I just wondering all different banks offer different kinds of fund transfer services. Most common that all banks provide are GIRO and RENTAS. What's the different between both GIRO and RENTAS service?

How much is the maximum fund can be transfer?
How much is the service charge of both service?
How long would it takes for the fund to process to transfer from Bank A to Bank B?

Can anyone explain for me? Thanks alot.

For GIRO,

It's RM 2 per transaction and could take up to 3 working days to be cleared.

I only know RENTAS, which today transfer, next day afternoon surely got money already.

which bank got offer RENTAS? i tried MBB and HSBC, never seemed to find RENTAS

I googled. RHB has it.

Just now i went to my hometown Maybank branch. All the RENTAS transaction must done before 3p.m. Before 3p.m. You can get your fund arrive to another bank on the same working day. If over 3p.m, you fund will be available the next working day. Total cost RM9.00 per transaction.

other banks which does not have this service cannot accept payment?

---

Added on April 29, 2009, 2:19 pmlol.... RENTAS must be done Over The Counter? RM9 is not cheap....

This post has been edited by nothingz: Apr 29 2009, 02:19 PM

Goodnes ... RM 9 vs RM 2 (waiting up to 3 working days)

RENTAS - RM9.00 - today / tomorrow afternoon to arrive another bank.
GIRO - RM2.00 - 3 working days.

Depends on yourself. If not so urgent. Use GIRO. Cheaper.

---

Added on April 29, 2009, 2:25 pmThe RM9.00 is only for Maybank. I heard that different banks different charges. CIMB - RM 4.00 per transaction for RENTAS.

This post has been edited by Pan84: Apr 29 2009, 02:25 PM

Personally i like the "Jalan Kaki" way. Most major banks have branches close to each other in major locations. Just walk into one, withdraw from atm, and use the cash deposit machine in the other one. Instant and free.

Too risky if bank in too much money.

Giro and Rentas (especially Rentas) is the one to let people to transfer large significant amount when they first come out time.

somemore not necessary that all banks are group in a same area

wow, nvr hear abt rentas n today 1st time came across it.

Let me share my experience abt GIRO.

GIRO allows all local based interbank fund transfer via ATM or internet banking.

Usually you transfer in the morning or before afternoon from bank A to bank B and bank B shall able to receive it after 11pm on the same day.
Different bank different charges for this service. Overall applies a charge of Rm2 per transaction. CIMB cost RM0.50 for the 1st 5 transactions


PBB to other banks
Same day clearance - Transfer before 12noon
Receive before - it subjects to the recipient bank's policy. Some bank like MBB would able to receive it after 2pm. HSBC, RHB, CIMB and other would be after 9pm-11pm
Limit: U may transfer up to 3k daily or uplift yr limit to maximum 5k daily

MBB to other banks
Same day clearance - Transfer before 12noon
Receive before - it subjects to the recipient bank's policy. Some bank like MBB would able to receive it after 2pm. HSBC, RHB, CIMB and other would be after 9pm-11pm
Limit: U may transfer up to 3k daily or uplift yr limit to maximum 5k daily

CIMB to other bank
Same day clearance - Transfer before 12noon
Receive before - it subjects to the recipient bank's policy. Some bank like MBB would able to receive it after 2pm. HSBC, RHB, CIMB and other would be after 9pm-11pm
Limit: not sure


SCBB to other banks
Same day clearance - Transfer before 12noon
Receive before - it subjects to the recipient bank's policy. Some bank like MBB would able to receive it after 2pm. HSBC, RHB, CIMB and other would be after 9pm-11pm
Limit: Only 3k daily (and the limit even included your same bank account transfer limit)

HSBC
Same day clearance - Transfer before 11am
Receive before - it subjects to the recipient bank's policy. Some bank like MBB would able to receive it after 2pm. HSBC, RHB, CIMB and other would be after 9pm-11pm
Limit: Yippie... You can request to uplift your limit up to 60k if im not wrong

ya redraw $ is too risky nowdays ...alot of robbery ... better pay the $ rather then been robbed

yes, absolutely agree with u... the Rm2 is worth more than yr life and u need no drive all the way to the bank.

HASSLE FREE

Actually certain banks have lowered the handling fee from RM2 to just RM0.50 per successful transaction such as Standard Chartered, OCBC, Maybank (first 2 IBG in a month for Maybank Basic Savings Account), Citibank and a few more. Each transfer is capped at RM9999 if i'm not mistaken.

As far as i am concerned, only HSBC and Public Bank continue to charge RM2 per successful IBG transfer.


As for MEPS IBG, if you transfer the money before 11.30am, you will get the money the latest by evening on the same day. The example i have seen myself is a fund transferred from OCBC to Standard Chartered.

This post has been edited by MilesAndMore: Apr 29 2009, 08:16 PM

tx honey for the informing.. ya, take note abt the scbb... but the mbb izit kawanku can have the 50cent rate as well?

Abt the scbb, i couldnt uplift the limit above 5k. gheez... u manage to do so?

If i'm not mistaken, RM0.50 for every successful IBG ransfer is applied to Maybank Kawanku savings account holder. As for Maybank basic savings account holder, only the first 2 IBG in a month will be charged RM0.50. RM2.00 will be charged from the 3rd IBG done in a month onwards.


Opps. I think the RM9999 (RM10000) capped per IBG transfer belongs to HSBC or other bank. Can't remember where i saw the capped amount already. Standard Chartered's one is indeed RM5000 but you can actually increase the amount by calling them.

Correction to your statement, if you have a Basic Saving Account at any commercial banks in Malaysia, you'll be enjoying first 2 IBG in a month will be charged RM0.50. RM2.00 will be charged from the 3rd IBG done in a month onwards.

This is regulated by BNM.

I am using CIMB Savings Account and I never gotten charged @ RM0.50 before for my IBG transfers o.O?

Is this a new regulation?