Banks scrap RM1 interbank ATM fee from July, giving Malaysians unlimited free withdrawals nationwide

KUALA LUMPUR, June 15 — 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, 2026.

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) said the initiative, undertaken with Payments Network Malaysia Sdn Bhd (PayNet), would allow debit cardholders to make unlimited free withdrawals at more than 14,000 machines nationwide.

“The implementation of amendments to a gazetted local plan is a dynamic measure that takes into account the need to align current policies and address international economic challenges within the context of ongoing urban planning and development,” the associations said in a joint statement.

They added that the move reflects the industry’s commitment to providing accessible, inclusive and affordable financial services, while recognising that cash remains an important means of payment for many Malaysians.

The associations said banks would continue to promote secure and convenient cashless payment solutions as Malaysia advances towards a digital economy, but stressed that customers should have the freedom to choose the payment method that best suits their needs.