IBG (Interbank GIRO) transfer is an electronic fund transfer payment system that allows transfer of funds between financial institutions without raising physical supporting documents such as cheques. It is a simple, cheap way to send money locally in Malaysia. Most of Malaysia’s major banks offer IBG payments as a low-cost way for customers to move money between accounts, pay loan and credit card bills, or send payments to others. IBG payments can be arranged online for just MYR0.10, and can also be initiated by visiting a branch. The costs of over-the-counter IBG services vary by bank, so it is important to check the terms and conditions for your own bank before you decide. IBG transfer time varies depending on the time of day the transfer is initiated, but any transfer made before 5:00 pm during a working day should arrive on the same day. The IBG payment system is managed by Paynet, which sets a limit of 1,000,000 MYR per transaction, but individual banks have their own limits and caps, which are likely to be lower than this. IBG transfers can be performed through various channels, including online banking, mobile banking app, ATM, and branch. The daily limits to the amount of money that can be transferred via IBG vary depending on the channel used, and the service charges for using IBG also vary depending on the channel used. IBG is a delayed funds transfer without validation on the beneficiary account number and name, unlike DuitNow to Account (Instant Transfer) .