PETALING JAYA: Banks in Malaysia will waive the RM1 fee for interbank cash withdrawals at Automated Teller Machines (ATMs) and Smart Recycler Machines (SRMs) nationwide beginning July 1.
The move will allow Malaysian debit cardholders to access over 14,000 ATMs and SRMs nationwide regardless of their issuing bank, with unlimited free cash withdrawals.
“The banking industry recognises that cash remains an important and essential means of payment for many Malaysians in 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,” said the Association of Banks in Malaysia, Association of Islamic Banking and Financial Institutions Malaysia and Association of Development Finance Institutions of Malaysia in a joint statement on Monday (June 15).
They added that the initiative reflects the banking sector’s continued efforts to support segments of society, ensuring customers have access to practical, inclusive and customer-centric financial services.
“While cash remains an important option for many communities, the industry is equally encouraged by the growing adoption of digital and cashless payments across the country,” they said.
They added that banks will also continue to strengthen and promote secure, seamless and convenient cashless payment solutions as a viable alternative for everyday transactions.
“The industry remains committed to empowering customers with the freedom to choose the payment method that best meets their needs, while advancing financial inclusion and enhancing the overall banking experience for all Malaysians,” they said.
