Tag: Withdrawal

RM1 ATM Withdrawal Fee to Be Scrapped Nationwide Starting July 1

KUALA LUMPUR, June 16 — All banks in Malaysia will abolish the RM1 charge for interbank cash withdrawals at Automated Teller Machines (ATMs) and Smart Recycler Machines (SRMs) beginning July 1, 2026, in a move expected to benefit millions of banking customers nationwide. The decision means customers will no longer be charged a fee when withdrawing cash from ATMs or SRMs operated by banks other than their own. Previously, interbank cash withdrawals typically incurred a RM1 service charge per transaction. The fee waiver is expected to provide greater convenience and cost savings for consumers, particularly those who frequently rely on ATM networks outside their primary banking institution. Industry observers believe the move reflects ongoing efforts by the banking sector to enhance customer experience and support the country's transition towards a more inclusive and efficient financial ecosystem. The abolition of the fee will apply across participating banking institutions nationwide, allowing customers to access cash more freely without having to consider additional withdrawal charges. The initiative is also expected to encourage wider usage of banking services and improve accessibility, especially in areas where customers may have limited access to their own bank's ATM network. Further details regarding the implementation and any applicable conditions are expected to be announced by individual banks ahead of the July 1 commencement date. The removal of the RM1 interbank withdrawal fee marks one of the most significant consumer-friendly banking measures introduced this year, offering direct savings to Malaysians who regularly conduct cash withdrawal transactions across different banking networks. -- MINUTESMY

KUALA LUMPUR, June 16 — All banks in Malaysia will abolish the RM1 charge for interbank cash withdrawals at Automated Teller Machines (ATMs) and Smart Recycler Machines (SRMs) beginning July 1, 2026, in a move expected to benefit millions of banking customers nationwide. The decision means customers will no longer be charged a fee when […]