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Customers of all banks in Malaysia will no longer have to pay the RM1 interbank cash withdrawal fee when using another bank's Automated Teller Machine (ATM) starting 1 July
The initiative allows debit cardholders to make unlimited free withdrawals at more than 14,000 ATMs nationwide, regardless of which bank issued their card.
In a joint statement issued today, 15 June, the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions Malaysia (ADFIM) said the fee waiver also applies to Smart Recycler Machines (SRMs) operated by licensed banks in Malaysia.
The associations said the move, undertaken in collaboration with Payments Network Malaysia Sdn Bhd (PayNet), reflects the banking industry's commitment to making financial services more accessible, inclusive, and affordable
"The banking industry recognises that cash remains an important and essential means of payment for many Malaysians in managing their daily lives.
"In line with this, the removal of the interbank ATM cash withdrawal fee reflects the industry's commitment to ensuring reliable, convenient, and affordable access, while helping to ease the everyday financial burden of the rakyat," they said.
They added that while Malaysia continues its transition towards a more digital economy, banks will also continue promoting secure and convenient cashless payment options for everyday transactions.
