Interbank GIRO (IBG)
IBG is a traditional electronic payment system that allows users to transfer funds between accounts at participating banks within Malaysia. Here are the key features:

Transfer Time: IBG transactions typically take longer to process, often requiring one to two business days for the funds to be reflected in the recipient's account, depending on the cut-off times set by the banks

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Fees: The cost of initiating an IBG transfer is generally low, around MYR 0.10 per transaction, although fees may vary depending on the bank and whether the transaction is done online or at a branch
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Limits: The maximum transfer limit for IBG transactions can be substantial, with some banks allowing transfers up to MYR 1,000,000 per transaction, although individual banks may impose lower limits
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Usage: IBG is primarily used for standard fund transfers, bill payments, and loan payments between bank accounts within Malaysia

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DuitNow
DuitNow, on the other hand, is a more modern, real-time payment service that was launched in 2018. It allows for instant transfers and is designed to facilitate quick payments using various identifiers. Key features include:

Instant Transfers: DuitNow transactions are processed instantly, allowing funds to be available in the recipient's account immediately, 24/7

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Ease of Use: Transfers can be made using the recipient's phone number, MyKad, or other identifiers, eliminating the need to know the recipient's bank account number
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Fees: Sending and receiving money via DuitNow is generally free for transactions up to MYR 5,000, with a nominal fee (around MYR 0.50) for amounts exceeding this limit, though some banks may waive this fee
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Limits: The maximum transfer limit for DuitNow is typically lower than IBG, with many banks allowing up to MYR 10,000 per transaction, though this can vary by bank
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Registration: While no registration is required to send money, recipients need to register their DuitNow IDs to receive funds
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