Why are Malaysian banks removing the RM1 interbank ATM withdrawal fee?

Question

Accepted Answer

Malaysian Banks Waive Interbank ATM Withdrawal Fee to Enhance Financial Accessibility

Malaysian banks are eliminating the RM1 fee for interbank cash withdrawals at ATMs and SRMs nationwide, effective July 1, 2026. This decision by the Association of Banks in Malaysia (ABM), Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and Association of Development Finance Institutions of Malaysia (ADFIM), in collaboration with Payments Network Malaysia Sdn Bhd (PayNet), aims to provide debit cardholders with unlimited free access to cash across more than 14,000 machines.
Commitment to Accessible and Inclusive Financial Services

The initiative underscores the banking industry's dedication to offering financial services that are not only accessible and inclusive but also affordable for all Malaysians. This move acknowledges the continued importance of cash as a primary payment method for a significant portion of the population, ensuring they are not disadvantaged by the shift towards digital transactions.
Supporting Continued Cash Usage

By removing the interbank withdrawal fee, banks are directly addressing the practical needs of customers who rely on cash for daily transactions. This ensures that even as the nation progresses towards a digital economy, individuals retain the flexibility to access physical currency conveniently and without incurring additional costs, thereby maintaining a balanced payment ecosystem.
Promoting Choice in Payment Methods

While banks will continue to advocate for and promote secure, convenient cashless payment solutions, this measure reinforces the principle of customer choice. The decision highlights a commitment to allowing individuals to select the payment method that best aligns with their personal circumstances and preferences, whether it be digital or cash-based.

Reading history

Hide →

This history is cleared when the page is closed.

Why are Malaysian banks removing the RM1 interbank ATM withdrawal fee?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

21

0

0

Share with friends