Technological advancements have transformed the banking industry, which also includes interbank fund transfer methods. The various transfer methods provided allow customers to quickly and securely send and receive money, either domestically or overseas.

Here are some of the transfer methods commonly used in the banking industry:

• SKN (National Clearing System)

  SKN transfer method, or often also called the Lalu Lintas Giro (LLG) transfer line, is an interbank transfer method that takes 2 to 3 days. This is because the bank must first conduct a clearing process on the sender's account to ensure that the amount of money sent is sufficient.

  In the SKN system flow, the sending bank must first send money to Bank Indonesia (BI), then BI sends the money to the receiving bank account. The presence of Bank Indonesia in the middle of this process is the reason why the transfer process via SKN takes a long time. However, through the SKN method you can transfer money up to a maximum of IDR100,000,000 per day. This method is suitable if you want to send large amounts of money.

• RTGS (Real Time Gross Settlement)

  In comparison to the SKN method, the transfer process through the RTGS route only takes 3 to 4 hours and can be faster. However, this method is still processed following bank working hours. This means that if you make a transfer when the bank is closed, the money sent will arrive the next day.

• RTO (Real Time Online)

  Different from the SKN or RTGS transfer method which is done through a bank teller, the RTO method is done through an ATM machine. However, you can do it by visiting a branch office, or through internet banking, or mobile banking.

  RTO mechanism limits money transfer to a maximum of Rp25,000,000 per day with an admission fee of Rp6,500 to Rp7,500, depending on the provisions of each bank. For Maybank savings, customers are exempted from transfer fees via ATM or SMS+ Banking, as long as the balance in the account is more than Rp10 million.

• BI-FAST

  BI-FAST is Bank indonesia's payment system infrastructure to facilitate retail payments that can be accessed at any time in order to support the achievement of a fast, cheap, easy, safe and reliable payment system. BI-FAST can be accessed 24/7 and funds are received in real time by customers and banks.

Transfer through BI-FAST has several advantages over other transfer methods, including:

1. The limit on the amount of money that can be transferred through BI-FAST is higher than other transaction methods.
2. Fast transfer of funds that allows the recipient to immediately receive the transferred funds without the need to wait for a long time.
3. Fund transfers with fees that tend to be lower than other transaction methods.

Transfer method through BI-FAST is currently a popular choice for customers with its advantages. Maybank Indonesia has a BI-FAST transfer method with low limits and administration fees and there are also types of savings that feature free limits and administration fees. Limits and administration fees vary for several types of savings with the terms & conditions provided. For complete information on transfer methods through BI-FAST, you can see this page.

Here is the information on the limit and fee of transfer service through transfer melalui BI-FAST melalui M2U ID App sesuai dengan jenis Tabungan Maybank yang Anda miliki:

For more information on transfer limits and fees via BI-FAST method, please visit this page.

Making a transfer using BI-FAST method via M2U ID App is very easy. Follow these steps to start a BI-FAST transfer via M2U ID App:

1. Login to M2U ID App, then choose 'Transfer' menu
2. Select 'BI-FAST/BI-SKN', then select 'BI-FAST'.
3. Select the source account that will be used for the transaction.
4. Enter the recipient's account number and click "Next".
5. Enter the transaction amount and select the transaction destination, then click "Process".
6. Make sure all data is correct and click "Confirm".
7. Enter the Secure2u passcode.
8. Transfer with BI-FAST is successful. Click "Add As Favorite" to add BI-FAST transfer transaction as your favorite transaction.

See the complete information here.

Let's make BI-FAST transfer transactionsvia M2U ID App and enjoy free transfer fees using BI-FAST method now!