Malaysians who often withdraw cash from another bank’s ATM will soon no longer have to pay the RM1 interbank withdrawal fee.
Starting July 1, banks in Malaysia will waive the RM1 charge currently imposed on interbank cash withdrawals made at automated teller machines (ATMs) and smart recycler machines (SRMs) nationwide.
Unlimited cash withdrawals without RM1 fee
According to a joint statement by the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions of Malaysia (ADFIM), the move will allow debit cardholders to make unlimited cash withdrawals from ATMs and SRMs operated by banks across the country without incurring additional charges.
This means customers will be able to withdraw money from any participating bank’s ATM or SRM, even if the machine does not belong to the bank that issued their debit card.
The initiative is being carried out in collaboration with Payments Network Malaysia Sdn Bhd (PayNet).
To make banking more accessible
The banking associations said the fee waiver is aimed at improving access to banking services and reducing the cost of obtaining cash, especially as cash remains an important payment method for many Malaysians.
They added that the move is also part of the banking industry’s effort to provide more accessible and inclusive financial services, while helping to ease everyday expenses for consumers.
In the joint statement, the associations said the removal of the interbank ATM cash withdrawal fee reflects the industry’s commitment to ensuring reliable, convenient, and affordable access for the rakyat.
For many Malaysians, this also means one less small charge to worry about when withdrawing cash from the nearest available ATM.
