No more RM1 ATM charges from July 1

Millions of Malaysian banking customers will soon benefit from the removal of the RM1 fee for cash withdrawals at automated teller machines (ATMs) and smart recyclers, effective July 1. The Association of Banks in Malaysia (ABM), in conjunction with the Islamic Banking and Financial Institutions Association of Malaysia (AIBIM) and the Association of Development Finance Institutions Malaysia (ADFIM), announced the initiative.

This move allows Malaysian debit cardholders to access over 14,000 ATMs and smart recyclers across the country, regardless of their issuing bank. The fee waiver applies to machines operated by Malaysian banks, facilitated by Payments Network Malaysia Sdn Bhd (PayNet).

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This initiative reflects the continuous commitment of the banking industry to make financial services more accessible, inclusive, and affordable for customers.

"This initiative reflects the continuous commitment of the banking industry to make financial services more accessible, inclusive, and affordable for customers," the joint statement read. The industry recognizes that cash remains a vital payment method for many Malaysians in their daily lives.

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The abolition of interbank cash withdrawal charges through ATMs reflects the industry's commitment in ensuring reliable, convenient and affordable access to banking services, while also helping to reduce the daily financial burden of the people.

The abolition of interbank cash withdrawal charges at ATMs underscores the industry's dedication to ensuring reliable, convenient, and affordable access to banking services, while also easing the daily financial burden on the public. This aligns with the sector's ongoing efforts to support all segments of society with practical, inclusive, and customer-oriented financial solutions.

While cash continues to be important, the banking sector also welcomes the increasing adoption of digital and cashless payments nationwide. As Malaysia progresses towards a digital economy, banks will continue to promote secure, seamless, and convenient cashless payment solutions as viable alternatives for daily transactions, empowering customers with payment choices and enhancing the overall banking experience.

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The banking industry remains committed to empowering customers with the freedom to choose the payment method that best suits their needs, while advancing financial inclusivity and enhancing the overall banking experience for all Malaysians.