Interbank GIRO Fee Reduced to 10 sen

Interbank GIRO (IBG) is a service of transferring funds and payment to other banks without raising physical supporting documents such as cheques or bank drafts. This service reduces the crediting time between accounts especially out-of-town transactions. This service is provided by MyClear, a wholly-owned subsidiary of Bank Negara Malaysia (Central Bank of Malaysia).

The transactions allowed by IBG are as follows:

1. Fund transfer or debit bank account of up to a maximum of RM 500000 per transaction.
2. Fund transfer to bank accounts of participating banks.
3. Financing repayments and credit card payments of participating banks.

Updated on 12th May 2014

IBG receiving funds availability is shown in below table:

	Payment via Internet Banking & Over the Counter (OTC)	Payment via ATM	*Expected Funds availability at beneficiary account
Business Days (Mon – Fri)	Before 5:00 am	Before 4:00 am	Same business day	By 10:30 am
	5:00 am to 7:00 am	4:00 am to 6:00 am		By 1:00 pm
	7:01 am to 9:30 am	6:01 am to 8:30 am		By 3:00 pm
	9:31 am to 12:30 pm	8:31 am to 10:45 am		By 5:45 pm
	After 12:30 pm	After 10:45 am	Next business day (NBD)	By 10:30 am
Non-Business Days (Saturday, Sunday & Federal Territory Public Holidays)			NBD	By 10:30 am

*On general banking operating procedures and applicable to internet banking, ATM and Over the Counter (OTC)

The IBG service fee is subject to the individual bank’s terms and condition. Currently, most banks charge RM 0.50 for first two transactions and RM 2.00 for consecutive transactions. 

However, BNM announced that effective from 2nd May 2013, the fee for IBG transactions done online via internet banking and mobile banking, would be at RM 0.10, a good news to us! We can pay for credit card bill by using online banking with minimum cost instead of rushing to the bank to settle the credit card bill.