How to Make an IBG Transfer from Bank Islam (Step-by-Step)
Sending money via Bank Islam IBG? This guide has the full timetable, transaction limits, and everything else you need before you hit send.
How to Make an IBG Transfer from Bank Rakyat (Step-by-Step)
Interbank GIRO (IBG) is one of the most reliable ways to move money from Bank Rakyat to other Malaysian banks.
The catch? It doesn't arrive instantly. IBG transactions are processed in scheduled batches throughout the day, so the exact moment your recipient sees the funds depends entirely on when you hit send.
Here's everything you need to know – the complete timetable, transaction limits, and a step-by-step guide for making a Bank Rakyat IBG transfer.
We'll also introduce the Wise account, a handy companion to make your money go further with low, transparent fees.
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Bank Rakyat IBG Transfer Schedule
Getting the timing right is the difference between a payment that lands when you need it to and one that keeps your recipient waiting until the next business day. Here's the full Bank Rakyat IBG schedule¹ for standard business days:
Standard Business Day Timetable
The table below covers normal business days (Monday to Friday). Note that these crediting times apply under normal circumstances:
| When you send the money | When the recipient gets it | When you get a refund if it fails |
|---|---|---|
| Before 5am | By 11am | By 5pm |
| 5:01am to 8am | By 2pm | By 8:20pm |
| 8:01am to 11am | By 5pm | By 11pm |
| 11:01am to 2pm | By 8:20pm | By 11am (Next business day) |
| 2:01pm to 5pm | By 11pm | By 11am (Next business day) |
| After 5pm | By 11am (Next business day) | By 5pm (Next business day) |
Weekend and Public Holiday Transfer Times
IBG only runs on official business days. Transfer on a Saturday, Sunday, or Federal Territory Public Holiday and Bank Rakyat will process your transaction on the next available working day instead.
Under normal circumstances, the recipient will receive the funds by 11am on that following business day, and any refund for an unsuccessful transaction will be credited by 5pm.
How to Make an IBG Transfer from Bank Rakyat
Sending money to another bank is straightforward. Here's how to do it across each available channel.
Transferring via Web²
- Click 'Fund Transfer' and select 'IBG Transfer'.
- Fill in the required transaction details.
- Click 'Submit' and authorise the payment via iSecure. (Note: A Secure PIN is required. A notification will be sent to your device – if you don't receive it, open the iRakyat mobile app without logging in and tap the iSecure button on the menu.)
- Once complete, the status screen lets you add the beneficiary to your favourites, save or print your receipt, or start another transfer.
Transferring via iRakyat App²
- Tap 'Fund Transfer' and select 'IBG Transfer'.
- Enter the necessary details and tap 'Proceed'.
- Tap 'Confirm & Request TAC' and authorise the transaction via iSecure.
- On the status screen, you can add the beneficiary as a favourite, share the receipt, or kick off another transfer.
Transferring via ATM³
(Note: Specific steps may vary slightly between ATMs.)
- Insert your ATM or debit card and choose your preferred language.
- Enter your 6-digit PIN.
- Select 'Other Transaction' or 'Transfer'.
- Choose 'Interbank GIRO (IBG) Transfer' or 'Interbank GIRO (IBG)'.
- Select the recipient's bank by entering the displayed bank code or choosing it with the side buttons.
- Enter the receiving account number and press 'Confirm'.
- Enter the transfer amount and press 'Confirm'.
- Double-check the beneficiary bank, account number, and amount on screen – then press the final 'Confirm'.
- The machine will notify you that the IBG transaction is being processed.
Fees and Transaction Limits
Bank Rakyat charges a nominal transaction fee for individual IBG transfers across its digital and self-service channels. Over-the-counter fees, however, are waived for specific customer groups.
| Transfer Channel | Maximum Daily Limit | Transaction Fee |
|---|---|---|
| iRakyat (Online Banking) | RM 50,000 (combined limit with DuitNow) | RM 0.09 |
| ATM | RM 50,000 (combined limit) | RM 0.09 |
| Over-the-Counter (Branch) | RM 1,000,000 | RM 2.00 (Free for senior citizens and disabled customers) |
How to Cancel a Bank Rakyat IBG Transfer
Made a mistake? Whether you can stop the transfer depends on how it was set up.
Cancelling Scheduled Transfers
If you arranged a scheduled transfer, you can cancel it before the payment goes through². Log in to your account, click 'iRakyat History', and head to the 'Upcoming' section. Click the relevant reference number, then select either 'Stop This Transfer' to cancel that one upcoming transaction, or 'Stop All Future Transfers' to cancel every transaction in the series.
Handling Immediate Transfer Mistakes
Once you confirm an immediate IBG transfer, you cannot retract it⁵. If you've sent money in error, go to your nearest Bank Rakyat branch as soon as possible and request a recovery of funds. You'll need to fill in a form provided by the bank to start the recovery process.
One Account for Sending and Receiving Globally with Wise
IBG is great for your day-to-day local transfers, but you can't use it to send money across borders. That’s where Wise comes in.
Wise international money transfers can be set up online or within the Wise app with low fees from 0.77% and the mid-market rate, to over 140+ countries. There’s no markup added to the exchange rate that’s used to convert your currency, which makes it easier to see exactly what you're paying for a transfer, and what the recipient will get in the end. Just transfer the amount indicated in MYR and let Wise do the rest.
Track your transfers easily when you create a free Wise account, and manage, hold, and convert your money in MYR and 40+ other currencies. You'll get the same great rates, and be able to track your transfers all from one place. As a bonus, you can also get 8+ local account details to be able to receive money in MYR, USD, GBP, and more.
✍️ Sign up for a free account now
Sources:
- Bank Rakyat Interbank GIRO page
- iRakyat FAQ page
- Bank Rakyat IBG Transfers via ATM
- PayNet IBG FAQ page
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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