BML ups transaction limit on cards to USD 1,200 for students abroad

Bank of Maldives (BML) has announced its decision to increase the monthly foreign transaction limit on debit cards for students abroad to USD 1,200.

The decision was announced via a statement on Wednesday.

As per the Bank, the change will come into effect on November 1^st.

BML said students will be required to register with the Bank via an online portal to access the new increased limit and submit supporting documents. The Bank added that further details on registration will be provided in due course.

BML’s CEO Mohamed Shareef said the decision to increase the foreign transaction limited reflects the Bank’s commitment to prioritize and support students’ everyday financial needs while overseas.

“While there continues to be challenges with USD availability, we also recognize the difficulties faced by students abroad,” he stressed.

BML said they will continue to assess the USD situation and inform customers of future changes.

Prior to this, the monthly foreign transaction limit on debit cards for students abroad was set at USD 750. The increase was initially announced on December 25th and was scheduled to take effect on February 1^st. However, it had not been implemented.

Following BML’s announcement, the government extended gratitude to the Bank for the cooperation rendered in implementing President Dr. Mohamed Muizzu’s fiscal policies.