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I was testing MultiSig transaction on testnet with raw transactions. I sent a transaction of 0.0012 from MultiSig 2-2 to a bitcoin address:

https://live.blockcypher.com/btc-testnet/tx/2aa89b860e677d17af65ac6d0e44aa9fb20dc7698d5b96e348c8bced839834c3/

The transaction consumed remaining in the transaction fee than returning any change which is very high than actual amount transferred.

Should I need to specify the fee for the transaction as well while keeping the same MultiSig 2-2 P2SH address for change.

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Fees for multisig addresses (or P2SH in general) work exactly the same way as they do for P2PKH addresses. The fee is simply the difference between the inputs and the outputs.

In your transaction, you only have one output, so by definition any left over amount is converted to fees. If you want to spend less, you simply need to add in a change output to another address you control, such that total input - total output = fee you want to pay.

There is no difference based on what type of address you use in how fees are calculated. Try setting your wallet/code to send the balance to a change output (I don't know of any wallet that doesn't do this)

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