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)