IBFT or Instant Transfer fees: how much Malaysian banks charge?

Hannes Ausmees

IBFT is now also known by some banks and providers as DuitNow Transfer (To Account). It’s a fast and easy way to send payments in MYR, with transfers settled in real time in participating banks.

Whether you’re looking for information about instant transfer charges, you’re confused about the difference between interbank giro and instant transfer, or you need the IBFT meaning, this guide is for you. And because IBFT (DuitNow) has limits when it comes to international payments, we’ll also introduce Wise as a smart, fast and cheap alternative for sending money abroad.


Instant transfer or IBFT meaning

Instant transfers between banks in Malaysia may be called IBFT payments - and are now also called DuitNow Transfer (or DuitNow Transfer To Account) by some banks. If you’re looking for instant transfer in Malay, you may also find it referred to as Pindahan segera.

We’ll look at DuitNow in a bit more detail next - but it’s also useful to differentiate upfront between IBG payments and instant transfer payments.

IBG stands for Interbank Giro, and is another commonly available method for making payments between Malaysian banks. However, while IBFT and DuitNow payments are instant, IBG transfers are sent in batches, following a prescribed timetable. That means that an IBG payment has to be initiated before a set cutoff time, for the payment to arrive on time into the recipient account. While both types of transfer are often offered by banks, IBFT and DuitNow may be cheaper, and are usually faster, too.

Learn more about IBG vs instant transfer (DuitNow) here.

Is DuitNow instant transfer?

Instant transfer payments (IBFT) can also be called DuitNow¹ Transfers, or in some cases, DuitNow Transfer To Account. The two services are slightly different, but the end result is the same - instant payments deposited to MYR bank accounts, usually for free.

Your own bank will choose to offer instant payment services through either DuitNow or IBFT - or in some cases, both. This guide will primarily look at the costs of Instant transfer (whether that’s IBFT or DuitNow) - but if you want to learn more about DuitNow specifically, and how it works, check out this full DuitNow guide.

Instant transfer fees in Malaysian banks

Now we’ve got that cleared up, let’s look at the instant transfer charges you’ll come across, depending on which Malaysian bank you have an account with.

Maybank instant transfer fee

On the various Maybank2U desktop sites and app options, instant transfers are found under the tab for DuitNow Transfers². Here are the instant transfer charges that will apply, based on how you arrange your payment³:

  • Maybank2U online or app instant transfer fee - 0 MYR
  • Maybank ATM instant transfer fee - 0.53 MYR

Bank Islam instant transfer fee

If you need to make an instant transfer, Bank Islam can also help you. In fact, Bank Islam customers can choose between IBFT⁴ and DuitNow⁵ if they want to make a fast and easy transfer to someone locally.

  • Bank Islam IBFT instant transfer fee - 0 MYR
  • Bank Islam DuitNow instant transfer fee - 0 MYR

RHB instant transfer fee

RHB offers instant transfers online and in their mobile app, through DuitNow⁶. If you’re using the desktop site you may also be able to schedule a DuitNow future payment. Here’s the RHB instant transfer fee you need to know⁷:

  • RHB online or app instant transfer fee - 0 MYR

BSN instant transfer fee

If you have an account with BSN you can choose to use IBFT⁸ to send an instant payment to a participating bank, or use DuitNow⁹. Here are the BSN instant transfer fees:

  • BSN IBFT instant transfer fee - 0.5 MYR
  • BSN DuitNow instant transfer fee - 0 MYR

Public Bank instant transfer charges

Public Bank now offers DuitNow¹⁰ transfers in place of IBFT transfers. For all customers. The good news is that this comes with a better deal on Public Bank instant transfer charges¹¹:

  • Public Bank DuitNow instant transfer charges - 0 MYR

Send money internationally up to 3x cheaper than banks with Wise

Instant transfers - whether they’re IBFT or DuitNow - are usually only available when you’re sending to participating banks within Malaysia. If you want to send money to another country or currency, you’ll need another option. Meet Wise.

Wise lets you:

The true cost of sending MYR to CNY

With Wise there’s no ongoing account fees, and no minimum balance requirement. You’ll only ever pay low, transparent fees for the services you use.

See how much you can save with Wise today!

Get a free Wise account

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.


  1. DuitNow
  2. Maybank Instant Transfer (DuitNow)
  3. Maybank funds transfer fees
  4. Bank Islam IBFT
  5. Bank Islam - DuitNow
  6. RHB DuitNow
  7. RHB DuitNow FAQ
  9. BSN DuitNow
  10. PBE DuitNow
  11. PBE transfer charges

Sources checked on 10/01/2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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