Knowing Interbank GIRO (IBG)

In general, Interbank GIRO (IBG) is an electronic fund transfer system (a paperless system) that allows transfer of your money or Ringgit in between 42 participating financial banks within Malaysia. The IBG system is managed by Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), a subsidiary of Bank Negara Malaysia (BNM).

Purpose of Interbank GIRO (IBG)

IBG allows an individual to transfer fund in between own and even third party account for the purpose of:

✓ normal money transfer
✓ payment to loan
✓ payment to credit card accounts

Advantages of using Interbank GIRO (IBG)
This method of moving funds between different banks via IBG fund transfer is:
✓ secure
✓ fast
✓ convenient
✓ cost effective
✓ highly accessible to participating banks

Overview of Interbank Giro (IBG)
IBG transaction can be performed via:
✓ Internet or Mobile banking
✓ ATM machine
✓ Over the Counter

No	IBG Transaction	Service Fees and Charges (RM per transaction)	Daily Transaction Limit (RM per day)
1	Internet or Mobile Banking	RM0.11 (fee RM0.10 + GST RM0.01)	RM 30,000.00
2	ATM Machine	RM0.32 (fee RM0.30 + GST RM0.02)	RM 5,000.00
3	Over the Counter	RM2.12 (fee RM2.00 + GST RM0.12)	RM 5,000.00

Crediting and Refund Schedule
Under normal circumstances, the crediting and refund schedule may refer to the following:

source: http://www.myclear.org.my/

Following points to take note:

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

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

#3. The exact transaction fee is subject to individual banks.
#4. The crediting and refund schedule may be differ for different bank.