We compute the magnetic dipole transitions between low-lying heavy quarkonium states in a modelindependent way. We use the weak-coupling version of the effective field theory named potential NRQCD with the static potential exactly incorporated in the leading order Hamiltonian. The precision we reach is k 3 γ /m 2 ×O(α 2 s , v 2 ) and k 3 γ /m 2 ×O(v 4 ) for the allowed and forbidden transitions respectively, where k γ is the photon energy. We also resum the large logarithms associated with the heavy quark mass scale. The specific transitions considered in this paper are the following:The effect of the new power counting is found to be large and the exact treatment of the soft logarithms of the static potential makes the factorization scale dependence much smaller. The convergence for the bb ground state is quite good, and also quite reasonable for the cc ground state and the bb 1P state. For all of them we give solid predictions. For the 2S decays the situation is less conclusive, yet our results are perfectly consistent with existing data, as the previous disagreement with experiment for the Υ(2S) → η b (1S) γ decay fades away. We also compute some expectation values like the electromagnetic radius, r 2 , or p 2 .We find r 2 to be nicely convergent in all cases, whereas the convergence of p 2 is typically worse.