For your information, banking is a business. So, they will be charging as for every single service that they provide us, generally that is how they made money. Even government-based bank like Bank Simpanan National also would charge us fees for their service, it is just expected that privatized bank would do so, passionately.
There is nothing we can do about it. We are weak and they are strong, so what can we do? Just pay them, right? How about we use our financially wise mind and manipulate their system instead? How? First, you need to know what they are charging us.
Below is the compilation of bank fees and charges for ATM activity from bank in Malaysia:
|Banking Institution||Automated Teller Machine (ATM) Card Fee (RM)|
|Withdrawal via |
|Affin Bank Berhad||RM10||RM8||RM10||a) RM7 - Debit Card via Cirrus Network only |
b) 5% of amount withdrawn or a minimum of RM20 - Credit Card via PLUS/CIRRUS Network
|Alliance Bank Malaysia Berhad||RM8||RM8||RM12||RM8|
|AmBank (M) Berhad||NIL||NIL||RM12||RM12|
|Bangkok Bank Berhad||NIL||NIL||NIL||NIL|
|Bank of America Malaysia Berhad||NIL||NIL||NIL||NIL|
|Bank of China (Malaysia) Berhad||NIL||NIL||NIL||NIL|
|Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad||NIL||NIL||NIL||NIL|
|CIMB Bank Berhad||NIL||RM8||RM12|
|Citibank Berhad||RM8 (free for Citigold members)||NIL||RM8 (lost, stolen, damaged) Free for Citigold members||RM10|
|Deutsche Bank (Malaysia) Berhad||NIL||NIL||NIL||NIL|
|EON Bank Berhad||NIL||RM8||RM10||NIL|
|Hong Leong Bank Berhad||RM8||RM8/RM5 (applicable for Hong Leong Smartlink Account only)||a) RM20 for damage due to cardholder's fault, PIN forgotten and lost/stolen |
b) RM12 for MEPS Cash refund purpose
|HSBC Bank Malaysia Berhad||RM8||RM8||RM12||RM10|
|J.P. Morgan Chase Bank Berhad||NIL||NIL||NIL||NIL|
|Malayan Banking Berhad||a) Free - First 4 transactions b) RM0.50 per transaction (thereafter)||NIL||RM12||NIL|
|OCBC Bank (Malaysia) Berhad||RM8||NIL||RM8||RM12|
|Public Bank Berhad||RM8||RM8||RM12||NIL|
|Standard Chartered Bank Malaysia Berhad||NIL||RM8||RM8||a) 1% of amount withdrawn or a minimum of RM30 + RM0.15 (stamp duty) - interzone withdrawal (for Singapore & Brunei only) |
b) RM12 - Overseas withdrawal
|The Bank of Nova Scotia Berhad||NIL||NIL||NIL||NIL|
|The Royal Bank of Scotland Berhad||RM8||RM8||RM12||NIL|
|United Overseas Bank (Malaysia) Berhad||NIL||RM8||RM8||RM10|
As you can see, all bank will charge you one way or another. They give you free card issuance, then they charges your sky-high on withdrawal thru PLUS Network (AmBank). When they have no charge on the withdrawal thru PLUS, they charge extra on transaction (Maybank). If they do not charge at all for ATM transaction, they start to charge for annual fees (CiMB). No matter how you look at it, they will try to charge you.
Now let's see how we can turn the table. For my personal example, I used Maybank like, all the time. This is because my salary will go to Maybank, so might as well I used their service for my financial transaction. Knowing in deeply how Maybank charge me, this is what I did to manipulate their own system to my own good:
- Since I have my budget tracking to the very detail, I know exactly how much cash I need every month. So, early of the month, I will make 1 time withdrawal on all the cash I need and then keep it at my house. No more $0.50 charge after 4th time transaction.
- I used online services at Maybank2U (M2U), so that I will minimized the ATM transaction.
- I pay bill through M2U too, since they do not charge anything for bill payment.
- I consolidate my loans and credit cards, so that I do only 1 Interbank-GIRO transaction per month. The most they got from me is the $2 charge for that 1 Interbank-GIRO transactions.