IBG vs DuitNow: Which Transfer Method Should You Choose?

Both IBG and DuitNow get your Ringgit where it needs to go, but they process your money at very different speeds.

Whether you’re paying monthly bills, splitting a dinner tab with friends, or running a small business, choosing the right method ensures your money arrives exactly when you need it to.

Let’s break down how each system works, so you know which one to choose the next time you need to move your funds. We'll also introduce the Wise account, a handy companion to make your money go further with low, transparent fees.

What is a DuitNow instant transfer?

DuitNow¹ is a domestic payment system built for speed.

As its name suggests, it processes transactions immediately, meaning funds arrive in the recipient’s bank or e-wallet account instantly. Whether you are paying a friend back for lunch or sending an allowance to your family, DuitNow moves the money on the spot.

Instead of relying on a bank account number, DuitNow lets you send and receive funds using a single registered ID. You can link your preferred bank account or e-wallet to several personal identifiers, including:

• A mobile number
• MyKad number
• Passport number
• An army or police number

This convenience makes DuitNow highly accessible for everyday cashless payments. You can easily find the service under the funds transfer menu in the mobile apps of 42 participating banks nationwide, as well as several popular e-wallets in Malaysia like the Touch ‘n Go (TnG) eWallet, for example.

What does Interbank GIRO mean?

Interbank GIRO (IBG) is a secure electronic funds transfer service provided by PayNet². It connects 43 participating banks across Malaysia, allowing you to easily move money from your savings or current account to another bank account, credit card, or loan facility.

Instead of moving money instantly, IBG processes transactions in scheduled batches. This makes it ideal for non-urgent or high-volume payments³. Businesses frequently rely on IBG to simplify bulk payouts like payroll and vendor disbursements, while individuals use it for routine transfers.

You can make an IBG transfer through online banking, your mobile app, an ATM, or even over the counter at a branch. It is highly cost-effective and built for large transfers – typically costing just RM0.10 per online transaction, with the ability to send up to RM1,000,000 at a time, depending on your specific bank's limits⁴.

How long is the typical GIRO transfer time?

Because IBG relies on batch processing, your exact arrival time depends on when you hit "send". If you are making a transfer via internet banking on a standard business day (Monday to Friday), here is when the recipient can expect the funds:

*Details correct at time of research - 29th March 2026

If you send money after 5pm – or anytime during weekends and Federal Territory public holidays – the money will only reach the recipient at 11am the next business day.

IBG transfer vs DuitNow: Main differences

If you’re deciding which method to use, here is how they stack up against each other across some key factors:

Transfer fees

For everyday personal banking in Malaysia, both methods are incredibly cheap or free. DuitNow transfers of up to RM5,000 are typically free for consumers, though a RM0.50 fee may apply for larger amounts depending on the bank. IBG usually has a small fee, often around RM0.10 per transaction. For example, Maybank charges this if you use the ATM. However, if you use Maybank’s online platform for GIRO, there is no service fee⁵

Transaction limits

To protect you from fraud, banks set daily caps on how much you can send. Most Malaysian banks allow you to adjust these limits yourself within their online settings, up to a specific maximum ceiling.

While the standard combined limit for many major banks is RM50,000, some institutions offer more flexibility. For example, certain banks may allow you to increase this limit based on your total investable assets with them, like Maybank for example.

Conversely, transferring to your own accounts at the same bank often comes with a much higher daily limit, sometimes reaching nearly RM10,000,000⁸.

Which transfer method should you use?

Choosing between the two is simple: it comes down to speed and convenience.

Use DuitNow when:

• You need the money to arrive instantly for emergencies or time-sensitive payments.
• You are splitting a bill with friends or quickly sending your share after a meal.
• You are paying a small business or online seller and want to confirm payment on the spot.
• You value convenience and only have the recipient's phone number or NRIC.

Use IBG when:

• The transfer is not urgent and can arrive in a few hours or the next business day.
• You are making scheduled, recurring payments like monthly rent or loan instalments.
• The recipient does not have a registered DuitNow ID.

A Smarter Way to Send Money Internationally with Wise

While IBG and DuitNow are excellent for sending Ringgit within Malaysia, they are not designed for international transfers. If you need to send money to family abroad or pay for overseas services, here’s where Wise can be incredibly helpful.

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