The RM1 interbank ATM withdrawal fee was removed on 1 July, letting you withdraw cash from any bank’s ATM for free. In the days that followed, some people reported still being charged, prompting the banking associations and the government to clarify how the waiver works.

The Waiver Applies To Bank ATMs Only

The fee removal covers ATMs that are owned and operated by banks. These make up about 84% of machines nationwide, or close to 16,000 ATMs. The remaining machines are operated by non-bank companies under separate commercial arrangements, and these continue to charge the RM1 fee.

The non-bank machines, known as white-label ATMs, are run by operators such as Euronet, Safeguards, and Reachful. They are commonly found in convenience stores and similar locations. If you were charged after 1 July, you most likely used one of these rather than a bank’s own ATM.

How To Identify A Bank ATM

The banking associations said the clearest way to tell the two apart is by the branding on the machine. A bank-operated ATM displays a single bank’s name and logo, both on the machine itself and on the screen. A non-bank ATM usually shows the logos of several banks together.

Communications Minister Fahmi Fadzil advised checking for a bank’s logo before withdrawing cash. If the machine carries one bank’s branding, your withdrawal is free. If it displays multiple logos, the RM1 fee is likely to apply.

What To Do If A Bank ATM Charges You

Following the change, social media reports emerged of people still being charged at bank ATMs, where the fee should no longer apply. This points to the bank not applying the waiver correctly rather than the machine being outside the scheme. If this happens, you can report it to Bank Negara Malaysia, which has said it will follow up with the bank concerned.

If you regularly withdraw from another bank’s ATM, this change helps most when your own bank’s machine isn’t nearby. Until now, avoiding the RM1 fee meant going out of your way to find a machine belonging to your bank. From 1 July, any bank’s ATM will do, as long as it’s operated by a bank rather than a third party.

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Iman Aminuddin

Iman writes about personal finance with curiosity. She is interested in the stories behind money, the hesitation around big decisions, and the small habits that shape financial futures. Off the clock, she is either dissecting a film or climbing her way up the leaderboard in her favourite games.

About THE AUTHOR

Iman Aminuddin

Iman Aminuddin

Iman writes about personal finance with curiosity. She is interested in the stories behind money, the hesitation around big decisions, and the small habits that shape financial futures. Off the clock, she is either dissecting a film or climbing her way up the leaderboard in her favourite games.

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