The Bank of Maldives (BML) has implemented significant changes to its foreign transaction policies, primarily affecting customers with MVR-linked cards.

The bank announced that starting from August 25, 2024, debit and credit cards linked to MVR accounts will no longer be allowed for foreign transactions.

This decision, according to BML, stems from the increasing volume of foreign transactions despite limited foreign exchange availability. The bank emphasized that these new measures are necessary to manage the demand for foreign currency more effectively.

1. Existing Debit Cards: All foreign transactions for debit cards linked to MVR accounts will be suspended.

2. New Debit and Credit Cards: Foreign transactions will be suspended for all newly issued debit and credit cards linked to MVR accounts.

Continued Access for USD Accounts

BML clarified that debit cardholders with accounts linked to USD will still be able to conduct foreign transactions.

Moreover, if a credit card issued before August 25, 2024, is renewed due to expiry or replaced because of damage or loss, the monthly foreign transaction limits will remain in line with today’s announced changes.

Reduction in Credit Card Limits

The bank has also introduced an 85 percent reduction in monthly foreign transaction limits for standard and gold credit cards, dropping the limit to just USD 100. Previously, the monthly limit for non-credit card transactions was set at USD 700 due to the post-COVID dollar shortage.

They offered more details at their website.

The debit card limit stood at USD 250, with students able to request an increase to USD 750.

Despite earlier promises by the current government to raise the student allowance to USD 1,200, this policy has not been implemented, leaving many students and their families facing financial uncertainty abroad.