Let’s say you owe your friend some money because he paid for the bills during the last makan session and your friend goes like, “you can transfer the money via DuitNow”.
Confused about what that is? We sure were the first time we heard about it.
Here’s an explanation of the service and how you can use it to transfer and receive money.
What is DuitNow?
It’s a service where you can send money to either mobile numbers or IC numbers. Kinda like Venmo in the US which also allows users to transfer money via mobile numbers.
The difference between the two is that with DuitNow you don’t have to download a separate app to use the service (which you have to if you use Venmo).
DuitNow is created by Payments Network Malaysia Sdn Bhd (PayNet), a company which Bank Negara Malaysia (BNM) is the single largest shareholder, with eleven Malaysian financial institutions having a stake in it.
It was made available to the public at the end of last year.
Which banks can you use?
There’s a lot of banks that support the service regardless if you’re using Maybank, Bank Rakyat, CIMB, Ambank with more banks joining in soon.
We’re going to explain how you can transfer or receive money using this service.
Btw, we are not sponsored by any of the banks for this article, (but if you bankers want to remove the other competing banks, heyyy).
How do you transfer the money?
All you need is just the mobile number or IC number of the person that you want to transfer your money to, key in that number into your preferred internet banking app or website and you should be able to send the money.
The interface of each bank would vary, but the instructions would be the same or similar.
Usually, the DuitNow option should appear after you’ve entered your login details.
After selecting the option it’ll prompt you to enter the recipients’ mobile number and also the amount.
The bank would send a security code to you via SMS before completing the transfer and after keying that in, you have sent that money to your friends or family.
But what if you want to receive money?
We’re pretty sure the younger half of the audience (you millennials) are eager to know about this.
To do that, you need to register your phone number to your bank account and this can be accessed by going to the settings menu in your banking app or website.
There should be an option where you can link your IC number or telephone number to your banking account.
Usually, your bank would already have these details. This is because you have to put in your IC and phone number when registering for your bank account and it would appear there.
Once you’ve linked your phone or IC number, you should be able to receive money instantly.
Is there a transfer limit and also fees?
Based on DuitNow’s website, you may transfer up to RM 50,000 per transaction at banks while businesses may transfer up to RM 10,000,000.
But the limit will vary depending on your bank and e-money payment providers will have lower limits.
As for transaction fees, it is free to send and receive money up to RM5,000.
But if it’s over RM5,000, a 50 cent fee may be applicable. Again, this depends on the bank that you’re with.