Disclosed herein is a heat transfer fluid comprises: a freezing point-depressant; an aliphatic carboxylic acid, a salt thereof, or a combination of the foregoing; an inorganic phosphate; a magnesium compound; deionized water; and a component selected from the group consisting of azole compounds, copper alloy corrosion inhibitors, phosphonocarboxylates, phosphinocarboxylates, and combinations of two or more of the foregoing components. Also described is a heat transfer system comprising the heat transfer fluid.