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 Instant Transfer (DuitNow) & Interbank Giro (IBG)

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SUSDavid83
post Nov 23 2017, 10:51 PM

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QUOTE(MGM @ Nov 13 2017, 06:00 PM)
Can anyone confirm whether MBB is offering free IBG & IBFT until 31 Dec2017 for CC and loan payment only?
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It's BNM/MEPS initiative.
Most of the banks are participating.
oks911
post Dec 6 2017, 08:37 PM

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My friend Tuesday 1:15pm using ATM IBG to transfer money from Agro bank to MBB. Today Wednesday 8:35pm I still have yet receive the fund. Agro bank told my friend that it takes 2-3 working days . Pls advise what should I do...
SUSMNet
post Dec 7 2017, 09:51 PM

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How much is the figure?
cybpsych
post Dec 8 2017, 08:46 PM

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No more Instant Transfer fee for e-payments below RM5,000 from July 1, 2018

http://www.thesundaily.my/news/2017/12/08/...000-july-1-2018

KUALA LUMPUR: In a bid to facilitate migration to the e-payment space, Bank Negara Malaysia (BNM) has announced that the Instant Transfer fee of 50 sen for transactions below RM5,000 made by individuals and small and medium enterprises (SMEs) will be waived, effective July 1, 2018.

"To drive the migration to e-payments during the transition period, the Instant Transfer fee of 50 sen will be waived for transactions up to RM5,000 per transaction made by individuals and SMEs effective July 1, 2018," BNM governor Tan Sri Muhammad Ibrahim said in his keynote address at the 2017 Payments Forum & Exhibition held earlier today.

He noted that cheques are a costly payment option compared with e-payment, given its processing cost of RM4, in contrary to Interbank GIRO and Instant Transfer which would only cost around 30 sen per transaction.

The usage of some 120 million cheques in 2017 has translated into an enormous cost of RM484 million, which Muhammad deemed as a sheer wastage to the economy.

However, the usage of cheques has declined 42% since 2011 from 205 million to 120 million in 2017.

In view of the high processing cost for cheques as well as to hasten migration to the e-payment space, Muhammad said cheque fee will be hiked from 50 sen to RM1 from Jan 2, 2021 and "gradually thereafter to reflect the actual cost of cheque processing".

Meanwhile, the central bank has issued an exposure draft on its website, in which it had outlined the proposed requirements for the Interoperable Credit Transfer Framework (ICTF).

"To encourage Quick Response (QR) code payment, avoid market fragmentation and broaden financial inclusion, BNM has issued the ICTF for consultation. The ICTF aims to connect both banks and eligible non-bank e-money issuers to ensure reachability of bank accounts and e-money accounts," Muhammad said.

"For the first time in our history, customers of both banks and non-banks will soon be able to transfer funds across the network seamlessly by just referencing the mobile number and IC numbers of the recipients or scanning the QR code of the recipients," he added.

The platform to facilitate the shared infrastructure payment service, known as Real-Retail Payments Platform (RPP) is currently being developed by Payments Network Malaysia (PayNet) and is slated for completion in June 2018.

PayNet which is the merged entity between MEPS and MyClear will be the operator of the shared payment infrastructure.

rclxms.gif rclxms.gif rclxms.gif rclxms.gif
TSMilesAndMore
post Dec 8 2017, 11:39 PM

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QUOTE(cybpsych @ Dec 8 2017, 08:46 PM)
No more Instant Transfer fee for e-payments below RM5,000 from July 1, 2018

http://www.thesundaily.my/news/2017/12/08/...000-july-1-2018
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A much welcome news indeed rclxms.gif rclxms.gif
David900924
post Dec 10 2017, 02:48 PM

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Guys, which bank with current account got instant transfer feature and whats the highest limit? so far only saving account of ambank instant transfer with waive (no fee) max 50k/daily.

please recommend me IBFT (Free if possible) with atleast 100k/daily limit. Current account

btw, can we open singapore current account with in Malaysia?

This post has been edited by David900924: Dec 10 2017, 04:42 PM
confusedway
post Dec 15 2017, 02:53 PM

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Hi Sirs

Just to confirm did Instant transfer and or IBG works on weekends???

Thanks in advance
Ichitech
post Dec 15 2017, 06:56 PM

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IBFT (Instant Transfer) yes.. IBG no..
okuribito
post Dec 22 2017, 02:14 PM

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I've always done IBG from my hong Leong account and TAC has always been required. But today I did an instant transfer & no TAC was required - it just went thru.

Is that normal? imho, instant transfer without TAC is kinda risky ohmy.gif
acougan
post Dec 22 2017, 02:55 PM

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Is that your "favorite" instant transfer transaction? I dont hv HL.
SUSMNet
post Dec 23 2017, 10:21 AM

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If its a favorite then no need tac for the 2nd time transaction.
roythen
post Dec 29 2017, 07:48 AM

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Hi all, any update for bank that promote which iIBFT fee waived~ HLB app , UOB, is going to end soon, PBE will end too in few months (for the CC repayment only).
cybpsych
post Dec 29 2017, 07:50 AM

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QUOTE(roythen @ Dec 29 2017, 07:48 AM)
Hi all, any update for bank that promote which iIBFT fee waived~ HLB app , UOB, is going to end soon, PBE will end too in few months (for the CC repayment only).
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pbb's ending when? hmm.gif
roythen
post Dec 29 2017, 08:00 AM

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QUOTE(cybpsych @ Dec 29 2017, 07:50 AM)
pbb's ending when? hmm.gif
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https://www.pbebank.com/Personal-Banking/Pr...e-Campaign.aspx

Oh No~~ 31/12/2017 too.... sad.gif
cybpsych
post Dec 29 2017, 08:02 AM

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QUOTE(roythen @ Dec 29 2017, 08:00 AM)
all same ending date because of same sponsor . banks are just participating.
SUSDavid83
post Dec 29 2017, 08:34 AM

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QUOTE(cybpsych @ Dec 29 2017, 08:02 AM)
all same ending date because of same sponsor . banks are just participating.
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This camapaign is by the same organizer which is MEPS.

This post has been edited by David83: Dec 29 2017, 08:41 AM
TSMilesAndMore
post Dec 29 2017, 09:30 AM

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Hong Leong Bank free IBG and instant transfer through Hong Leong Connect will run till 30th June 2018 or upon the allocation of RM2.845 million for the purpose of IBG and instant transfer fee waiver is used up.

This post has been edited by MilesAndMore: Dec 29 2017, 09:31 AM
jfleong
post Dec 30 2017, 10:22 PM

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What about UOB ?
Will they extend into 2018 ?
kart
post Dec 31 2017, 09:14 AM

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QUOTE(MilesAndMore @ Dec 29 2017, 09:30 AM)
Hong Leong Bank free IBG and instant transfer through Hong Leong Connect will run till 30th June 2018 or upon the allocation of RM2.845 million for the purpose of IBG and instant transfer fee waiver is used up.
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It should be applicable only for Hong Leong Connect App on smartphones, not on computers, right?

Sigh, I prefer not to use my handphone for internet banking, because computer with antivirus and firewall should be more secure than smartphones.
TSMilesAndMore
post Dec 31 2017, 10:46 AM

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QUOTE(kart @ Dec 31 2017, 09:14 AM)
It should be applicable only for Hong Leong Connect App on smartphones, not on computers, right?

Sigh, I prefer not to use my handphone for internet banking, because computer with antivirus and firewall should be more secure than smartphones.
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Not very sure about this but you can try. They will show the instant transfer or IBG fee (if any) at the final page before you submit it.

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