Asia: Interbank fund fees waived by Malaysian banks

To aid Malaysia’s transition to a cashless society, Malaysian banks are now waiving fees for Instant Interbank Fund Transfers (IBFT) as part of Malaysia’s central bank policy.

The move came after Bank Negara announced last December that IBFT fees would be removed from 1st July 2018. For individuals and small medium enterprises (SMEs), the IBFT fee of 50sen has been waived for transfers of up to RM5,000. Almost 50% of the Malaysians surveyed have used the bank or online transfer in the last year even when just looking at payments alone.

Eliminating the IBFT fees helps Malaysia’s migration towards the electronic payments domain as well as cutting cost arising from traditional payment methods.

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