InterBank GIRO transfer fees has been reduced to RM0.10
As recent announcement by Bank Negara Malaysia, the fees of MEPS IBG (Interbank GIRO) fund transfer via internet banking has been reduced to RM 0.10 per transaction (from RM2.00). This will make the payment process more easier.
Information source: http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press_all&ac=2777
What is MEPS IBG ?
MEPS Interbank GIRO (MEPS IBG) is an electronic fund transfer payment system which allows transfer of funds between financial institutions without raising physical supporting documents such as cheques. This service reduces the crediting time between accounts especially out-of-town transactions. For example, fund transfer from Maybank2u to PBeBank is called IBG.
For more information, http://www.meps.com.my/faq/atm/e-debit/interbank-giro
What is the Benefit for Online Merchant & Customer?
With the reduction of transfer fees, it will encourage more user to use online fund transfer. It will save a lot of time and hassle to go to bank in cheque. It definitely benefit everyone.