Bank of Maldives (BML) has introduced a new Student Portal, allowing Maldivian students studying abroad to request an increase in their monthly foreign transaction limits.

On October 23, BML announced that students would soon be able to increase their card limit to USD 1,200.

Today, the bank confirmed that starting November 1, 2024, students can apply through the Student Portal to raise their monthly debit card transaction limit from the current cap of USD 700 to USD 1,200.

Students interested in raising their limit can access the Student Portal via BML’s official website, where they’ll be required to submit documentation verifying their student status abroad.

To apply for the limit increase, students must submit the following documents through the Student Portal:

- A copy of passport

- A valid student visa

- An enrollment or acceptance letter from their university or college, issued by the educational institution, including the student's details, the course name, start date, and duration.

According to BML, the increased limit will be processed within one working day of the request, and students can track their application status through the Student Portal.

Once processed, students will receive notifications via the BML Mobile App.

After successful registration, the new limit will be enabled on the student’s selected debit card, allowing spending in the country of residence.

The introduction of this portal comes as BML seeks to ease the financial challenges faced by students overseas, particularly with the limited availability of US dollars.