All ATM withdrawals to be free from July 1

PETALING JAYA: Bank customers will be able to withdraw cash from any ATM or Smart Recycler Machine (SRM) without incurring the RM1 interbank withdrawal fee from July 1.

The initiative, involving all banks in Malaysia, will allow debit cardholders to make unlimited free withdrawals at more than 14,000 machines nationwide.

In a joint statement today, the Association of Banks in Malaysia, Association of Islamic Banking and Financial Institutions Malaysia, and Association of Development Finance Institutions of Malaysia said the fee waiver applies to ATM and SRM services operated by licensed banks in Malaysia.

“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 interbank ATM cash withdrawal fee reflects the industry’s commitment in ensuring reliable, convenient and affordable access, while helping to ease the everyday financial burden of the rakyat,” they said.

The associations said the initiative forms part of broader efforts to promote more customer-centric banking services and is intended to reduce the financial burden on consumers while ensuring reliable and convenient access to cash.

They highlighted the increasing adoption of digital and cashless payment systems across the country, saying that banks will continue to enhance secure and seamless electronic payment options as Malaysia moves towards a more digital economy.