interbank ATM

Withdrawing money via inter-bank ATMs? RM1 may be charged yeah.

Withdrawing money via inter-bank ATMs? RM1 may be charged yeah.

This was a viral news. A good friend who stays in a RM1.2 million landed property and spent RM350,000 for renovations was the one who sent this to me. Remember ‘long time’ ago before Covid-19 arrived, every time we withdraw money from a different bank from our ATM card, we get charged RM1 per withdrawal? Yes, this is the latest news. It is now back and will again be charged from 1st February 2022.

Article in says.com Banks will be reinstating the RM1 interbank ATM withdrawal charge starting 1st February 2022. A statement on Maybank’s Facebook page published today, 15 December, reads: “Kindly be informed that effective 1 February 2022, the ATM interbank cash withdrawal fee of RM1 will be reinstated by banks.” Checks show that CIMBCitibankHSBC, and several other banks have also made similar announcements on their respective social media channels. Do read here for the full article: Article in says.com

What are the things we could do before this RM1 charge is back?

#1 We quickly withdraw as much as we could before 1st February 2022.

#2 We open bank accounts in most banks and transfer the money here and there depending on which ATM we see. (Just remember, ATM card is RM8 per year)

#3 We do not withdraw money lah. Just use all the e-wallets instead.

#4 Just RM1 right… if really needed, what to do? Pay lah.

Anyway, this WAS once a normal thing. So, with normalisation, things would just go back to normal. The bigger banks with more branches will prefer to charge yeah since the ATM machines and the maintenance do cost money too. The banks with fewer ATMs would also prefer to charge since if everyone withdraws money from their ATMs, it meant that they have to send in the security companies to refill and that’s a cost too.

Happy withdrawing cash even as e-wallets become ever more common in our daily lives.

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Header Image by mohamed Hassan from Pixabay 


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