IBG (Interbank GIRO) transfer: What is it? How long does it take?

Yumiko Kijima
3 minute read

This guide covers all the details you need about IBG payments and IBG transfer times. However, as Interbank GIRO transfers are only used domestically, you’ll need a different payment route if you plan on sending money overseas. To help with this, we’ll also run through the costs of sending international payments with major Malaysian banks, and using modern online payments with Wise.


Table of contents

What is IBG (Interbank GIRO) transfer? Meaning

Interbank GIRO transfers are electronic payments between participating financial institutions in Malaysia. Most of Malaysia’s major banks offer IBG payments as a low cost way for customers to move money between accounts, pay loan and credit card bills, or send payments to others.²

You can arrange an IBG payment online for just MYR0.10. You’ll also be able to initiate a payment by visiting a branch, but banks charge higher fees for this. The costs of over the counter IBG services vary by bank, so check out the terms and conditions for your own bank before you decide. It’s good to know though, that the fees for setting up an IBG transfer in-branch are usually waived for senior citizens and people with disabilities.³

The IBG payment system is managed by Paynet. Paynet sets a limit of MYR1 million per transaction, but individual banks have their own limits and caps, which are likely to be lower than this.³

How long does an IBG (Interbank GIRO) transfer take?

The amount of time it takes to send an Interbank GIRO payment depends on when exactly you initiate the payment. There are a series of cut-offs throughout the working day, which have been agreed by the participating banks. If you get your payment in before cut-off, it’ll be processed and will arrive by a predetermined time. If you send money after hours or during the weekends or any public holidays, the transfer will be processed on the next working day.

The major Malaysian banks all use the same cut-offs for IBG transfers - so a Maybank IBG transfer and a CIMB IBG transfer should take the same length of time.

Check out the tables below for the payment schedules for the following banks:

  • Maybank⁴
  • CIMB⁵
  • RHB⁶
  • BSN⁷
  • Hong Leong Bank⁸
  • Ambank⁹
  • OCBC¹º

IBG transfer cut-off times and payment schedule

Payment initiated on a working day Payment received
Before 5am By 11am
5:01am - 8am By 2pm
8:01am - 11am By 5pm
11:01am - 2pm By 8.20pm
1:01pm - 5pm By 11pm
After 5pm By 11am the following working day

If you schedule a payment after hours, or on a non-working day, it will arrive by 11am on the next business day.

What is the difference between IBG transfer vs Instant transfer?

If you have the option of both, you’ll probably be wondering about the difference between IBG and instant transfer payments.

Instant transfers - also known as IBFT payments - are processed immediately without any cut-offs or delays during the weekends and non-working days. IBG transfers, on the other hand, are not instant and take a set of time as we’ve already seen. Although IBG transfers are slower than Instant transfers, Instant transfers can be cheaper than the other in some banks (ex. RHB: Free for Instant transfers, 0.10MYR for IBG transfers)⁶.

Instant transfers can only be used with selected participating banks in Malaysia and overseas.⁵

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  1. Wise | Compare exchange rates (September 3 2020 at 16:19 (GMT+3))
  2. PayNet | Advantages of using Interbank GIRO (IBG)
  3. PayNet | Charges & transaction limits for payments via IBG
  4. Maybank Malaysia | Interbank Giro - FAQs
  5. CIMB | Transfer Funds
  6. RHB Online Banking | Fund Transfer
  7. BSN | Interbank GIRO (IBG)
  8. Hong Leong Bank | Frequently Asked Questions - Funds Transfer
  9. Ambank | IBG Cut Off Time
  10. OCBC | Help & Support - Interbank GIRO

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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