Interbank transfer (IBG) fees had been reducing from RM 2 to RM 0.10 since May 2013. This is a effort by our Malaysia Government to push the online banking service to more people. This is my first time that using the service with the RM 0.10 transaction fees.
Even though the transaction fees already reduce from RM 2 to RM 0.10, but the bank still have another way to make money from the interbank transfer transaction fees, where they provide 2 difference choices for their client, the first selection is RM 0.10 with 1-2 days of waiting period, another selection is instant transaction with RM 2 per transfer.
CIMB Transfer Charges
| Debiting Account Type | ||
| Transfer Charges | ||
| IBG | Instant Transfer | |
| All Savings & Current Accounts | RM0.10 | RM2.00 |
| Schedule Transactions for all Savings & Current Accounts | RM4.00 | |
Transfer Schedule
| Transfer Day | Transfer Time | Funds Available at Beneficiary Bank | |
| IBG | Instant Transfer | ||
| Monday – Friday | Before 12:00 noon |
Same day | Immediate |
| After 12:00 noon |
Next business day | Immediate | |
| Saturday, Sunday, Federal Territory Public Holiday | Anytime | Next business day | Immediate |
It is good that we can plan our thing early, including fund transfer, if the time is not the critic, than 2 days transfer which save you RM 1.90 is always the best choice.