KUALA LUMPUR, June 17 — Malaysian banks will scrap the RM1 interbank ATM withdrawal fee starting July, giving customers unlimited free withdrawals nationwide, according to sources in the banking sector.
The move follows directives from Bank Negara Malaysia and industry discussions aimed at reducing financial burden on consumers. Local banks have been instructed to remove the charge for cross-bank ATM withdrawals, with the change affecting over 10,000 automated teller machines across the country.
The decision is expected to benefit millions of bank customers, particularly those in rural areas who often rely on ATMs from other banks. Previously, customers were charged RM1 for each withdrawal from non-owned bank machines after three free transactions per month.
Major banking groups including Maybank, CIMB, Public Bank and Hong Leong Bank are preparing for the implementation, which will align Malaysia with regional peers such as Thailand and Philippines that have taken similar steps.
The change comes amid rising cost of living concerns and is expected to be announced formally by the central bank this week.
Source: Malay Mail, Yahoo News Malaysia
