CIMB offers zero-fee online fund transfers

25 April 2018

CIMB steps up to encourage usage of e-payment, in support of country’s cashless ecosystem agenda

Kuala Lumpur: CIMB Bank Berhad (“CIMB” or “the Bank”) today announced that it is waiving the Interbank GIRO (IBG) fee of RM0.11 per transaction and Instant Interbank Fund Transfer (IBFT) fee of RM0.53 per transaction* performed on its online banking platform, CIMB Clicks (www.cimbclicks.com.my), as well as CIMB Clicks and CIMB EVA mobile apps, regardless of transaction amount. The announcement is part of CIMB’s effort to drive the usage of digital payments, in support of Bank Negara Malaysia’s cashless society agenda.

This will take effect immediately and will benefit all registered users of CIMB Clicks, which last year processed 155 million transactions. Alongside the marked increase in digital transactions for the Bank, CIMB has also seen the usage of cheques drop by 17.5% year-on-year for 2017.

Samir Gupta, CEO of Group Consumer Banking, CIMB Group said, "CIMB Bank is delighted to offer zero-fee interbank fund transfers via CIMB Clicks and our mobile banking apps to our customers. Over the last three years, we have seen digital transactions grow by a Compound Annual Growth Rate (CAGR) of close to 40%, and mobile transactions by a CAGR of 90%.  We are confident the zero-fee fund transfers will encourage more of our customers to switch to electronic payments, while helping to develop Malaysia’s e-payments ecosystem.”

The all-new upgraded CIMB Clicks went live on 17 March. The upgraded platform provides an improved user experience, quick access to accounts and transactions, improved safety and security, as well as personalised offerings and promotions. Since the launch of the new CIMB Clicks, new user registrations have increased over 30% thanks to its simpler navigation and seamless user experience across desktop, tablet and mobile.

*The transaction rates include GST