RHB announces zero fee for instant transfer

PETALING JAYA: RHB Banking Group has announced zero fee for instant transfer made by individuals and sole proprietor businesses via RHB Now Online Banking platform.
The bank said in a statement that this is in line with Bank Negara Malaysia's (BNM) efforts to drive cashless payment systems and reduce traditional payment modes.
BNM recently announced that effective July 1, the instant transfer fee of 50 sen will be waived for payments of up to RM5,000 per transaction by individuals and SMEs.
RHB has made this waiver available since May 18.
"Through this waiver of instant transfer fees, we are confident that more consumers and sole proprietorship businesses will opt for digital payments, creating an agile and digitally-driven economy in Malaysia. With this in place, we also hope to offer customers more value-added interactions and deliver superior customer experience," said RHB's acting head for group retail banking Nazri Othman.
"Over the last two years, we have recorded a 70% increase of instant transfer transactions," he added.