The initiative covers more than 14,000 Automated Teller Machines (ATMs).
PETALING JAYA: Malaysians will soon be able to withdraw cash from any bank’s ATM nationwide without paying the RM1 interbank withdrawal fee, in a move aimed at making everyday banking cheaper and more convenient.
The initiative covers more than 14,000 Automated Teller Machines (ATMs) and Smart Recycler Machines (SRMs) nationwide and applies to all Malaysian debit cardholders, regardless of their issuing bank.
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In a joint statement, the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions of Malaysia (ADFIM) said the move is part of ongoing efforts to make banking services more accessible and affordable.
The waiver is being implemented in collaboration with Payments Network Malaysia Sdn Bhd (PayNet).
The banking groups said cash remains an essential payment method for many Malaysians, particularly for daily expenses, and that removing the fee is intended to ease financial burdens while improving convenience.
“The initiative reflects the industry’s commitment to providing reliable, inclusive and customer-centric financial services, while ensuring wider access for all segments of society,” they said.
At the same time, the banking industry added the growing adoption of digital and cashless payments nationwide, adding that it will continue strengthening secure and convenient digital payment solutions as Malaysia moves towards a more digital economy.
The industry said it remains committed to offering customers flexibility in choosing between cash and cashless payment methods, while advancing financial inclusion and enhancing the overall banking experience.
“As Malaysia progresses towards a more digital economy, banks will continue to strengthen and promote secure, seamless and convenient cashless payment solutions as a viable alternative for everyday transactions.
“Ultimately, 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 added.
