While most Malaysians have gone cashless, here’s some good news for those who withdraw cash frequently from the ATM.
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) have announced the waiver of the RM1 interbank cash withdrawal fee at Automated Teller Machines (ATMs) and Smart Recycler Machines (SRMs) nationwide effective 1st July 2026.
Undertaken with Payments Network Malaysia Sdn Bhd (PayNet), the latest development allows debit card holders to make unlimited free withdrawals at over 14,000 ATMs nationwide.
Prior to this, Debit Bank card holders will have to pay RM1 fee if they withdraw cash from an ATM of a different bank
The fee waiver is said to reflect the industry’s commitment to providing accessible, inclusive and affordable financial services which acknowledging that cash remains an important means of payment for many Malaysians.
The associations representing Malaysian banks and financial institutions said they would continue to promote secure and convenient cashless payment solutions as Malaysia advances towards digital economy. However, it stressed that customers should have the freedom to choose the payment method that best suits their needs.
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