IBG transfer is a popular method of transferring funds between different banks in Malaysia. Bank Muamalat, one of the leading Islamic banks in the country, offers IBG transfer services to its customers.
This service allows customers to transfer funds quickly and securely to other banks in Malaysia. With IBG transfer, customers can transfer funds to any bank account in Malaysia without needing a physical cheque or cash. This service is available to both individual and corporate customers of Bank Muamalat.
How long does IBG transfer take for Bank Muamalat?
The duration of an Interbank GIRO (IBG) transfer for Bank Muamalat may vary depending on the time the transaction is initiated and the receiving bank’s processing time.
Bank Muamalat’s Interbank GIRO (IBG) transactions have specific crediting times depending on the time of payment initiation by customers.
During business days (Monday to Friday), if a payment is initiated before 5:00 am, the beneficiaries will receive the funds on the same business day before 11:00 am, and refunds for unsuccessful transactions will be processed by 5:00 pm.
For payments initiated between 5:00 am and 8:00 am, the funds will be received by beneficiaries on the same business day before 2:00 pm, and refund processing will be completed by 8:20 pm.
If the payment is initiated between 8:01 am and 11:00 am, the funds will be received by beneficiaries on the same business day before 5:00 pm, and refund processing will be completed by 11:00 pm.
For payments initiated between 11:01 am and 2:00 pm, the funds will be received by beneficiaries on the same business day before 8:20 pm, and refunds will be processed by 5:00 pm on the next business day.
If the payment is initiated between 2:01 pm and 5:00 pm, the funds will be received by beneficiaries on the same business day before 11:00 pm, and refunds will be processed by 5:00 pm on the next business day.
Payments initiated after 5:00 pm will be credited on the next business day, with funds received by beneficiaries before 11:00 am, and refunds processed by 5:00 pm.
During non-business days, which include Saturdays, Sundays, and Federal Territory Public Holidays, the funds will be credited on the next business day before 11:00 am, and refunds will be processed by 5:00 pm.
With regards to the time required or how long the IBG transfer of Bank Muamalat will take, please refer to the below information:
Bank Muamalat IBG transfer fees and limit
Here are some information about BMMB fess and limit using IBG transfer method:
- Fees and charges (RM per transaction):
- Internet Banking: RM 0.10
- Mobile Banking: RM 0.10
- Daily transaction limit (RM per day):
- Combined overall limit: RM 50,000.00
- Payment reference:
- Availability of payers’ names and payment references in beneficiaries’ bank statement: Yes
- Availability of beneficiaries’ names and payment reference in payers’ bank statement: Yes
- Future-dated payments:
- Internet Banking: Yes
- Mobile Banking: No
- Future-dated payments crediting time:
- Payment Day (Business Day): Funds received by beneficiaries on the same business day by 2:00 pm
- Payment Day (Non-Business Day): Funds received by beneficiaries on the next business day by 11:00 am
- N/A (not applicable)
- Operating hours:
- Internet Banking: 24 Hours
- Mobile Banking: 24 Hours
Please note that IBG refers to the Interbank GIRO system and the information provided is specific to the channels of Internet Banking and Mobile Banking.
It is best to check with Bank Muamalat directly for the most accurate information on transfer times.
Why does Bank Muamalat IBG transfer take so long?
Generally, IBG transfers may take longer than other types of transfers because they involve multiple banks and clearing houses.
The transfer process involves several steps, including verification of account details, processing of the transaction, and clearance by the relevant clearing house.
These steps can take time, especially if there are any errors or discrepancies in the transaction details.
Additionally, the processing time may also depend on the time of day the transfer was initiated and the volume of transactions being processed at that time.
How do I check my Bank Muamalat IBG transfer status?
You can check your Bank Muamalat IBG transfer status by following these steps:
- Log in to your Bank Muamalat online banking account.
- Go to the “Transaction History” or “Transaction Status” section.
- Look for the IBG transfer transaction you want to check.
- Check the status of the transaction. It should show whether it is “Pending,” “Successful,” or “Failed.”
- If the transaction is “Pending,” it means that the transfer is still being processed. You may need to wait for a few hours or days for the transfer to be completed.
- If the transaction is “Successful,” it means that the transfer has been completed and the funds have been transferred to the recipient’s account.
- If the transaction is “Failed,” it means that the transfer was not successful.
- You may need to contact Bank Muamalat customer service to find out why the transfer failed and what you can do to resolve the issue.
How do I know if Bank Muamalat my IBG transfer is successful?
You can check the status of your IBG transfer by logging into your Bank Muamalat online banking account or by contacting their customer service hotline.
They should be able to provide you with the necessary information regarding the status of your transfer.
Can Bank Muamalat IBG transfer be cancelled?
In general, IBG transfers can be cancelled if the recipient has not yet received the funds. The cancellation process may vary depending on the bank’s policies and the specific circumstances of the transfer.
It is best to contact Bank Muamalat directly to inquire about their cancellation policies and procedures.
What are the best practices in transferring money from Bank Muamalat to other banks?
Here are some general best practices for transferring money from Bank Muamalat to other banks:
1. Ensure that you have sufficient funds in your Bank Muamalat account to cover the transfer amount and any associated fees.
2. Verify the recipient’s bank account details, including the account number and routing number, to avoid any errors or delays in the transfer.
3. Choose a secure and reliable transfer method, such as online banking or mobile banking, that offers encryption and authentication to protect your personal and financial information.
4. Check the transfer limits and processing times for your chosen transfer method to ensure that your transfer will be completed within your desired timeframe.
5. Keep a record of your transfer confirmation and any reference numbers provided by Bank Muamalat or the recipient’s bank for future reference or dispute resolution.
6. Monitor your Bank Muamalat account and the recipient’s account to ensure that the transfer is completed successfully and without any unauthorized transactions.