Malaysians can withdraw cash from any bank’s automated teller machines (ATM) or smart recycler machine (SRM) nationwide without paying the usual RM1 (US$0.25) interbank fee from July 1.
The initiative will enable debit cardholders to access more than 14,000 ATMs and SRMs, regardless of their issuing bank, according a joint statement issued on Monday by the Association of Banks in Malaysia, the Association of Islamic Banking and Financial Institutions Malaysia and the Association of Development Finance Institutions of Malaysia.
A man withdraws money from an ATM in Kuala Lumpur, Malaysia, on Feb. 27, 2004. Photo by AFP |
The associations said the waiver, which applies to ATMs and SRMs operated by banks in Malaysia, was implemented in collaboration with Payments Network Malaysia (PayNet) as part of ongoing efforts to make financial services more accessible, inclusive and affordable.
They noted that cash remains an important and essential means of payment for many Malaysians in managing their daily lives.
The fee removal reflects the industry’s commitment to ensuring reliable, convenient and affordable access to cash while helping to ease the financial burden on consumers.
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