Bank of Maldives (BML) has launched its new US dollar visa credit card which allows for foreign purchases without any of the existing foreign transaction limits.
BML stated the card can be used up to the customer's approved credit card limit, making it ideal for those with high foreign spending. Repayments to the card can only be made in US dollars while existing visa credit card holders can opt to change their card for a US dollar card via online or mobile banking, according to BML.
CEO and Managing Director Tim Sawyer said BML took necessary steps to limit the dollar outflow on local debit and credit cards, given the dollar liquidity challenges in the country. He said the new card offers an alternative for customers who frequently use credit cards for foreign transactions. He added customers can make purchases up to their credit limit with the new card, without any of the existing foreign transaction limits.
The new US dollar visa credit card is also available as a corporate card for businesses, and BML customers can apply for a new card online.
BML is the largest card issuing and acquiring bank in the country with over 300,000 customers and more than 7,000 merchants.
The bank is also a principal member in the Maldives for visa.