BML raises monthly foreign transaction limit for overseas students
The Bank of Maldives (BML) has announced an increase in the monthly foreign transaction limit for debit cardholders who are studying abroad.
Starting from November 1, 2024, students residing overseas will be able to access up to USD 1,200 per month for transactions in their respective countries.
Currently the limit is USD 700.
Commenting on the new development, BML’s CEO Mohamed Shareef acknowledged the ongoing challenges with the availability of US dollars but emphasized the bank’s commitment to supporting students.
While there continues to be challenges with USD availability, we also recognize the difficulties faced by students abroad. Today’s announcement reflects our commitment to prioritize and support their everyday financial needs while overseas
Shareef said
To benefit from the increased limit, students will need to register with the bank through an online portal and submit the necessary supporting documents.
BML has assured that further details on the registration process will be shared in due course.
The bank added that it will continue to assess the USD situation and will keep customers informed about any potential future changes to foreign transaction limits.
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