RM1 Interbank ATM Withdrawal Fee Scrapped From July 1
Author Avatar

Starting next month, you can withdraw cash from any bank’s ATM in the country without paying the RM1 interbank fee. The change takes effect on 1 July 2026 and applies to all ATMs and smart recycler machines (SRMs) operated by banks across the country.

The fee removal was announced jointly on 15 June 2026 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), in collaboration with Payments Network Malaysia Sdn Bhd (PayNet).

The waiver covers all Malaysian debit cardholders and gives you access to more than 14,000 ATMs and SRMs nationwide, with no cap on the number of free withdrawals.

No More Hunting For Your Own Bank’s ATM

Until now, withdrawing cash from another bank’s ATM cost you RM1 per transaction. Three withdrawals a week from a different bank’s machine would cost you around RM12 a month.

The RM1 fee was first introduced through the MEPS interbank network and was temporarily waived during the Movement Control Order (MCO) in April 2020, when the government wanted to reduce unnecessary movement. That waiver ended when the fee was reinstated in February 2022, after pandemic restrictions were lifted.

This time, the removal is permanent, not tied to any emergency measure.

Still Paying With Cash At The Pasar And Parking

Digital transactions in Malaysia hit 8.44 billion in 2025, but wet markets, hawker stalls, parking systems, school canteens, and smaller shops in less urbanised areas often still run on cash. It is also a common budgeting tool for people who withdraw a fixed amount each week or month.

If you live or work somewhere your own bank’s ATM is not nearby, the fee removal changes your options. In smaller towns, rural areas, and parts of East Malaysia, you may only have access to one or two bank ATMs within a reasonable distance. Previously, that meant either making a special trip to your own bank’s machine or paying RM1 every time you used a different one. The same goes for customers of smaller banks or development financial institutions with fewer ATMs, who can now use any of the 14,000-plus machines nationwide at no cost.

For more money tips and updates, follow us on our official WhatsApp channel.  

0 0 votes
Article Rating
SHARE

Comments (1)

Subscribe
Notify of

1 Comment
Kevin
1 month ago

Last week in august 2026, I used my other bank’s atm card to try withdrawing from maybank kuchai entrepreneurs park. The atm machine prompted that a service fee will be charged if I proceed to withdraw. I cancelled that transaction. Didn’t take photo of the screen, as it is prohibited. Please check at any maybank near you with your other bank atm card.

Most Viewed Articles
Post Image
Bank News
Spider-Man Brings A Brand New Day To Hong Leong Bank Cards
Eloise Lau
- 10th August 2026
Hong Leong Bank (HLB) is releasing a set of limited edition cards and umbrellas tied to the film […]
Post Image
Bank News
Maybank Cardholders Get Up To RM388 Off The iPhone 18 Pro and iPhone Duo
Eloise Lau
- 15th September 2026
Maybank cardholders can get up to RM388 off selected new iPhone models from 12 September to 31 December […]
Post Image
Bank News
Maybank Amex Gold Card Adds 10% Cash Back
Iman Aminuddin
- 24th July 2026
Maybank will enhance benefits for the American Express Gold Charge Card from 14 August 2026, adding a new […]
Post Image
Bank News
RHB Treasure Jar Offers Up To 2.00% p.a. And Monthly Cash Draws
Eloise Lau
- 4th August 2026
RHB has launched a savings campaign called Save More, Win More, which pays a profit rate of up […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image