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 Instant Transfer (DuitNow) & Interbank Giro (IBG)

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mumeichan
post Aug 25 2011, 09:53 AM

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I want to transfer from RHB bank to other bank because their exchange rate is too high. But the IBG limit it 5000/day. How to transfer more than 5000
mumeichan
post Aug 25 2011, 08:33 PM

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QUOTE(MilesAndMore @ Aug 25 2011, 01:10 PM)
Go to the counter to get cash or banker's cheque.
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Carrying so much cash in my hands from one bank to another is dangerous and banker's cheque takes too long to clear. The reason why I want to transfer is because some banks have better TT rate than others.
mumeichan
post Aug 25 2011, 10:14 PM

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QUOTE(MilesAndMore @ Aug 25 2011, 09:55 PM)
If you don't mind me asking, how much exactly do you intend to withdraw from RHB Bank ? Another alternative is to make the IBG over the counter. The maximum transfer limit per transfer set by MEPS IBG is RM500,000 (i know this through HSBC). I am however, not too sure how much is the transfer limit for IBG done over the counter for RHB Bank. Standard Chartered for example, allows its online banking user to transfer up to a maximum of RM5,000/day to another bank. However, if you do it over the counter, the maximum limit imposed per transfer is RM99,999.
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About 70,000-100,000 each time. I called them today before I went, but they said there is the IBG which limit is 5000/day and the interbank at the counter, but clearing time is between 2-3 business days. Waiting a day might be costly because the rate different from today to tomorrow is a difference of a few hundred USD. I'm asking here not because I cannot ask RHB directly, but I'm new to banking and I ask over the phone also I am not sure how competent the customer service person is. Maybe if I use the right terms they will give the right answer.
mumeichan
post Aug 26 2011, 06:42 AM

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QUOTE(MilesAndMore @ Aug 25 2011, 10:49 PM)
So i guess banker's cheque is the more viable option for you then. Cheque clearing is very fast nowadays. Assume that you bank-in the cheque before 4pm today, you will get the money by tomorrow. It has been so since September 2009 thanks to the new centralised cheque clearing system.

Have you ever thought of moving all your money to the "other" bank you said that gives a better TT rate ?
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Not really because RHB is my primary bank for alot of things and I don't have 'all the money' I get it every few months from a scholarship and send it when I get it. My savings is almost 0. Just happens normally RHB has the highest TT rates. So what I thought was when I need to TT the money, then I just bring to the bank with the lowest TT rate that day.

 

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