Just in case you have not read it in the news, Bank Negara has announced that Interbank GIRO (IBG) fund transfer charge is reduced to only 10 sen per transaction starting from 2 May 2013. This is a significant reduction compared to previous charge of RM0.50-RM2.00 per transaction.
We see this as a positive move towards online/electronic banking that not only benefit us as a business running an online store but also good for the consumer having the convenience to do their banking anytime, anywhere.
At the moment, our online store is accepting payment from most of the major internet banking system either via CIMBClicks, Maybank2u Pay or MOLPay at no extra charge to our customer. For the rest, with this fee reduction, we encourage you to use your existing internet banking account with any bank and pay via IBG fund transfer. We are pretty sure that you are most comfortable using your own internet banking system that you are well familiar with.
The only downside of IBG fund transfer that we could think of is that it is not instantaneous. It could take half to one business day for it to reflect in our account. But this is something that most of us can live with it 🙂