Interbank GIRO (IBG) is an electronic fund transfer payment system which allows transfer of money in between paticipating financial institutions within Malaysia. The IBG system is managed by MyClear, a subsidisary of Bank Negara Malaysia.
IBG fund transfer is secure, convenient and cost effective way to move fund between different banks. IBG Services allow customers to transfer fund between own or third party for the purpose of normal money transfer or payment to loan or credit card accounts.
Individual can perform IBG transaction via ATM machines or internet banking or over the counter. The maximium limit for fund transfer via internet banking is up to RM10,000 per day depending on banks, while over the counter IBG transfer can be as high as RM1,000,000.
The charges for IBG transfer is only RM1.00 for ATM machines transaction, RM0.10 for Internet Banking transactions and RM2.00 for transaction over the counter transaction.
For IBG transfer via ATM machines, the fund will be available instantly.
If the transaction is made via internet banking, the money will be available in the recipient account on the same day if transaction is made before 12.30pm on Monday to Friday. After 12.30pm, the fund will only be credited into recipient account next working day. If the transaction made on Saturday, Sunday or Federal Territory Public Holiday, the fund will be credited on the next working days.
Paticipating banks are Affin Bank, Agrobank, Alliance Bank, Al-Rajhi Bank, AmBank, Bank Islam, Bank of China (soon), Bank Rakyat, Bank Muamalat, Bank of America, Bank Simpanan Nasional, Bank of Tokyo – Mitsubishi UFJ, CIMB Bank, BNP Paribas, Citibank, Deutsche Bank, Hong Leong Bank, HSBC Bank, Industrial and Commercial Bank of China (ICBC), JP Morgan Chase, Kuwait Finance House, Maybank, Mizuho Corporate Bank, OCBC Bank, Public Bank, RHB Bank, The Royal Bank of Scotland (soon), Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank.