Withdrawing money using ATMs of other banks to get costlier

If a customer of one bank uses another bank's ATM to withdraw more than Tk20,000 in a single transaction or withdraws money more than five times in a month, a fee of Tk30 will be charged for each transaction.

The Payment Systems Department of the Bangladesh Bank issued a circular today (6 February) stating that the new directive will come into effect on 20 February.

The circular states that for cash withdrawals from ATMs of other banks, the first five transactions each month will continue to incur the previous fee of Tk15. However, customers can withdraw a maximum of Tk20,000 each time. 

If a customer withdraws more than Tk20,000 or uses an ATM of another bank more than five times in a month, they will have to pay double the fee.

As per the new directive, costs have also increased for banks issuing cards for the use of other banks ATMs. 

It states that banks will now have to pay a fee of Tk30 per transaction for this service, up from the previous Tk20. The bank ATM that has been used will receive the charge.

Additionally, the circular specifies charges for online income tax payments. For payments up to Tk25,000 using cards or internet banking, a maximum fee of Tk20 can be charged, and for payments exceeding that amount, a maximum fee of Tk50 can be charged. 

For payments made using Mobile Financial Services (MFS) or Payment Service Provider (PSP), the charge will be 1% of the transaction amount or Tk30, whichever is lower.