Transaction Limit Bank Muamalat

Bank Muamalat, a prominent Islamic bank in Malaysia, has set specific transaction limits for the safety and security of its customers’ funds.

These limits are meant for consumer banking, not iBiz Muamalat business banking. These limits are also subject to change and your are advised to check the latest limits from the bank’s official sources.

What are the transaction limits from Bank Muamalat to Bank Muamalat?

Bank Muamalat Malaysia Berhad (BMMB) offers two avenues for Intrabank Funds Transfer: Retail Internet Banking and Mobile Banking. An attractive feature of these channels is the absence of transaction fees. The daily transaction limit is RM 50,000.00 across all transactions.

Despite this, neither the payer’s nor the beneficiaries’ names and payment references appear in bank statements for transfers made via these channels. This detail is crucial for customers seeking to monitor their transactions.

One key difference between the two methods is the availability of future-dated payments. This feature is accessible through Retail Internet Banking but not Mobile Banking.

Regardless of the chosen method, customers can transact 24/7. Plus, transactions are instantly credited, whether on business or non-business days.

What are the transaction limits from Bank Muamalat to other banks using DuitNow?

DuitNow transactions through Internet Banking and Mobile Banking come with no transaction fees. The daily transaction limit for both channels is RM 50,000.00.

Payment references, including payer’s and beneficiaries’ names and payment references, are available in both channels. This information appears in the respective bank statements of the payer and beneficiary.

Yet, future-dated payments are only supported by Internet Banking. Both services operate around the clock.

What are the transaction limits from Bank Muamalat to other banks via IBG?

Interbank GIRO (IBG) is accessible through Internet Banking or Mobile Banking. Each transaction incurs a fee of RM 0.10. A daily transaction limit of RM 50,000.00 applies to both channels.

Both channels provide payer’s and beneficiaries’ names and payment references in bank statements. Future-dated payments are only possible through Internet Banking.

The crediting time for future-dated payments varies. If the payment is made on a business day, beneficiaries receive funds by 2:00 pm on the same day. If made on a non-business day, funds are received by 11:00 am on the next business day.

Both Internet Banking and Mobile Banking for IBG are available 24/7.

Why Bank Muamalat impose transaction limits?

Bank Muamalat, like many other financial institutions, imposes transaction limits as a measure to manage risk and protect both the bank and its customers. These limits can help prevent fraud and money laundering, safeguard customer’s funds, and ensure that the bank has sufficient liquidity.

Transaction limits also help to maintain the integrity of the banking system by ensuring that large transactions are properly scrutinized. This can help to prevent illegal activities such as terror financing.

Furthermore, transaction limits can help customers to manage their spending and prevent them from making impulsive high-value transactions.

Transaction limits can be part of the bank’s customer due diligence procedures, where the bank needs to understand their customer’s transaction behaviors to offer appropriate products or services and maintain a good banking relationship.