No more additional service charge for Instant Transfer for Interbank

Recently, Bank Negara Malaysia has enforced a new terms to all banks where there will be no more instant transfer charges for interbank transfer which it usually cost around RM0.53 (previously with 6% GST) or RM0.50 (with 0% GST). It aims to advance the increasing demands of online currency exchange and transfer services in Malaysia and marching towards a global economic nation.

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This has been first announced in 2017 and officially enforced on 1st July 2018. No instant transfer charge is only applicable for transfer below RM5000. There has been several bank that enforce such charges in previous month and it has now become mandatory at all banks.