Bank of Maldives (BML) has introduced a special portal for students interested in increasing the monthly foreign transaction limit for debit cards. Students can request to increase the dollar limit to USD1,200, after registering in the portal.
BML stated that students are required to provide their passports, visa and the university enrolment letter to register in the portal. Following the request submitted, the dollar limit for students will be increased within 24hrs. Additionally, it stated that once the dollar limit is increased, students will be notified via the mobile application.
The government decided to increase the monthly foreign transaction limit for debit cards for students abroad on October 13, noting that this will be implemented starting November 1. Previously, students studying abroad were issued with a monthly foreign transaction limit of USD750.
The government expressed sincere appreciation for the support of BML, noting that increasing the foreign transaction limit, will significantly assist and reduce the burden on students and their families. It stated that the initiative is the initial step of implementing President Dr. Mohamed Muizzu's decision to increase dollar limits for students.
Furthermore, the government expressed its commitment to support BML and expand its role in facilitating financial transactions more conveniently, the prosperity of residents and national development. It also affirmed to prioritise the economic reform agenda, to lower state-expenses, reduce liabilities and ensure that the benefits of the government's revenue are experienced by residents as well.