Even in today’s era where online money transfer is a much preferred mode of making payments, having cash as a backup can come in handy during the times when online banking facility cannot be available. ATM withdrawals are still widely favoured by many to avoid inconvenience at a time of emergency or when you are travelling.
Getting an ATM card is easy but for maintaining it, you also need to shell out some money from your account. Let’s have a look at the fees and costs that come with an ATM card in Malaysia.
Types of ATM Fees
Annual fees: Most of the top banks offer an annual fee waiver to their customers for ATM cards. However, few banks may charge a sum of around RM8 to RM15 as an annual fee for providing the card.
Domestic ATM withdrawal fees: When you are withdrawing from the ATM of your own bank, it may offer you the withdrawal service for free, nationwide as well as overseas. However, if you are taking out cash from an ATM other than your bank’s, a fee could be imposed on each transaction. For instance,via MEPS (Malaysian Electronic Payment System), you can withdraw money by using your ATM card at another bank’s ATM. Depending on the bank policies, such withdrawals may cost you between RM1 to RM4.
Interbank fund transfer charges: Based on the bank’s guidelines, interbank fund transfer facilities can cost you between RM0.30 and RM1.
Overseas transaction fees: Banks may offer you free transactions overseas if you are using an ATM card of the same bank. Any other bank may charge you a transaction fee per withdrawal ranging from RM8 to RM12. If you want to make a balance enquiry when you are abroad, using another bank’s ATM device, you will have to bear additional charges.
Charges for other services: There are many other services that can be obtained using an ATM. if you have a Touch ‘n Go card, you may have to pay about RM0.50 for each reload on the card. Utility bill payment facilities are available for free at ATMs offering such services.
Money withdrawal facility for accounts such a Tabung Haji Account can cost you RM1 per transaction. If you are looking for card replacement, depending on the bank, you will be charged with RM10 to RM15 for a replacement card.
Things to Remember:
- Not all Malaysian ATM kiosks operate 24-hours a day.
- ATM cards have daily withdrawal and transaction limits. The daily withdrawal limit varies from RM3,000 to RM5,000. For each transaction, the withdrawal limit is around RM1,500.
- Most of the currency notes dispensed by the ATMs are of RM10 and RM50.
- If you tend to travel abroad frequently, you should check out the transaction fees charged by your bank on your ATM card. If the cost is not feasible for your frequent withdrawal practises, find out if your bank is offering any privileged card with no foreign transaction fees.
Make sure you have a clear understanding of the charges imposed by ATMs of different banks. Remember that debit card withdrawals are cheaper than credit card withdrawals, hence use your cards wisely.