Starting July there will be No More Instant Transfer Fees
Not some new news but it might be new to some people.
Did you know that now when you perform an instant interbank transfers online, you will have to pay that extra 0.53 sen (plus GST) specifically this service. Well good news is that Bank Negara Malaysia (BNM) has finally heard our grumbles and decided to waive on these extra fee.
In short … we can transfer money instantly, for free!
On Dec 2017, Bank Negara Malaysia (BNM) has announced that starting from June 2018, there will not be any more instant transfer fee. This initiative is a stepping up efforts to propel migration towards the electronic payments (e-payment) space and reduce cost stemming from traditional payment modes
There would be a fee waiver of 50 sen for instant transfer for single transaction of up to RM5,000 made by individuals and small and medium enterprises (SMEs), effective July 1, 2018.
There is another type of transfer which is the interbank GIRO transaction but the hasn’t been any announcement on this transaction so we would still need to pay the transaction fee of 11 sens (with GST). But guess not much is using interbank GIRO as it takes days to be able to send the money across to the receiver.
However, bad news for frequent those cheque users. Cheque transaction fees will increase from 50 sen to RM1. But this move is expected to start in another few years’ time, from January 2, 2021 and will gradually increase to mirror the actual cost of cheque procession which is RM4.
The whole purpose of this initiative is that BNM hopes that this would encourage more people to use electronic methods instead.
I wonder how much does the bank gain from the Instant transfer now? Hmmm .. the amount should be significant as many people are transferring the money around.