Reduction of Transaction Fees for Electronic PaymentsRef No : 07/08/03 09 Jul 2008 Embargo : For immediate release
I. Reduction of RENTAS transaction fee for third party payments
The transaction fee imposed on member banks for third party payments i.e. payments made by the member banks on behalf of their customers will be reduced from RM2.50 to RM1.50 with effect from 15 July 2008. Following this, there would also be a corresponding reduction of RM1.00 in bank charges imposed by member banks on their customers for RENTAS payments effective from the same date.
II. Review of the Inland Exchange Commission
The financial institutions would review the existing Inland Exchange Commission of 0.03% imposed on fund transfers and charge only a fixed fee to defray the cost involved with effect from 15 July 2008. This should result in a reduction in the transaction fee charged on customers of financial institutions for funds transfer between different States in Malaysia.
Bank Negara Malaysia
09 Jul 2008
© Bank Negara Malaysia, 2008. All rights reserved.