Effective 1st July 2018, banks in Malaysia have waived the fee for instant interbank fund transfers (IBFT) for RM5,000 and below. This is in line with Bank Negara’s directive to move towards a cashless society.
The fee will be waived for both individuals as well as SMEs. Many banks in Malaysia have already waived such fees even before 1st July.
Concurrent with this policy, beginning Jan 2, 2021, cheque processing fees will be increased from 50sen to RM1 to reflect the higher processing cost.