IBG transfer is a popular method of transferring funds in Malaysia. It stands for Interbank Giro Transfer and is a service Bank Simpanan Nasional (BSN) offers its customers.
IBG transfer allows customers to transfer funds from their BSN account to another bank account in Malaysia.
BSN IBG Transfer
What are the benefit of using BSN IBG tansfer?
Here are some benefits of using BSN IBG transfer:
- You can make payments to other banks through cash or electronic transfers.
- You can transfer funds from other banks to your account.
- Conveniently pay your Credit Card bills and other repayments from other banks.
- Receive payments from companies or employers, including salaries, bonuses, and allowances, directly into your BSN account. Employers can use BSN’s electronic file transfer service (FTP) and receive transaction reports via mail.
- BSN also allows debiting from your account to make payments to recipients’ other bank accounts.
What are the fees of BSN IBG transfer?
- ATM: RM0.10 per transaction, with a limit of up to RM50,000 (Combined Limit).
- Over the Counter: RM2.00 per transaction, with a limit of up to RM1 million (Combined Limit with IBFT).
- Internet Banking: RM0.10 per transaction, with a limit of up to RM10,000.
How long does IBG transfer take for BSN?
In order to know how long you can receive the fund from BSN via IBG transfer, refer to the below information:
- Payments Initiated by Customers:
- Before 4:00 am: Funds received by beneficiaries before 5:00 am.
- 4:01 am to 7:00 am: Funds received by beneficiaries before 8:00 am.
- 7:01 am to 10:00 am: Same business day refund for unsuccessful transactions received by 5:00 pm.
- 10:01 am to 1:00 pm: Refund received by beneficiaries by 11:00 am on the next business day.
- 1:01 pm to 5:00 pm: Refund received by beneficiaries by 11:00 pm.
- After 4:00 pm: Refund received by beneficiaries on the next business day by 11:00 am.
- Internet Banking & Over the Counter:
- Before 5:00 am: Funds received by beneficiaries by 11:00 am.
- 5:01 am to 8:00 am: Funds received by beneficiaries by 2:00 pm.
- 8:01 am to 11:00 am: Same business day refund for unsuccessful transactions received by 5:00 pm.
- 11:01 am to 2:00 pm: Refund received by beneficiaries by 8:20 pm.
- 2:01 pm to 5:00 pm: Refund received by beneficiaries by 11:00 pm.
- After 5:00 pm: Refund received by beneficiaries on the next business day by 5:00 pm.
- Non-Business Day (Saturday, Sunday, and Federal Territory Public Holidays):
- Next business day: Refund received by beneficiaries by 11:00 am.
In general, an Interbank GIRO (IBG) transfer with Bank Simpanan Nasional (BSN) in Malaysia typically takes between 1 to 2 working days to be processed and credited to the recipient’s account.
However, the actual processing time may vary depending on the receiving bank and the time the transaction was initiated.
Why does BSN IBG transfer take so long?
In general, the time taken for a transfer can depend on various factors such as the processing time of the banks involved, the amount being transferred, the currency exchange rate, and any intermediary banks involved in the transaction.
Additionally, there may be delays due to weekends, public holidays, or any technical issues with the banking system. It would be best for you to check with the respective banks for more information on the specific reasons for any delays in the transfer.
How do I check my BSN IBG transfer status?
You can check the status of your BSN IBG transfer by logging into your BSN online banking account or by contacting BSN customer service.
How do I know if BSN my IBG transfer is successful?
You can check the status of your IBG transfer by logging into your BSN online banking account or contacting BSN customer service.
They will be able to provide you with the status of your transfer.
Can BSN IBG transfer be cancelled?
Yes, a BSN IBG transfer can be cancelled if it has not been processed yet. However, once the transfer has been processed, it cannot be cancelled. It is important to double-check all the details before initiating the transfer to avoid any errors or mistakes.
If you need to cancel a BSN IBG transfer, you should contact your bank as soon as possible to request the cancellation.
What are the best practices in transferring money from BSN to other banks?
Here are some general best practices for transferring money from BSN to other banks:
1. Verify the recipient’s bank account details: Before initiating a transfer, ensure that you have the correct bank account details of the recipient, including the account number, bank name, and branch code.
2. Choose a secure and reliable transfer method: BSN offers various transfer methods, including online banking, mobile banking, and ATM transfers. Choose a method that is secure and reliable, and ensure that you follow the necessary security protocols.
3. Check the transfer fees and exchange rates: BSN may charge a fee for transferring money to other banks, and the exchange rate may also vary. Check the fees and exchange rates before initiating the transfer to avoid any surprises.
4. Double-check the transfer details: Before confirming the transfer, double-check the recipient’s bank account details, transfer amount, and any other relevant information to ensure that everything is accurate.
5. Keep a record of the transfer: After completing the transfer, keep a record of the transaction details, including the date, time, and amount transferred, as well as any reference numbers or confirmation messages. This will help you track the transfer and resolve any issues that may arise.