The Bank of Maldives (BML) has announced an increase in the monthly foreign transaction limit for students studying abroad. Effective from November 1, 2024, the limit for debit card transactions will be raised to USD 1,200 per month in the country of residence. This move is aimed at providing more financial flexibility for students managing their expenses while studying overseas.
Previously, the transaction limit stood at USD 750 per month. According to BML CEO Mohamed Shareef, despite the ongoing challenges with USD availability, the bank remains committed to supporting the needs of Maldivian students abroad. “Today’s decision highlights our dedication to ensuring students can access the financial resources they require for their day-to-day living,” Shareef stated.
To benefit from the new limit, students will be required to register with BML through an online portal and provide the necessary documentation as proof of their enrollment and residence abroad. The bank will release further details regarding the registration process soon.
BML also indicated that it will continue to monitor the USD situation and will update customers on any future changes to foreign currency transactions.
