IBG (Interbank Giro) and instant transfer are two popular methods of transferring funds electronically between banks.
Table of Contents
What is IBG transfer?
IBG is a traditional method of transferring funds that typically takes up to three business days to clear.
What is instant transfer?
On the other hand, instant transfer is a newer method that allows for immediate transfer of funds between banks.
Is instant transfer now called DuitNow?
Yes, in Malaysia, instant transfer is now called DuitNow.
DuitNow is a real-time interbank fund transfer service that allows customers to transfer funds instantly between participating banks and e-money issuers in Malaysia.
Which one is better, IBG or instant transfer?
It depends on your specific needs and priorities.
Instant transfer is generally better if you require immediate access to the transferred funds, as it typically processes transactions within minutes.
However, instant transfers may come with higher fees compared to IBG (Interbank GIRO), which usually takes longer to process transactions (1-2 business days) but often has lower fees. If speed is more important to you, choose instant transfer; if saving on fees is more important, choose IBG.
Is IBG transfer immediate?
No, an IBG (Interbank GIRO) transfer is not immediate.
It usually takes about 1-3 business days to process, depending on the banks involved and the time the transfer was initiated.
Some banks may offer a same-day IBG transfer service, but it may come with additional fees.
How long will IBG transfer take?
An IBG (Interbank GIRO) transfer typically takes between 1 to 3 business days to be processed and cleared.
The exact time may vary depending on the banks involved and their specific processing schedules.
What is the advantage of IBG transfer compared to instant transfer?
An IBG (Interbank GIRO) transfer has an advantage compared to instant transfers which is wider coverage.
IBG transfers are generally available for a wider range of banks and financial institutions, while instant transfers may be limited to a specific group of banks or partner institutions.
It is important to note that IBG transfers usually take longer to process (typically 1-2 business days) compared to instant transfers, which are processed immediately or within minutes.
Users should consider their needs for speed, cost, and accessibility when choosing between the two types of transfers.