In Malaysia, bank transfer can be made either by visiting the bank’s branch, through ATM machines or via internet banking. To make bank transfer locally within Malaysia, you will need the recipient name, bank name and account number. This no bank codes needed to make the transfer.
Recipient will receive the fund immediately if the transfer is done within the same bank. For Interbank GIRO (IBG) transfer, the recipient will receive the fund either within 2 working day or immediately depending on interbank transfer method & time. Immediate inter-bank fund transfer sometimes called “Instant Transfer,” where the transfer fee is slightly higher.
For inward international fund transfer to the Malaysia, swift code is also needed on top of recipient name, bank name and account number. Normally, it takes take approximately between 1 to 3 days for the fund to be credited to recipient’s account. Similar to local bank transfer, there is no local bank codes needed.
Although, banks in Malaysia have many branches throughout the country, most of the time, each branch does not have separate SWIFT code. To make inward international fund transfer to the Malaysia, you only need the head office SWIFT Code. The list of banks & its branches throughout Malaysia can be found in Malaysian Directory.
If you make bank transfer to invest in Malaysia, stock market & property investment are 2 of the most popular method.