When sending Malaysian Ringgit (MYR) to Malaysia from the UK, you can use IBG (Interbank GIRO), a payment method managed by Bank Negara Malaysia. While IBG is typically used for domestic payments within Malaysia, it can also handle international transactions. This happens when the Payment Service Provider (PSP) in the UK partners with a local bank in Malaysia or a third party provider to complete the domestic leg of the transfer.
IBG ensures secure and efficient transfers between banks in Malaysia, providing timely settlements and adhering to regulatory standards. Here’s a detailed guide on making international payments to Malaysia with Rutland FX via IBG.
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What is IBG?
IBG, or Interbank GIRO, is Malaysia’s domestic payment system overseen by Bank Negara Malaysia, the central bank of Malaysia. It serves as a vital infrastructure for transferring funds across the Malaysian banking network, supporting various transaction types essential for both individual and corporate users.
Background and Operation
- Operated by: Bank Negara Malaysia
- Inception: IBG was introduced as part of Malaysia’s efforts to modernise its financial infrastructure. It officially began operations to the public in phases starting from 2003. The primary objective of IBG was to enhance the efficiency and security of interbank transactions within Malaysia, replacing older, less efficient methods of fund transfer, such as physical checks, with electronic payment solutions.
- Purpose: The primary objective of IBG is to enhance the efficiency and security of the country’s payment system. It allows for the electronic transfer of funds and settlement of payment orders, reducing reliance on physical instruments like checks.
Key Features
- National Coverage: IBG covers the entire Malaysian banking system, connecting various banks across the country.
- Clearing Cycles: The system operates multiple clearing cycles throughout the day, enabling timely processing of payment orders.
- Transaction Types: It supports various types of transactions, including credit transfers and direct debits, catering to both individual and corporate clients.
- Security: As an initiative of Bank Negara Malaysia, IBG adheres to stringent security protocols, ensuring the integrity and confidentiality of transactions.
Making Payments to Malaysia in Malaysian Ringgit (MYR)
If you plan to make a payment to Malaysia with Rutland FX, here’s what you need to know:
Currency Conversion
You can convert funds from major global currencies to Malaysian Ringgit (MYR) with Rutland FX. Supported conversion currencies include:
- US Dollar (USD)
- UK Sterling (GBP)
- Euro (EUR)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
Cut-off Time
Submit payments before the 4:30 PM UK cut-off time for same-day dispatch to Malaysia.
Maximum Payment Size
Each IBG transaction is limited to MYR 100,000. Larger amounts can be managed by booking multiple transactions of MYR 100,000 each.
What Bank Information Will I Need From The Recipient?
- BIC/SWIFT code
- Account number
- Company name and address (for corporate entities)
- Recipient’s name and address (for non-corporate entities)
Still not sure?
If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback below to discuss your requirements.