How if you are going to withdraw money from foreign country ATM? I think most of the people have something in their mind – MEPS. MEPS is our Malaysian network and it offers you the chance to perform transactions interbank ATM.
As we known, for any cash withdrawal at MEPS shared ATM network in Malaysia there’ll have the fee of RM1.00 be debited from your account, right? How about for any cash withdrawal at MEPS overseas shared ATM network?
Cash Withdrawal at MEPS Overseas Shared ATM Network
You can make cash withdraw in foreign country such as Indonesia, Thailand and Singapore. Most of our local banks will charge RM10 or RM12 per transaction. For your additional information, CIMB bank charges RM10 whereas EON bank charges RM12. Basically, the charges actually came from MEPS and it has set the standard for all local banks to have the same rate. Thus, you can’t find any bank which offer lower MEPS charges.
However, you are still bound to the bank transaction limit. Some of the bank limit your daily transaction amount to a maximum of RM1,500 only. Let’s say if you withdraw in Singapore country, you are only allowed to withdraw RM1,500 worth of SGD/MYR and the bank will charge you RM10 per transaction. That’s about a 0.6% charges. So, it’ll be more worth if you have higher limit per transaction.
So, please make sure that you increase your transaction amount limit to RM5,000 per day if you plan to withdraw it in foreign country ATM like Singapore which has stronger currency against ours.
Please bear in mind that you need to activate your ATM card for overseas ATM services before using it. If not mistaken, you can choose to activate it temporary or permanently.