What is IBFT? – Inter Bank Funds Transfer ExplainedIBFT, or Inter Bank Funds Transfer, is a real-time digital transaction system that allows users to transfer money instantly from one bank account to another across different banks in Pakistan. This service has revolutionized banking by providing 24/7 availability, eliminating the need to visit branches or wait for business hours.
Operated under the State Bank of Pakistan (SBP) and powered by 1LINK and MNET, IBFT supports secure transfers via mobile apps, internet banking, and ATMs.
How IBFT Works in Pakistan
IBFT enables individuals and businesses to send money between bank accounts using:
- Mobile Banking Applications
- Internet Banking Portals
- Automated Teller Machines (ATMs)
Example: A customer with an account in Bank Alfalah can transfer funds to another person’s account in Meezan Bank instantly through their mobile app using IBFT.
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IBFT Features and Limits in 2025
| Feature | Details |
|---|---|
| Service Availability | 24/7 including weekends and public holidays |
| Transfer Time | Instant (real-time processing) |
| Channels Supported | ATM, Mobile App, Internet Banking |
| Per Transaction Limit | Usually up to PKR 50,000 (varies by bank and channel) |
| Daily Transaction Limit | Up to PKR 500,000 or more depending on account type |
| Transaction Charges | Mostly free; nominal fee may apply as per SBP guidelines |
| Authentication Method | OTP, password, or biometric verification |
| Confirmation Notification | SMS or email confirmation to both sender and recipient |
Benefits of Using IBFT
- Real-time transactions without delays
- No need to visit branches or fill forms
- Safe and secure with multi-layered authentication
- Supported by almost all banks in Pakistan
- Available any time of the day, all year round
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Banks Offering IBFT Services in Pakistan
| Bank Name | IBFT Availability |
|---|---|
| Habib Bank Limited (HBL) | Yes |
| Meezan Bank | Yes |
| United Bank Limited (UBL) | Yes |
| MCB Bank | Yes |
| Bank Alfalah | Yes |
| Faysal Bank | Yes |
| Allied Bank | Yes |
| Askari Bank | Yes |
| Bank of Punjab | Yes |
| Standard Chartered | Yes |
All transactions are securely routed through the 1LINK or MNET platforms, which are authorized and regulated by SBP.
Is IBFT Safe?
IBFT is a highly secure method of transferring money across banks in Pakistan. Each transaction is protected by:
- Encrypted data transfer
- OTP verification
- Password or biometric authentication
- Real-time fraud detection systems
Customers are also immediately notified of successful transactions via SMS or email.
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Conclusion
IBFT is a reliable and efficient banking solution for real-time interbank fund transfers in Pakistan. It offers convenience, speed, and safety, making it a preferred choice for individuals and businesses. As digital banking continues to grow, IBFT stands out as a key service empowering customers to manage their finances effortlessly across different banking platforms. Stay tuned with Bloom Pakistan.
