InterBank Fund Transfer (IBFT) InterBank Fund Transfer (IBFT)

IBFT Product Criteria1

Introduction of IBFT (Interbank Fund Transfer)

What is IBFT?

  • IBFT enables bank customers to make fund transfer from one account to another account in other banks / make fund transfer within different bank accounts.
  • Recipient will receive cash quickly and instantly.
  • Transfer is done online and in real time.


The following fund transfers are allowed :

  • CASA (savings/current account)
  • Credit Card
  • Loan and Financing


How does it work?

There are 3 different ways to use this service:-

  • IBFT using customer’s bank’s ATM.
    Customers can transfer fund from their own account to benefisiary/ recipient account (account is maintained in different bank) using their own bank’s ATM.
  • IBFT using beneficiary/recipient’s bank’s ATM
    Customers can transfer fund from their own account to beneficiary/recipient (account maintained in different bank) using beneficiary/recipient’s bank’s ATM.
  • IBFT using other bank’s ATM
    Customers can also transfer fund between two accounts that are maintained in the same bank via other bank’s ATM.

Transaction limit

  • Depending on customer’s daily ATM transaction limit

 

List of IBFT participating Banks are as follows :

Services

Local Bank *

Local Incorporated Foreign Bank (LIFB) *

CASA (Current / Savings Account)

  • Affin Bank
  • Agrobank
  • Alliance Bank
  • AmBank
  • Bank Rakyat
  • Bank Simpanan Nasional
  • CIMB Bank
  • EON Bank
  • Hong Leong Bank
  • HSBC Bank
  • Kuwait Finance House
  • Maybank
  • Public Bank
  • RHB Bank
  • Citibank
  • HSBC Bank
  • UOB Bank

Credit Card & Loan / Financing

  • Affin Bank
  • Agrobank
  • Alliance Bank
  • AmBank
  • Bank Rakyat
  • Hong Leong Bank
  • Maybank
  • Public Bank
  • RHB Bank
  • Citibank
  • HSBC Bank
  • UOB Bank

Data as at April 2012

 

IBFT Usage Charges

Scenario

ATM Used

CASA, Credit Card & Loan Transaction

Transaction Charges

From

To

Scenario 1

Agrobank

Agrobank

Agrobank

Non IBFT transaction

Scenario 2

Agrobank

Agrobank

Any Local Bank

RM 1.00

Scenario 3

Agrobank

Agrobank

Any LIFB**

RM 4.00

Scenario 4

Agrobank

Any Local Bank

Agrobank

RM 1.00

Scenario 5

Agrobank

Any LIFB **

Agrobank

RM 4.00

Scenario 6

Local Bank A

Agrobank

Agrobank

RM 1.00

Scenario 7

Local Bank A

Agrobank

Local Bank A

RM 1.00

Scenario 8

Local Bank A

Local Bank A

Agrobank

RM 1.00

Scenario 9

LIFB Bank B**

Agrobank

Agrobank

RM 4.00

Scenario 10

LIFB Bank B**

Agrobank

LIFB Bank B

RM 4.00

Scenario 11

LIFB Bank B**

LIFB Bank B

Agrobank

RM 4.00

*** 0.30 for MEPS
** Any LIFB Transaction will be charged RM4.00

 

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