Banking with ease is something we all expect, but hidden fees can quietly chip away at your savings if you’re not careful. Whether you’re managing a student account, business transactions, or just your daily expenses, it’s important to understand the common bank fees in Malaysia and Singapore — and how to avoid them.
Here’s your straightforward guide to the bank charges you should be watching for in 2025.
1. Monthly Maintenance Fees
Some banks charge a monthly maintenance fee just for holding an account. This is especially common in traditional savings or current accounts that don’t meet the minimum balance requirement.
- In Malaysia: Some accounts charge RM1–RM10/month if your balance drops below RM1,000.
- In Singapore: Banks like DBS, UOB, and OCBC may charge SGD2–SGD5/month if your balance falls below the minimum threshold (e.g., SGD1,000 for most savings accounts).
Tip to Avoid: Opt for fee-free digital accounts (like MAE by Maybank, UOB Mighty, or Trust Bank in Singapore) or maintain the minimum balance required.
2. ATM Withdrawal Fees
Using an ATM outside of your bank’s network can result in additional charges.
- In Malaysia: Interbank withdrawals (e.g., using a CIMB card at a Maybank ATM) may cost RM1 per transaction.
- In Singapore: Charges can apply for overseas withdrawals or for non-network ATM usage under the ATM5 scheme.
Tip to Avoid: Stick to your bank’s ATM network or use mobile wallets for payments.
3. Overdraft Fees
If your account goes into negative balance and you don’t have overdraft protection, your bank may still process the payment and charge a fee.
- Charges range from RM10–RM30 in Malaysia.
- In Singapore, overdraft fees can be SGD20–SGD50 plus daily interest.
Tip to Avoid: Opt out of overdraft protection or link a backup savings account.
4. Cheque Processing Fees
Although cheques are becoming less common, they still come with charges.
- Malaysia: RM0.50 per cheque leaf or deposit.
- Singapore: Charges may apply for returned or post-dated cheques.
Tip to Avoid: Use digital payment options like DuitNow (MY) or PayNow (SG).
5. Early Account Closure Fee
If you close your account too soon — usually within 3–6 months of opening — banks may charge an early termination fee.
- Typically RM10–RM20 in Malaysia or SGD20–SGD30 in Singapore.
Tip to Avoid: Only open an account you plan to keep long-term.
6. Foreign Transaction Fees
Whenever you use your debit or credit card overseas (or shop online in foreign currencies), a foreign currency conversion fee is applied.
- Ranges from 1%–3.5% of the transaction amount.
Tip to Avoid: Use multi-currency cards (like BigPay, Wise, or YouTrip) to get better FX rates and avoid hidden fees.
7. Dormant Account Fees
If your account is inactive for a long time (typically 1 year or more), banks may classify it as dormant and charge a reactivation fee.
- RM10 in Malaysia, up to SGD30 in Singapore.
Tip to Avoid: Use your account at least once every 6–12 months.
8. Paper Statement Fees
Going green pays off! Some banks now charge for printed statements.
- RM1–RM2 per statement in Malaysia.
- SGD2–SGD5 in Singapore.
Tip to Avoid: Switch to e-statements through online banking.
9. GIRO and Bill Payment Fees
While most interbank transfers are free today, some scheduled GIRO transfers or bill payments may come with charges.
- Malaysia: RM0.10–RM0.50 depending on platform.
- Singapore: Charges may apply for GIRO failures or manual processing.
Tip to Avoid: Use real-time transfer services like DuitNow or FAST (SG) which are typically free.
10. Card Replacement Fees
Lost your debit or credit card? Expect a fee for replacements.
- RM10–RM20 in Malaysia.
- SGD5–SGD30 in Singapore depending on the bank and card type.
Tip to Avoid: Store your card details digitally or activate virtual card features on your banking app.
Bank fees can be small, but they add up quickly over time. By staying alert and reviewing your bank’s fee schedule, you can avoid unnecessary charges and keep more of your money where it belongs — in your account.
Pro Tip: Always read your bank’s “Fees & Charges” page before signing up for a new product, and revisit it every year as terms often change.
