Malaysian bank customers will be able to withdraw cash from any bank’s automated teller machine (ATM) or Smart Recycler Machine (SRM) nationwide without paying the usual RM1 interbank fee beginning July 1.
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) announced that the initiative will allow debit cardholders to access more than 14,000 ATMs and SRMs across the country, regardless of their issuing bank.
Initiative aims to improve access to cash
The three banking associations said the fee waiver applies to ATMs and SRMs operated by banks in Malaysia and is being implemented in collaboration with Payments Network Malaysia Sdn Bhd (PayNet).
They described the move as part of ongoing efforts to make financial services more accessible, inclusive and affordable for consumers nationwide.
The associations also noted that cash continues to play an important role in the daily lives of many Malaysians and remains an essential payment method for numerous transactions.
Industry seeks to ease consumer burden
According to the associations, removing the RM1 interbank fee reflects the banking industry’s commitment to providing reliable, convenient and affordable access to cash while helping reduce the financial burden on customers.
They said the initiative demonstrates the sector’s continued efforts to support all segments of society by offering practical, inclusive and customer-centric financial services.
At the same time, the associations acknowledged the growing adoption of digital and cashless payment methods across the country while recognising that cash remains an important option for many communities.
Commitment to financial inclusion continues
As Malaysia advances towards a more digital economy, the banking industry said it will continue strengthening and promoting secure, seamless and convenient cashless payment solutions for everyday transactions.
The associations added that banks remain committed to giving customers the freedom to choose the payment method that best suits their needs while advancing financial inclusion and enhancing the overall banking experience for Malaysians.
