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CIMB offers zero-fee online fund transfers
Last update: 25/04/2018

KUALA LUMPUR, April 25 (Bernama) --†CIMB†Bank Bhd is offering†zero-fee interbank fund transfers via its†CIMB†Clicks†( and CIMB†EVA mobile banking apps to its†customers, regardless of the†transaction amount, as†part of its†effort to drive the usage of†digital payments.

In a statement here, the bank said its†Interbank GIRO (IBG) fee of RM0.11 per transaction and Instant Interbank Fund Transfer†(IBFT) fee of RM0.53 per transaction would be waived with immediate effect.

The announcement was also in support of Bank Negara Malaysia's cashless society agenda, said the bank.

"Over the last three years, we have seen digital transactions grow by a†Compound Annual Growth Rate (CAGR) of close to 40 per cent†and mobile transactions by a†CAGR of 90 per cent," said CIMB.

The bank is†also confident the zero-fee fund transfers will†encourage more of its†customers to switch to electronic payments while helping to develop Malaysia's e-payments†ecosystem.

The all-new upgraded CIMB Clicks, which went live on March 17, provides an improved user experience, quick access to accounts and transactions, improved safety†and security, as well as personalised offerings and promotions.

CIMB†noted that since the launch of the new†CIMB Clicks, new user registrations have increased over 30 per cent due to its simpler†navigation and seamless user experience across desktop, tablet and mobile.



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Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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