Fees reconsidered in Malaysia

In Malaysia fees charged for third party payment such as payments made by the member banks on behalf of their customers are to be lowered from RM2.50 to RM1.50. The change is to come into effect on July 15.

Malaysian Bank Negara states that financial institutions are going to revise Inland Exchange commission of 0.03% currently charged for money transfers and establish a fixed fee to be charged to cover the costs involved with the service. This alteration is to inure starting from July 15 as well.

“The move should result in a reduction in the transaction fee charged on customers of financial institutions for funds transfer between different states of Malaysia,” said Bank Negara.

“This is part of the initiatives to promote greater use of electronic payments and to reduce the cost of doing business,” it added.