Effective from 17th October 2021, Bank of Maldives (BML) has confirmed on increasing the limit of foreign transactions via credit cards.
According to the national bank of the island nation, the limit has now been increased to USD750 reflected on the bank issued American Express (Green/Gold), Visa (Classic/Gold) and Mastercard (Standard/Gold).
Meanwhile, the existing limit of USD250 will continue for all debit cards used locally which are linked to Maldivian Rufiyaa accounts.
Furthermore, customers living abroad will have a limit of USD750 per month per debit card while customers with other credit cards not aforementioned will have increased limits based on the card type.
Bank of Maldives assures to communicate these changes with its customer base within the week.
Moreover, customers with BML debit cards linked to US Dollar accounts will be able to use up to the daily limitation of USD3,000.
In addition to this, the bank will continue to support or endorse all medical and education payments through cards with temporary changes to the limits. Customers are required to submit supporting documents via Internet Banking for approval, when making payments for these purposes.
BML was ‘forced’ to place limitations on foreign transactions last year owing to the increased pressure on the US Dollar liquidity and the concerns of US Dollar outflow.