In case you missed it, Malaysia is planning to become a cashless society by 2050, and in an effort to speed up the process, Bank Negara Malaysia has made some small but significant changes to the service fees for Instant Transfer transactions.
Zeti Aziz’s successor, Tan Sri Muhammad Ibrahim — who was giving a keynote address at the 2017 Payments Forum & Exhibition — revealed that the Instant Transfer fee of 50 sen (53 sen including GST) will be waived for up to RM5,000 per transaction by individuals and small-medium enterprises (SMEs) starting from 1st July 2018 onwards.
This is great news for us shopaholics (as well as bill-paying adults), because not only will we be able to make the transaction in a jiffy, we also don’t have to pay a dime for it.
However, regular Interbank Giro (IBG) transactions fee of 11 sen (including GST) is suspected to remain unchanged. No news on interbank ATM transaction fees of RM1.06 (including GST) either.
On another note, cheque fees will be increased from 50 sen to RM1 from 2nd January 2021 because of the higher processing cost of RM4, whereas it only takes around 30 sen per transaction to process an Interbank GIRO and Instant Transfer. “It is a sheer wastage to the economy,” said the BNM governor.
Online electronic fund transfers have increased exponentially from 66 million in 2011 to a whopping 329 million transactions in 2017. Say yes to cashless payments!
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