Interbank Money Transfer: IBG vs IBFT

Updated: November 11, 2017 / Home » Business and Invest » Banking

Effective 2 May 2013, the Interbank money transfer of Interbank GIRO (IBG) transfer charge is reduced to only RM 0.10.

However, the Instant Interbank Fund Transfer (IBFT) service charge is reduced to only RM 0.53 (Service fee RM0.50 + GST RM0.03) from Jun 2015.

Bank Negara Malaysia (BNM) said that the low IBG fee is a new pricing strategy to promote greater efficiency. Individuals enjoy the convenience of transacting anytime anywhere, avoiding the queues at bank counters.

Businesses can lower the costs of doing business through the reduction or redeployment of resources used for handling cash and cheques.

CIMB IBG

How much fee & GST do I have to pay for an IBG transaction?

Only the IBG transaction fee is subject to GST and not the amount of cash transferred. If you are using online banking for IBG transactions, you will be charged *RM 0.11, inclusive of GST (RM0.10 fee + RM0.01 GST).

However, most of the bank in Malaysia including RHB Bank and UOB Bank launched another similar service which is known as Instant Interbank Fund Transfer (IBFT).

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We can perform real-time fund transfer, credit card and loan payment. The transfer charge is RM 0.53 per transaction inclusive of Government and Service Tax (GST). We can transfer up to RM 30,000 daily with Instant transfer and our beneficiary can receive the money immediately.

IBG VS ITFT

So, be careful when you want to transfer money to other bank’s account.

Here is the comparison table between the IBG and IBFT.

 Interbank GIRO transfer (IBG)Instant Interbank Fund Transfer (IBFT)
Transfer
Charge
RM0.11 (Service fee RM0.10 + GST RM0.01)RM0.53 (Service fee RM0.50 + GST RM0.03)
Daily Transfer LimitRM 30,000RM 30,000
Transfer
Schedule
Weekday before 12pm, same day

Weekday after 12pm, next business day (NBD)

Weekend & public holiday, next business day (NBD)
Immediate

6 comments on “Interbank Money Transfer: IBG vs IBFT

  1. Liam Malik [ Reply ]

    Hi a friend transferred money to me using IBFT but I still haven’t received it. Been about 2 hours. How long should I have to wait for it?

    • MisterLeaf [ Reply ]

      Transfer money using IBFT should be immediate unless your friend key in wrong account number.

  2. klu kte nk transfer ke acc cimb ke bank islam ..tertransfer guna ibg ..wet kt acc dh cimb dh hilang ..i cek bank islam xdew msuk…mcm mner tu nk beza kn ibg dgn ibft…wet tu msuk ke x ke acc bank islam??

    • Sherry [ Reply ]

      IBG kan ada masa dia utk transfer. mmg dia dah deduct duit dlm akaun u. later bru duit akan masuk dlm bank islam. kalau u pakai IBFT baru immediate transfer from CIMB to Bank Islam. so means that pakai IBFT duit tu akan masuk terus. pakai IBG u kena tggu dlu.

  3. thanks.. Really help me out.. Good info.. (^_^)

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