Home Digital Services RM0.50 for every MyDebit Cash Out transaction starting 1 July 2022

RM0.50 for every MyDebit Cash Out transaction starting 1 July 2022

by Warren

It looks like the days of paying for food and shopping with a Malaysian debit card might get a little expensive, Several banks in Malaysia have issued a notice to inform customers that every transactions made using MyDebit Cash Out will be charged RM0.50, no specific reason has been given for this change.

MyDebit Cash Out is a facility provided by PayNet, the service provider for MyDebit, which allows you to withdraw cash at selected merchants and partners to make payments for goods and services by deducting the balance of your savings account directly when you use your debit card issued by a Malaysian bank. Just in case you aren’t aware, PayNet is also the provider of DirectDebit, DuitNow, FPX, Interbank GIRO, and JomPAY, which are also instant cash transfer services that doesn’t incur transaction fees.

At this time of writing, Malaysia banks such as Alliance, CIMB, HSBC, Bank Islam, OCBC and Standard Chartered have already issued the notice on their respective websites. Until two weeks later, there will be no transaction charges when using your debit card at payment terminals for now.

UPDATE: This article has been updated to reflect the accuracy of MyDebit Cash Out facility, any misinformation is deeply regretted.

Source: Rnggt.com, via Lowyat.net

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