Malaysias OCBC Bank Waiving Some Foreign-ATM Fees

April 05, 2011, 3:44 p.m. EDT 1 Min Read

OCBC Bank (Malaysia) Bhd. is waiving the foreign fees it charges customers when they use ATMs of other financial institutions for two of its customer account types, a spokesperson from the Kuala Lumpur-based bank tells PaymentsSource.

The bank’s Premier and mass-affluent accountholders in Malaysia now may conduct up to four free withdrawals per month at any MEPS or HOUSe ATM in Malaysia, he says.

The waiver began March 28. Previously, all customers paid 4 ringgits (US$1.03 or 90 euro cents) per withdrawal.

MEPS stands for the Malaysian Electronic Payment System Bhd., a payment consortium of 27 banks that deploy a combined 11,000 ATMs. OCBC, HSBC Bank Malaysia Bhd., United Overseas Bank (Malaysia) Bhd. and Standard Chartered Bank Malaysia Bhd. established the HOUSe network of more than 300 shared ATMs to increase ATM availability for their customers.

OCBC joined MEPS in January (see story).

OCBC Bank customers also may make free cash withdrawals at OCBC ATMs in Singapore and Indonesia beginning May 1, the spokesperson says.

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