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 Instant Transfer (DuitNow) & Interbank Giro (IBG)

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kart
post Dec 25 2015, 04:30 AM

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QUOTE(Shoot@M3 @ Dec 14 2015, 11:23 AM)
ambank oh ambank ..
how i wish you have instant fund transfer..
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I know that the interest rate of Ambank True Savers of 2.8% per annum is much higher than the one for Maybank M2U Savers of 2.25 % per annum. Since Ambank does not provide the option of instant interbank fund transfer, I am less inclined to keep my money in Ambank True Savers.

I know that Ramjade may dislike what I am going to say, as Ramjade is a strong advocate of Ambank True Savers. tongue.gif Anyway, here goes my opinion.

I may get higher interest in Ambank True Savers, but I cannot instantly transfer it to other bank. The slower Interbank Giro(IBG) requires a few hour of clearing, and it is not applicable non-working days. sad.gif

That is why I do not keep much money in Ambank True Savers, to ensure that my money is always accessible from other bank, should the need arise. The tiny amount of money that I keep in Ambank True Savers is the money that I am 100 % sure that I do not need to use in the near future.

Yes, I am giving free money to Maybank, but what can I do? We cannot have the best of everything, right?

This post has been edited by kart: Dec 25 2015, 04:33 AM
kart
post Dec 26 2015, 11:23 AM

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^
Thanks for your tips, Ramjade.

QUOTE(Ramjade @ Dec 25 2015, 08:10 AM)
Do your transfer via ATM. Ambank ATMs have IBFT.
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It will cost RM 0.53 to perform IBFT via Ambank ATM, right? The intention is have the cost of the IBFT / IBG to be zero, or as low as possible. smile.gif
kart
post Oct 11 2016, 10:04 PM

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QUOTE(AIYH @ Oct 11 2016, 08:00 AM)
btw, I cant seem to find this announcement on PBB website
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It is best to read and fully understand the terms and conditions of using this security token, before heading to the bank to get the device.

This post has been edited by kart: Oct 11 2016, 10:05 PM
kart
post Oct 6 2017, 03:29 AM

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QUOTE(MilesAndMore @ Sep 28 2017, 07:17 PM)
OCBC Bank has extended the free MEPS instant transfer through mobile banking to 31st Dec 2017.
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For those who are still using OCBC internet banking website on their computers (not handphone), the fee of MEPS instant transfer is still RM 0.53, right?

kart
post Oct 18 2017, 05:54 PM

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QUOTE(Nom-el @ Oct 16 2017, 10:15 AM)
I tried recently on the website, no charges for instant transfer.  thumbup.gif
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Thanks for your confirmation. thumbup.gif It seems that MEPS instant transfer via OCBC internet banking website on computers is free, till 31st Dec 2017.

Off topic a bit, have you converted your OCBC ATM card to OCBC debit card?
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.
kart
post Dec 31 2017, 01:32 PM

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MilesAndMore

I just tried pressing IBG and IBFT on Hong Leong Connect on my computer as you suggested, and the normal fees of RM 0.11 nad RM 0.53 still apply. sad.gif

Free IBG and IBFT are good for those who have no issues using Hong Leong Connect App on smartphones.

For me, I just stick to free IBFT, via my Standard Chartered JustOne Personal Account. smile.gif
kart
post Oct 14 2018, 11:33 AM

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Several banks has sent notification to me that they have registered my mobile number for their respective DuitNow ID Pre-registration.

Since I only have one mobile phone number, all the DuitNow ID Pre-registration (except the first Pre-registration) will be rendered void by PayNet, since each identifier is unique, hence can only be registered to one account, regardless of whether the accounts are from the same bank or different banks. I have savings accounts in various banks.

So, why can't each bank ask for my consent first (such as via internet banking), before performing DuitNow ID Pre-registration? Is it because each bank is so eager to urge me to use their respective DuitNow service, and potentially earn a charge of RM0.50 per transaction applies for transactions above RM5,000.00?

I agree with cybpsych. For that, I have to perform the tedious steps to disable DuitNow ID Pre-registration for all my savings accounts. bangwall.gif

Even though there are terms and conditions published by the banks, it is best to fully understand the exact mechanism of DuitNow and also all-inclusive service charge of using DuitNow. Sometimes, the terms and conditions does not state the complete range of service fees that may be imposed, from using DuitNow.

This post has been edited by kart: Oct 14 2018, 11:34 AM
kart
post Oct 15 2018, 06:16 AM

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DuitNow is Malaysian version of PayNow, a similar initiative implemented in Singapore.

https://www.posb.com.sg/personal/deposits/p...ith-ease/paynow

DuitNow may be suitable for those who are not financially savvy and cannot remember their savings account number. So, it is easier for those people to provide their mobile phone number, to other people, for the purpose of fund transfer.

Some of us cannot remember our savings account number, but we all do remember our mobile phone number, right?

For us in this Finance subforum, we are quite financially savvy, and thus, we may not need to use DuitNow. It is up to individual preferences, really. smile.gif
kart
post Nov 23 2018, 05:35 AM

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Assume that I refuse to download and install Maybank app on my smartphone, because I do not trust smartphone at all, as compared to my computer.

As things stand, after 9 March 2019, I will not get any SMS transaction alert, for any transaction I make in Maybank2u website. sad.gif I will not get Secure2u Push Notification, since I refuse to install Maybank app on my smartphone.

Sigh, what to do? I have to monitor more carefully the transaction history and account balance in Maybank2u website.

This post has been edited by kart: Nov 23 2018, 05:36 AM
kart
post Dec 8 2018, 07:23 AM

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QUOTE(David83 @ Nov 23 2018, 10:50 PM)
If MBB is your primary bank, guess you have no choice to bow to the implementation.
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QUOTE(chonghe @ Dec 7 2018, 10:51 PM)
same feeling, I don't like to use App to do financial transactions at all, yet after Feb next year even instant transfer >500 need to use the App to approve  puke.gif
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Thank you for offering your respective opinions, David83 and chonghe. thumbup.gif


Maybank should be able to filter out a list of Maybank customers who have successfully and actively used Maybank2u app in their smartphone. For this group of customers after 9 March 2019, Maybank will allow only Secure2u verifications for any transaction in Maybank2u website and app, without sending any SMS TAC to this group of customers.


The remaining group of Maybank customers do not use Maybank2u app at all. As such, Maybank should still provide SMS TAC verification to this group of customers, as usual. Maybank should not forcefully enforce Secure2u verifications upon the remaining group of Maybank customers.


In short, this method provides a win-win solution for all Maybank customers, and Maybank should stick to this flexible method. smile.gif

kart
post Jan 6 2019, 08:53 AM

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okuribito

For DuitNow, you can consider the following:

1) Savings Account 1 in Bank A: linked to your mobile phone number

2) Savings Account 2 in Bank B: linked to your myKad number

3) Savings Account 3 in Bank C: linked to your passport number

If you need to have more saving accounts linked to DuitNow, then you need to have more mobile phone numbers. Or, just transfer money to your other saving accounts, via the usual account numbers.

There is no restriction to have multiple savings accounts, in several banks.

This post has been edited by kart: Jan 6 2019, 08:54 AM

 

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