What you need to know about ATM fees

March 31, 2014

Many of us tend to take out money without realising that along with the money you're taking out, you're also losing a bit of money in the process.

 

By Michelle Brohier

Even with today’s technology where we can do a lot of our banking online, life still wouldn’t be the same without the sight of these machines dispensing much needed cash, especially in times of emergency.

From its inception, the ATM has evolved to become much more than a cash dispensary.

You can print mini-statements, paying your bills, check your accounts or even reload your phone.

But such convenience and availability comes with a price.

The problem is, many of us tend to take out money without realising that along with the money you’re taking out, you’re also losing a bit of money in the process.

While it may be a small sum, it could add up to be a significant amount. It’s also always good to know where your money is going, even if it’s just as simple as RM1.

With that in mind, check out the usual fees involved when it comes to using the ATM.

Annual charges
The cost of your ATM card would normally be RM8 yearly.

But there are banks which either charge you this way or charge you RM0.50 when and after you do your fifth or ninth transaction in the same month.

Cash Withdrawals
Locally


Withdrawing cash from the ATM teller that is the same as your bank is free.

But it’s when you withdraw money from ATM tellers from other banks, or even in a foreign country, you can expect there to be some extra charges.

A lot of ATM cards have MEPS, and as long as the ATM accepts MEPS, you can withdraw money from your account even if the ATM is from another bank. The usual prices are:

MEPS cash withdrawals at local banks (or Islamic or participating banks as stated): RM1.00 per transaction

MEPS cash withdrawals from locally incorporated foreign banks (or other banks as stated): RM4.00 per transaction

If the ATM allows it, you can do an Interbank transfer fund and depending on the bank it can cost between RM0.30 – RM1.

Overseas
When overseas, ATMs with the CIRRUS or even PLUS networks will enable you to take out money from your account no matter which country you’re in.

But the prices for how much it’ll cost to withdraw from these ATMs vary depending on the bank that you use.

Charges can be anywhere between RM8 right up to RM12. Some will also charge you RM1.00 if you’re making a balance inquiry.

Other services
Thankfully, paying your bills or even summonses are free for all ATMs that offer such a service.

As for your Touch ‘n Go, you’ll be charged RM0.50 for every reload that you make.

You can also withdraw from your Tabung Haji Account through these ATMs, but you will be charged RM1 for each transaction.

While all of this may seem like a small amount, if you find yourself using the ATM a lot, these charges can quickly pile up and even amount to the price of one meal.

So be sure you know how much your bank is charging you for using your ATM and know where your money is going.

This was brought to you by MICHELLE BROHIER from RinggitPlus.com. RinggitPlus compares credit cards, personal loans and home loans to help Malaysians get more for their money.