fbpx
Connect with us

News

Malaysians No Longer Have to Pay Online Instant Transfer Fees Starting July 2018

Published

Bnm Announces Online Instant Transfer Fees Will Be Waived From July 2018 - World Of Buzz 4
Source: Youth Village

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

It seems that Bank Negara Malaysia (BNM) has finally heard our grumbles and decided to waive of that extra fee starting from July 1, 2018. This means that we can transfer money instantly, for free!

Bnm Announces Online Instant Transfer Fees Will Be Waived From July 2018 - World Of Buzz

Source: proam online

According to The Sun Daily, BNM decided to waive the fees as they want more people to use electronic payments which would help to reduce the costs that comes from traditional payment methods. This fee waiver is only applicable for single transactions up to RM5,000 made by individuals and small and medium enterprises (SMEs).

“There are a few strategies we ought to adopt, to reduce further wastage arising from the cost of maintaining two parallel systems by accelerating the displacement of cheques, harness the pervasiveness of mobile payments to ensure reach and focus on solving the last mile obstacles to enhance migration to e-payments,” BNM governor Tan Sri Muhammad Ibrahim said.

Bnm Announces Online Instant Transfer Fees Will Be Waived From July 2018 - World Of Buzz 2

Source: mmo

There are no news about the transaction fees for regular interbank giro transactions so we assume that the transaction fee of 11 sens (with GST) is still applicable. However, for frequent cheque users, we’ve got bad news for you as cheque fees will increase from 50 sen to RM1. But don’t worry just yet!

This move is expected to start in another few years’ time, from January 2, 2021 and will gradually increase to mirror the actual cost of cheque procession which is RM4. Compared to this, electronic payments only cost 30 per transaction and BNM hopes that this would encourage more people to use electronic methods instead.

Although cheque volume has decreased dramatically by 42% since 2011 to 120 million this year, BNM wants to drop this number to 100 million by 2019.

Can’t wait for free instant transactions! 

 

Also read: Unsure If It’s a Scam? You Can Now Check Online If Bank Accounts Have Been Reported Before

Unsure If It's A Scam? Malaysians Can Detect Bank Accounts Involved In Scams Through This Portal - World Of Buzz

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

My Post 4 7 My Post 4 7
News2 hours ago

Deputy Minister Calls PAS ‘Hypocrites’ Over Issue of School’s Sponsorship From Beer Company

PAS Selangor recently condemned a charity fundraising event at a Chinese school in Sepang, due to the sponsorship from a...

Collage 35 40 Collage 35 40
News4 hours ago

“Unhealthy, immoral” – PAS Questions Selangor Chinese School About Sponsorship from Beer Company

A Chinese school in Sepang recently held a charity performance and fundraising event that involved the sponsorship of a beer...

Untitled Design Untitled Design
News4 hours ago

Study: Terengganu & Selangor State Govts Most Transparent in Their Budgets, Kedah & Pahang Joint Last

The Institute for Democracy and Economic Affairs (IDEAS) today released the latest edition of its Malaysia Open Budget Index (MyOBI),...

Collage 4 4 Collage 4 4
News6 hours ago

15yo S’porean Boy “Works” as Paint Splasher For Loan Sharks So That He Can Buy an E-Bike, Gets Arrested

Most parents always stress how important it is to make smart choices, hoping their kids will make good choices and...

Feat Image Zulfarhan Feat Image Zulfarhan
News6 hours ago

Court of Appeal Reinstates Death Penalty on 6 Ex-UPNM Students for Murder of Zulfarhan Osman in 2017

In May 2017, our country was rocked by the news that a young Marine Cadet Officer and student at the...

Feat Image Meta Apology Feat Image Meta Apology
News8 hours ago

Meta Apologises for Auto-Translating ‘Junjung Kasih’ as ‘Condolences’ in FB Posts Congratulating YDPA

Previously, we shared how Facebook’s auto-translation function made a controversial error after it wrongly translated ‘Junjung Kasih‘ as ‘Condolences’ in...

Collage 35 39 Collage 35 39
News9 hours ago

BREAKING: Missing 6yo Albertine Leo Found Safe In Selangor Motel Room, PDRM Confirms

Albertine Leo, who recently went missing in Johor has been found safe, as confirmed by PDRM in a press conference...

Feat Image Reclassified As Kidnapping Feat Image Reclassified As Kidnapping
News11 hours ago

PDRM Reclassifies Case of Missing Johor Girl Albertine Leo Jia Hui as Kidnapping, 3 Individuals Arrested

Malaysia was shocked recently by the distressing case of a little girl who went missing at the Eko Galleria business...

Announcement

Latest Videos



TRENDING TODAY