IBG transfer is a popular method of transferring funds between bank accounts in Malaysia. Bank Rakyat, one of the leading Islamic banks in the country, offers IBG transfer services to its customers.
IBG transfer is a convenient and secure way to transfer funds, and it is widely used by individuals and businesses alike.
How long does IBG transfer take for Bank Rakyat?
Here’s is the crediting time of IBG transfer using Bank Rakyat:
- If customers initiate a payment before 5:00 am on a business day (Monday to Friday), the funds will be received by the beneficiaries on the same business day by 11:00 am.
- If customers initiate a payment between 5:01 am and 8:00 am, the funds will be received by the beneficiaries by 2:00 pm on the same business day.
- If customers initiate a payment between 8:01 am and 11:00 am, the funds will be received by the beneficiaries by 5:00 pm on the same business day.
- If customers initiate a payment between 11:01 am and 2:00 pm, the funds will be received by the beneficiaries by 8:20 pm on the same business day. If this time range extends to the next business day, the funds will be received by 11:00 am.
- If customers initiate a payment between 2:01 pm and 5:00 pm, the funds will be received by the beneficiaries by 11:00 pm on the same business day.
- If customers initiate a payment after 5:00 pm, the funds will be received by the beneficiaries on the next business day by 11:00 am.
- If it’s a non-business day (Saturday, Sunday, or Federal Territory Public Holidays), the funds will be received by the beneficiaries on the next business day by 11:00 am.
- Refunds for unsuccessful transactions are typically processed within the same timeframes mentioned above, under normal circumstances.
What are the fees and charges for an individual using Bank Rakyat IBG transfer?
Channels:
- iRakyat Mobile Banking
- ATM
- Over the Counter
Daily transaction limit (RM per day):
- iRakyat Mobile Banking: RM50,000 (combined limit with IBFT)
- ATM: RM50,000 (combined limit)
- Over the Counter: RM1 Million
Payment reference:
- iRakyat Mobile Banking: Availability of payee’s name and transaction in beneficiaries’ bank statement
- ATM: Yes
- Over the Counter: Yes
Availability of beneficiaries’ names and payment references in payers’ bank statement:
- iRakyat Mobile Banking: No
- ATM: No
- Over the Counter: No
Future-dated payment:
- iRakyat Mobile Banking: Yes
- ATM: No
- Over the Counter: No
Operating hours:
- iRakyat Mobile Banking: 24 hours
- ATM: 24 hours
- Over the Counter: Bank business hours
Transfer Fee:
- iRakyat Mobile Banking: RM0.10
- ATM: –
- Over the Counter: RM2
Transfer Fee (Senior Citizen & Disabled):
- iRakyat Mobile Banking: Free of Charge
What are the fees and charges for a non-individual using Bank Rakyat IBG transfer?
Why does Bank Rakyat IBG transfer take so long?
Generally, the time taken for IBG transfers can depend on various factors such as the processing time of the sending and receiving banks, the accuracy of the recipient’s account details, and any delays caused by public holidays or weekends.
It is best to check with Bank Rakyat directly for more information on their specific IBG transfer process and any potential delays.
How do I check my Bank Rakyat IBG transfer status?
You can check the status of your Bank Rakyat IBG transfer by logging into your online banking account or contacting Bank Rakyat customer service.
How do I know if Bank Rakyat my IBG transfer is successful?
You can check the status of your IBG transfer by logging into your Bank Rakyat online banking account or by contacting their customer service hotline.
You should receive a confirmation message or email once the transfer is successful.
Can Bank Rakyat IBG transfer be cancelled?
Yes, Bank Rakyat IBG transfer can be cancelled if the transaction has not been processed yet.
However, if the transaction has already been processed, it cannot be cancelled and the recipient will receive the funds.
It is important to double-check all details before initiating a transfer to avoid any errors or mistakes.
What are the best practices in transferring money from Bank Rakyat to other banks?
Here are some general best practices for transferring money from Bank Rakyat to other banks:
1. Ensure that you have sufficient funds in your Bank Rakyat account to cover the transfer amount and any associated fees.
2. Verify the recipient’s bank account details, including the account number and bank 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 Rakyat or the recipient’s bank for future reference or dispute resolution.
6. Monitor your Bank Rakyat account and the recipient’s account to ensure that the transfer is completed successfully and without any unauthorized transactions.