Knowing Instant Interbank Fund Transfer (IBFT)

In general, Instant Interbank Fund Transfer (IBFT) is an electronic fund transfer system (a paperless system) that allows payment to be made to credit card and loans immediately between accounts maintained with a participating MEPS (Malaysian Electronic Payment System Sdn Bhd) member bank.

Benefits of Instant Interbank Fund Transfer (IBFT)

IBFG allows an individual to enjoy the following benefits:

✓ immediate or real-time fund transfer to beneficiary account
✓ convenient way to transfer funds and make payment
✓ safe & reliable - Secure mode of fund transfer as it eliminates the use of cash
✓ verification of beneficiary account - the name of account holder will be displayed upon entering the beneficiary account number

Overview of Instant Interbank Fund Transfer (IBFT)
Depending on the bank, IBFT transaction can be performed via:
✓ Internet or Mobile banking
✓ ATM machine

• Service Fee: RM0.53 (Service fee RM0.50 + GST RM0.03)
• Daily Transfer Limit: RM30,000

Following points to take note:

#1. Interbanking within the same bank is normally immediate and Free of Charge (FOC).

#2. The transaction fee for IBFT to beneficiary account from other bank is subject to GST, NOT the amount of transferred fund.

#3. The exact transaction fee is subject to individual banks.
#4. The daily transfer limit may be differ for different bank.