Bank of Maldives (BML) has announced new limits for foreign transactions made using the bank’s debit and credit cards.
BML said the new limits have been set to control the outflow of US dollars from the Maldives amid the financial difficulties caused by the COVID-19 pandemic. In this regard, BML said separate limits have been set for customers in the Maldives and customers living overseas.
For customers in the Maldives, BML has set a maximum limit of USD 250 per month for debit cards with a MVR primary account, and USD 3,000 per day for debit cards with a USD primary account. The credit card limit for foreign transactions made by customers in the Maldives has been set as USD 250 per month.
For customers living overseas, BML has set a maximum limit of USD 750 per month for debit cards with a MVR primary account, and USD 3,000 per day for debit cards with a USD primary account. Credit card limit for overseas customers has been set as USD 750 per month.
BML said the limits set for customers living overseas are combined limits for ATM, POS or online transactions. However, the bank said the limits do not apply to bookings made from the USD booking portal of the bank. The bank noted customers living in the Maldives can continue to withdraw up to USD 2,000 per month from USD ATMs, as the new limit does not apply to local ATM withdrawals.
The national bank further noted medical and education payments through debit and credit cards can be made by applying for a temporary change to the card limit through BML Internet Banking. The bank said it will contact the customer within 24 hours after processing the request.
The new limits have come amid a USD shortage caused by the loss of tourism income due to COVID-19. 80% of the USD income in the Maldives comes from tourism.