals and SMEs only
IBFT is a facility from PayNet Malaysia that available on all banks in Malaysia which allows you to transfer funds from your own savings or current account to anybody else’s account in any other bank and the fund is available instantly. Compare to GIRO which will take several hours up to 24 hours to have the fund available in desired account, IBFT is more convenient.
Currently GIRO charge RM 0.10 fees but IBFT (was RM 0.50) is waived effective today.
Governor’s Keynote Address at the Payment System Forum & Exhibition 2017