Starting this month, Malaysians can use the instant fund transfer (ITF) service for free as all banks in Malaysia have removed the ITF fees in accordance with Bank Negara Malaysia’s (BNM) directive.

BNM announced last year the 50 sen instant fund transfer fees for transactions worth RM5,000 and below made by individuals and small medium enterprises will be waived beginning 1 July 2018. This move was an effort from BNM to encourage digital and online banking, where the ITF fee was seen as prohibitive. Some banks, like CIMB Bank and RHB Bank, have waived the fee earlier but all banks have since complied with the directive.

While all the banks have removed the charges for the instant fund transfer service, some banks have also extended the waiver to other related services.

Banks	Platform	Instant	Fund Transfer	Interbank Giro
–	–	RM5,000 –	RM5,000 +	–
Maybank	Maybank2u (Online and Mobile) and Maybank ATM	Nil	RM0.50	RM0.10
CIMB Bank	CIMB Clicks (Online and Mobile) and CIMB EVA	Nil	Nil	Nil
AffinBank	AffinOnline and ATM	Nil	RM0.50	RM0.10
AmBank	AmOnline (Online and Mobile)	Nil	Nil	Nil
RHB Bank	RHB Now	Nil	Nil	RM0.10
Public Bank	PBe (Online and Mobile) and PB Enterprise	Nil	Nil	Nil
Hong Leong Bank	Hong Leong Connect (Online and Mobile)	Nil	Nil	Nil
UOB Bank	UOB Mighty, UOB Internet Banking and ATM	Nil	Nil	Nil
Bank Muamalat Malaysia	i-Muamalat (Online and Mobile) and ATM	Nil	Nil	RM0.10
CitiBank Malaysia	Citi Online (Online and Mobile) and ATM	Nil	Nil	Nil
HSBC Bank Malaysia	MEPS Instant Transfer (Online, Mobile and MEPS ATM)	Nil	RM0.50	RM0.10
Alliance Bank	Alliance Online	Nil	Nil	Nil
Standard Chartered Bank	Standard Chartered Online and Mobile Banking and ATM	Nil	Nil	Nil

As shown in the table above, all the banks have complied with the BNM’s directive to remove the 50 sen instant fund transfer fee for transactions worth RM5,000 and below. However, Banks like Maybank, Bank Muamalat Malaysia, UOB Bank, Standard Chartered Bank, Affin Bank, and CitiBank also extend the waiver to transactions performed via their respective ATMs. In addition, all banks also provide free instant fund transfer services via their online banking platform regardless of the transaction amount except for Maybank, Affin Bank, and HSBC Bank.

Regardless of the differences, this waiver is definitely a great step for Malaysians, which makes it easy for anyone to utilise this convenient service without being charged.

(Sources: The Star, Says)

 

• TAGS:
• AffinBank
• Alliance Bank
• AmBank
• Bank Charges
• Bank Muamalat Malaysia
• CIMB
• Citibank
• Hong Leong Bank
• HSBC
• Instant Transfer
• Maybank
• Public Bank
• RHB
• Standard Chartered
• UOB