Banks say RM1 ATM fee waiver implementation smooth nationwide

KUALA LUMPUR, July 3 — The RM1 fee waiver for interbank ATM cash withdrawals took effect smoothly on July 1, 2026, as part of the banking industry’s efforts to ease the cost of living while improving access to and the convenience of everyday banking services for Malaysians.

In a joint statement today, 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 removes the RM1 fee previously charged when customers withdraw cash from ATMs operated by banks other than their own.

“For clarity, the fee waiver applies to ATMs operated by banks nationwide. Standard fees may still apply when using non-bank ATMs,” the associations said.

They said the move reflects a broader vision of building a more inclusive and accessible financial system that puts the everyday needs of the rakyat first.

“The banking industry, through ABM, AIBIM and ADFIM, worked closely with Payments Network Malaysia Sdn Bhd (PayNet) to ensure this initiative was implemented smoothly and that its benefits were immediately felt by the rakyat,” the statement said.

The associations said customers could refer to their banks’ official communication channels, including websites, mobile banking applications and customer contact centres, for further information on the implementation of the RM1 interbank ATM withdrawal fee waiver. — Bernama