Malaysian Banks To Scrap RM1 Interbank ATM Fee From 1 July
Source: Penang Today
All banks in Malaysia will permanently waive the RM1 fee charged for cash withdrawals at another bank’s ATM or Smart Recycler Machine (SRM) starting 1 July 2026.
The move covers over 14,000 ATMs and SRMs nationwide. Debit cardholders will get unlimited free interbank withdrawals with no caps.
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) announced the change together. Payments Network Malaysia Sdn Bhd (PayNet) is the operational partner.
The associations said the move reflects the industry’s commitment to accessible and affordable financial services.
“Cash remains an important means of payment for many Malaysians,” the joint statement read.
At the same time, the banking bodies said they would continue to promote secure and convenient cashless payment solutions. But they stressed that customers should have the freedom to choose the payment method that best suits their needs.
Source: Malay Mail
