Zero fees for instant inter-bank transfers from tomorrow

Malaysian Electronic Payment System Sdn Bhd (MEPS) and its member banks will waive the fee for its real-time Instant Transfer, previously known as Inter-bank Funds Transfer (IBFT) service, from tomorrow – Oct 1 – to Dec 31. In a statement yesterday, MEPS said the zero fee was applicable for transactions on the Internet and mobile banking channels of the participating banks. However, the instant transfer fee at automated teller machines (ATMs) remained at 50 sen, it said. The initiative shows the banks’ and MEPS’ support for Bank Negara Malaysia’s (BNM) e-Payment adoption. By 2020, BNM is targeting to increase the number of e-payment transactions per capita from 72 to 200.