KUALA LUMPUR (June 15): Banks in Malaysia will waive the RM1 fee currently imposed on interbank cash withdrawals at automated teller machines (ATMs) and smart recycler machines (SRMs) nationwide beginning July 1.

In a joint statement on Monday, 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 initiative will allow debit cardholders to make unlimited cash withdrawals at ATMs and SRMs operated by banks across the country without incurring additional charges.

The banking associations said the move, undertaken in collaboration with Payments Network Malaysia Sdn Bhd (PayNet), enables customers to withdraw cash from any participating bank's ATM or SRM regardless of the bank that issued their debit card.

They added that the fee waiver is intended to improve access to banking services and reduce the cost of obtaining cash, which remains an important payment method for many Malaysians.

The initiative forms part of the banking industry's efforts to provide more accessible and inclusive financial services while easing day-to-day expenses for consumers.

“In line with this, the removal of interbank ATM cash withdrawal fee reflects the industry’s commitment in ensuring reliable, convenient and affordable access, while helping to ease the everyday financial burden of the rakyat,” said the associations in the statement.