Bank of Maldives Raises Foreign Transaction Limit for Students Abroad

Bank of Maldives (BML) has announced an increase in the monthly foreign transaction limit for debit cardholders who are students studying abroad. Effective from 1st November 2024, the new limit will be set at USD 1,200 in the respective country where students are residing.

The decision comes as a relief to students facing financial constraints due to foreign currency limitations. BML's CEO, Mohamed Shareef, acknowledged the ongoing challenges with USD availability but emphasized the importance of easing the financial burdens on students abroad.

"While there continues to be challenges with USD availability, we also recognize the difficulties faced by students abroad. Today’s announcement reflects our commitment to prioritize and support their everyday financial needs while overseas," Shareef stated.

To access the increased limit, students must register via the bank’s online portal and provide supporting documents. Further instructions regarding the registration process will be released in the near future.

BML remains committed to evaluating the foreign currency situation and will continue to update its customers regarding any changes to the foreign transaction limits.