Maybank2U announces that from 2nd May 2013 onwards, Giro Intebank Transfer charges will be 10 cent per transaction.
- Convenient and secure—no queuing at the bank or ATM
- Available to all registered Maybank2u users
- Daily transfer limit of RM10,000
- Daily transfer limit of RM10,000 for non-resident account
While Bank Negara in their Press Statement says:
Effective 2 May 2013, the fee for Interbank GIRO or IBG transactions that is performed online via internet banking and mobile banking, will be at 10 sen. The low online IBG fee is aimed at providing the incentive for users to switch from other more costly payment methods to lower cost alternatives. Online payment via internet banking and mobile banking lends significant benefits to both individuals and businesses. Individuals enjoy the convenience of transacting anytime anywhere, avoiding the queues at bank counters while businesses can lower the costs of doing business through the reduction or redeployment of resources used for handling cash and cheques. With more payments done electronically, there will also be cost savings from manual processes including postage.
To reduce the cost and inefficiencies associated with the use of cheques, the charge for cheques will be progressively increased to reflect its production cost, which is currently at RM3.00. A period of one year is given for the general public and businesses to familiarize with, adjust and migrate to using IBG for their payment transactions. Effective 1 April 2014, banks will charge a cheque processing fee of 50 sen on the issuer of the cheque. This fee is in addition to the existing stamp duty of 15 sen per cheque leaf. During the one-year period, Bank Negara Malaysia will work closely with the financial industry to further improve the payment infrastructure to ensure payment services are easily accessible, secure and convenient.
Full Press Statement can be found at BNM Press Statement