BML announces increases in USD transaction limits

BML issued card being used on a POS machine | Photo: PSM

Malé, Maldives – Bank of Maldives (BML) has increased the foreign transaction limit on BML credit cards effective 17 July 2021.

The Bank made this decision after continuously assessing the Covid-19 situation over the past months and with the current progress made in the recovery from the third wave.

Bank of Maldives initially announced changes to card limits for use on foreign transactions as a result of increased pressure on US Dollar liquidity on 16 September 2020. At the time, the Bank expressed serious concerns on US Dollar outflow and the need to prioritize available dollars for essential imports.

Starting from 17 July 2021, an increased limit of USD 500 per card will be in place for all Bank of Maldives credit cards for use on foreign transactions. This will be applicable for every 30-day period.

The existing limit of USD 250 will continue for all debit cards used locally that are linked to MVR accounts. Customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of US$3,000.

Customers living abroad will continue to have a limit of USD750 per month, per card. 

The Bank will also continue to support all medical and education payments through cards with temporary changes to the limits. Customers can submit supporting documents via Internet Banking for approval.

Bank of Maldives on Thursday announced their plans to increase the credit card limit on foreign transactions.