✅ Frequently Asked Questions (FAQs)
What types of accounts and transactions are supported by IBFT?
IBFT supports transfers from savings, current, and credit card accounts
to similar account types at participating banks.
It is commonly used for peer-to-peer transfers, bill payments, loan
repayments,
and merchant payments requiring instant fund transfer.
💡 Tip: Use IBFT when you need fast and direct
transfers
— especially outside of business hours.
Through which channels can customers perform IBFT transfers?
Customers can perform IBFT transfers via:
- Internet banking portals
- Mobile banking apps
- Automated Teller Machines (ATMs)
- Self-service kiosks or CRM machines
- Bank branches (subject to bank policies)
🚡 Tip: These channels typically operate 24/7
for IBFT transfers.
What are the transaction limits and fees for IBFT?
Limits and fees vary by bank and customer profile:
- Retail customers typically have daily transfer limits ranging from RM5,000 to RM50,000.
- Corporate customers may have higher limits.
- Fees are usually minimal or waived for retail customers; some banks may charge nominal fees depending on channel or transaction type.
- Customers should consult their banks for exact limits and fees.
Can IBFT transfers be canceled or reversed?
No. IBFT transactions are immediate and irrevocable. If a mistake
occurs,
customers must contact their bank promptly to initiate a fund recovery
request.
⚠️ Warning: Fund recovery is not guaranteed and
depends on the recipient’s cooperation and bank policies.
How can customers track IBFT transactions?
Customers can track IBFT transfers via:
Because IBFT is instant, confirmation is usually immediate.
- Transaction history on internet or mobile banking platforms
- SMS or email notifications from their banks
- Contacting bank customer service centers
Because IBFT is instant, confirmation is usually immediate.
What should customers do if an IBFT transfer fails or is delayed?
IBFT transfers are designed to be reliable and instant. If a transfer
fails, the funds will not be debited, and the customer will be notified.
In rare cases of delay, customers should contact their bank with
transaction
details for investigation.
How does IBFT differ from Interbank GIRO (IBG)?
| Feature | IBFT | IBG |
|---|---|---|
| Processing Time | Real-time, instant | Batch processing, same/next day |
| Availability | 24/7 including holidays | Business hours only |
| Use Cases | Urgent transfers, P2P payments | Non-urgent payments, payroll |
| Fees | Usually minimal, may vary | Generally low or waived |
| Limits | Lower daily limits for retail | Higher limits available |
Which banks participate in IBFT?
Most major Malaysian banks participate in IBFT, including Maybank, CIMB, Public Bank, RHB, Hong Leong Bank, and others. Availability may vary by channel and bank.
Can IBFT be used for cross-border payments?
No. IBFT supports domestic transfers only. For international payments, alternative services such as SWIFT or PayNet’s DuitNow Cross-Border should be used.
How can businesses use IBFT?
Businesses can use IBFT for real-time payments to suppliers, employees, and service providers. Corporate internet banking platforms often support bulk IBFT payments, enabling batch processing for multiple beneficiaries.