Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear)

Established in 2008, Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) is a wholly-owned subsidiary of Bank Negara Malaysia (BNM).

MyClear is built to operate world-class payment systems and financial market infrastructures that safely, reliably and efficiently enable the functioning and development of Malaysia's financial system as well as the economy as a whole.

MyClear Services

• Real Time Electronic Transfer of Funds and Securities (RENTAS) - Real-time gross settlement of wholesale funds transfers and securities trades denominated in Ringgit as well as Renminbi. RENTAS' Renminbi settlement service supports Malaysia's role as a recognised off-shore Renminbi clearing hub.
• Debit Securities Services - end-to-end facilities for issuers, arrangers and investors covering the entire bond lifecycle from issuance to trade settlement and depository:
• Fully Automated System for Tendering (FAST) - automated issuance and tendering system for all government securities, BNM papers, private debt securities and money market instruments, as well as a repository of reference information of all active debt securities issued in Malaysia.
• RENTAS Depository - facilities custody of all unlisted debt securities in Malaysia. Today, we operate the largest depository for sukuk instruments in the world, as well as the largest debt securities depository in ASEAN.
• Sistem Penjelasan Imej Cek Kebangsaan (eSPICK) - Malaysia's national cheque clearing house.
• Interbank GIRO (IBG) - A funds transfer system that allows account-to-account credit transfers between 42 participating banks in Malaysia.
• JomPAY - Malaysia's national bill payment scheme where customers can pay any registered biller from Internet or Mobile banking by drawing funds from Current, Savings or Credit Card accounts. Billers need only sign up with one bank to collect payments via 42 banks.
• MyDebit - Malaysia's domestic debit card scheme, which allows point-of-sale payments using ATM cards issued by banks in Malaysia.
• FPX - Direct-to-bank Internet payment gateway, which facilitates Internet payments and e-commerce purchases using savings and current accounts.
• Direct Debit - Allows billers and merchants to debit a consumer's bank accounts on a periodic basis to collect recurring payments.

More info: http://www.myclear.org.my/

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.