Bank customers in Malaysia will soon enjoy free interbank cash withdrawals at Automated Teller Machines (ATMs) and Smart Recycler Machines (SRMs) nationwide following the removal of the RM1 withdrawal fee.
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 fee waiver will take effect from July 1, 2026.
The initiative, implemented in collaboration with Payments Network Malaysia Sdn Bhd (PayNet), will allow debit cardholders to make unlimited interbank cash withdrawals without charges at more than 14,000 ATMs and SRMs across the country.
In a joint statement, the banking associations said the move reflects the industry’s commitment to ensuring financial services remain accessible, inclusive and affordable for all Malaysians.
They noted that while Malaysia continues its transition towards a digital economy, cash remains an important payment method for many consumers and businesses.
The associations stressed that customers should be able to choose the payment method that best suits their needs without being burdened by unnecessary transaction costs.
The removal of the fee is expected to benefit millions of bank customers, particularly those who frequently use machines operated by banks other than their own.
At the same time, the banking industry reiterated its commitment to promoting secure and convenient cashless payment solutions as part of the country’s broader digital transformation efforts.
The latest measure is seen as a customer-friendly initiative aimed at improving access to banking services while providing greater flexibility for consumers nationwide.
