Bank of Maldives (BML) has increased the credit card limit for foreign transactions to USD 500.
In a press statement released on July 17, BML announced the foreign transaction limit for credit cards has been increased after assessing the ongoing recovery of the foreign currency reserve following the COVID-19 pandemic. As such, BML announced effective from July 17, an increased limit of USD 500 per card will be in place for all BML credit cards for use on foreign transactions. The bank said the limit will be applicable for every 30-day period.
Furthermore, BML stated the existing limit of USD 250 will continue for all debit cards used locally that are linked to MVR accounts. The bank said customers with debit cards linked to dollar accounts can continue to use up to the current daily limit of USD 3,000, while customers living abroad will continue to have a limit of USD 750 per month per card.
BML further stated the bank will continue to support all medical and education payments through cards with temporary changes to the limits. The bank said customers can submit supporting documents via Internet Banking for approval.
BML stated the bank will continue to assess the situation and inform customers of any future changes.