Banks in Malaysia will no longer charge a RM1 fee for interbank cash withdrawals at ATMs and Smart Recycler Machines from 1 July 2026.
The waiver will cover Malaysian debit cardholders using machines operated by any bank in the country, giving them free access to more than 14,000 locations nationwide.
The move was announced jointly by 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).
The initiative is being implemented with Payments Network Malaysia Sdn Bhd (PayNet).
The banking groups said the change reflects the continued importance of cash for daily transactions and is intended to make basic banking services more affordable and accessible.
Banks will also continue expanding secure digital payment options as Malaysia moves towards a more cashless economy.
Featured image: Edited by Fintech News Malaysia, based on image by rawpixel.com via Magnific
