In Malaysia, electronic fund transfers have become a core part of daily financial transactions. Among them, IBG (Interbank GIRO) stands out as a low-cost, widely accessible transfer system, commonly used for inter-account remittances, bill payments, and other scenarios. This article will detailedly explain the definition, fees, limits, and processing times of IBG transfers, compare its key differences with Instant Transfers (IBFT), and sort out the processing rules of major banks to help you efficiently plan your fund flows.

I. What is IBG Transfer?

IBG (Interbank GIRO transfer) is an electronic fund transfer system between participating financial institutions in Malaysia, operated by Paynet. It covers major banks such as Maybank and CIMB. Users can complete operations like account transfers, loan/credit card repayments, and person-to-person payments through this system, making it a frequently used basic transfer method for local transactions.

1. Fees and Discounts

• The handling fee for online IBG transfers is generally MYR 0.10, which is much lower than offline counter services (counter fees vary by bank and are usually higher);
• Seniors and people with disabilities can enjoy fee waivers for over-the-counter IBG transfers. For details, please consult your bank.

2. Transaction Limits

Paynet sets the maximum limit for a single IBG transaction at MYR 1,000,000. However, the actual limit is determined by each bank and may be lower than this standard (for example, some banks set MYR 50,000 per transaction for individual users). It is recommended to confirm in advance through the bank's app or customer service.

II. IBG Transfer Timing: How Long Does It Take to Arrive?

The arrival time of IBG transfers depends on the specific time of initiation. On working days, there are multiple batch cut-off times agreed by banks. If the transfer is initiated before the cut-off time, the system will complete the processing within the scheduled time. If initiated after the cut-off time, on weekends, or public holidays, it will be processed on the next working day. Major banks in Malaysia follow the same IBG transfer processing schedule. Therefore, for example, the IBG transfer timing of Maybank and CIMB is the same.

Applicable Banks: Major Malaysian banks such as Maybank, CIMB, RHB, BSN, Hong Leong Bank, Ambank, and OCBC all follow the above timing standards.

III. Key Differences Between IBG Transfers and Instant Transfers

Malaysian banks generally offer two electronic transfer methods: IBG transfers and Instant Transfers (often called IBFT or Instant Payments). They differ significantly in speed, fees, and applicable scenarios:

IV. Notes and Common Issues

1. Cross-border Transfer Restrictions: IBG transfers are limited to interbank transactions within Malaysia. For international remittances, specialized channels such as bank telegraphic transfers or SWIFT are required. For specific fees and timing, please consult the bank.

2. Limit Differences: Although Paynet sets a maximum single transaction limit of MYR 1,000,000, each bank may adjust the limit based on user levels and account types (e.g., MYR 500,000 per day for individual accounts). It is advisable to confirm in advance.

3. Fee Waiver Eligibility: Seniors (usually over 60 years old) and people with disabilities can waive handling fees for over-the-counter IBG transfers and need to bring relevant supporting documents.

4. Troubleshooting Delays: If the transfer does not arrive on time, first check if the recipient's account information is correct. If the information is correct, contact the remitting bank to inquire about the processing status (delays may occur due to system maintenance and other special circumstances).

Conclusion

IBG transfer is a low-cost, standardized domestic electronic transfer method in Malaysia, suitable for daily payments, repayments, and other non-urgent scenarios. Its timing follows unified batch processing rules, and major banks implement them simultaneously. For faster transfers, instant transfers can be chosen, but they may incur higher fees. Selecting the appropriate method based on the urgency of the transfer and cost sensitivity, and confirming the bank's limit and fee policies in advance, can make fund flows more efficient and economical.