Effective 2 May 2013, the fee for Interbank GIRO or IBG transactions
that is performed online via internet banking and mobile banking, will
be at 10 sen. (compared to RM 2.00 existing).
In contrast, the charge for cheques will be progressively increased .
Effective 1 April 2014, banks will charge a cheque processing fee of 50
sen on the issuer of the cheque. This fee is in addition to the existing
stamp duty of 15 sen per cheque leaf..
Why is Bank Negara doing this?
The fee for electronic payment methods will be reduced to
incentivise businesses and consumers to adopt the more cost effective
electronic payment methods while charges will be levied on cheques to
reflect its higher cost. This effort is to reduce the cost and inefficiencies associated with the use of
cheques. The low online IBG fee is aimed at providing the incentive
for users to switch from other more costly payment methods to lower
cost alternatives
Bank Negara is giving a period of
one year for the general public and businesses to familiarize
with, adjust and migrate to using IBG for their payment transactions.
Online payment via internet banking and mobile
banking lends significant benefits to both individuals and businesses.
Individuals enjoy the convenience of transacting anytime anywhere,
avoiding the queues at bank counters while businesses can lower the
costs of doing business through the reduction or redeployment of
resources used for handling cash and cheques. With more payments done
electronically, there will also be cost savings from manual processes
including postage.