Reduction of Transaction Fees for Electronic Payments
Bank Negara Malaysia wishes to announce the reduction in transaction fee for payments made by the financial institutions on behalf of their customers using the real time gross settlement system (RENTAS). In addition, the banking industry would review its fee structure for funds transfer to a fixed fee instead of the existing Inland Exchange Commission of 0.03%. This is part of the initiatives to promote greater use of electronic payments and to reduce the cost of doing business.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
9 July 2008
Basically that means lower transaction cost for business operations. More business-friendly policies like these should be introduced to help keep the business community healthy.
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