If you often have to make transfers between different banks in Malaysia, you may be wondering about IBG transfer how many days to complete.
This kind of transfer is only available and applicable within domestic range. So, if you are planning on transferring money abroad, then you need to consider other options.
What is IBG Transfer
IBG is short for Interbank GIRO transfer, the electronic payment that enables you to transfer money between different financial institutions. Most banks in Malaysia offer this service to help their customers. They know that this service is inexpensive, and most customers love the idea that they can pay credit card bills, pay loan, move money between (different) accounts, and send payments.
Such a service is generally offered through the branches and through online. If you pick the previous method, you will have to deal with a rather high fee. Although each branch has various costs (depending on their own policies), the fee is still higher than the online method.
If you are adamant about using this one, check your bank’s conditions and terms. If you pick the latter, it only costs you MYR 0.10. However, the fee for setting up the in-branch IBG transfer won’t be applicable for disabled people and senior citizens.
Paynet is responsible for IBG system. They set MYR 1 million a transaction for the limit. But then again, each bank has their own policies concerning the limits, so it would be better to check with your bank.
IBG Transfer How Many Days
The length of time needed to complete the transfer depends on the time you execute the transaction. The participating banks have series of cut off periods (within the working day).
If your transactions happen before the cut off, they will be processed quickly and arrive within the predetermined period.
However, if they happen after the cut off or during public holidays and weekends, then the process may take place on the next working day.
Here are some of the cut off periods and payment schedules:
- If payment takes place before 5 AM on working days, then it will be received by 11 AM
- If payment takes place between 5 AM and 8 AM, then it will be received by 2 PM
- If payment takes place between 8 AM and 11 AM, then it will be received by 5 PM
- If payment takes place between 11 AM and 2PM, then it will be received by 8.20 PM
- If payment takes place between 1 PM and 5 PM, then it will be received by 11 PM
- If payment takes place after 5 PM on working days, then it will be received by 11 AM on the following working day
IBG Transfer vs Instant Transfer
Since IBG transfer takes place online, a lot of people are wondering what the difference between the two. Well, instant transfer will be processed right away without any delay or cut off.
Even if you do the transfer during non-working days, it will be processed and delivered to the intended recipient.
IBG transfer, on the contrary, isn’t instant. It takes time. But the processing fee is lower than the instant service.
Now that you already know the basic facts, you should have easier option in making a decision concerning your financial transactions.