In case you didn’t know, Bank Negara Malaysia has announced last year that the 50 sen instant fund transfer fees for transactions worth RM5,000 and below individuals and small medium enterprises will be waived beginning 1 July 2018. Therefore, Malaysians can now use instant fund transfer (ITF) for free! Instead, certain banks still impose charges for interbank giro (IBG). In that case, why not use instant transfer instead?
BNM’s move to remove ITF fees is an effort to encourage digital and online banking. In addition to all the banks complying to BNM’s directive to remove the 50 sen instant fund transfer fee, other banks also extend the fee waiver for fun transfer transactions performed via ATMs. Although BNM only stated waiver of ITF for transactions for RM5,000 and below, all banks also extended free ITF regardless of the transaction amount, except Maybank, Affin Bank and HSBC Bank.
Below is a table showing the charges imposed by banks in Malaysia for your comparison.
Despite the differences, ITF waiver is definitely a great effort for all of us Malaysians. Don’t forget to subscribe to our site for more weekly money tips and occasional free gifts!