Zero fee for MEPS Interbank Funds Transfer (IBFT) service from 1 Oct 2015 to 31 Dec 2015

There are generally 2 ways to perform interbank money transfer in Malaysia using either online banking, mobile banking or ATM machine.

One way is using the Interbank GIRO (IBG) service provided by Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear). The transaction will take time from a few hours (if the transfer is made early in the morning before 9.30am of the same day) to a few days (if the transfer is made over the weekend or holiday) for clearance. The fee per transaction is RM0.11 including GST.

Another way is using the Interbank Funds Transfer (IBFT) service provided by Malaysian Electronic Payment System Sdn Bhd (MEPS). Unlike IBG, IBFT money transfer is real time and does not need to wait that long time for clearance. The fee per transaction used to be RM1.06 including GST, and has been reduced to RM0.53 including GST from June 2015 onwards.

Now there is even better news for using IBGT. The transaction fee is completely waived, and therefore no GST incurred as well, within the promotional period from 1 October 2015 to 31 December 2015.

Note that this zero fee IBGT promotion is applicable to online banking and mobile banking only. The IBGT done using ATM machine still has a normal fee of RM0.53 including GST per transaction.

Currently, there are 15 banks that offer IBFT instant fund transfer service via their Internet Banking website. They are:

• Agrobank
• Affin Bank
• Alliance Bank
• Bank Islam
• Bank Muamalat
• Bank Rakyat
• CIMB Bank
• Citibank
• Hong Leong Bank
• Kuwait Finance House
• Maybank
• OCBC Bank
• Public Bank
• RHB Bank
• Standard Chartered Bank

There are 6 banks offering IBGT instant fund transfer service via their Mobile Banking service through Android and/or iOS apps. They are:

• Bank Islam
• CIMB Bank
• Citibank
• OCBC Bank
• Public Bank
• Standard Chartered Bank

Source: MEPS zero fee IBFT promotion webpage.