Bank of Maldives (BML) has increased the USD limit on credit cards.
Due to increased pressure on US dollar liquidity and concerns about outflows of US dollars, the Bank announced changes to foreign transaction limits last year. Earlier this year the limits were increased for credit cards and the bank has now announced further changes to the limits.
From October 17, 2021, an increased limit of USD 750 will be in place for American Express (Green / Gold), Visa (Classic / Gold) and Mastercard (Standard / Gold). The bank said the existing limit of $ 250 will be maintained for all locally used debit cards linked to MVR accounts. Customers residing abroad will continue to have a limit of $ 750 per month per debit card. Additionally, customers with other credit cards not listed above will have higher limits depending on the type of card. These will be communicated to customers during the week.
Customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of $ 3,000.
The bank said it will continue to support all medical and education payments using cards with temporary changes in limits. Customers can submit supporting documents via Internet Banking for approval. The Bank of Maldives will continue to assess the situation and inform clients of future changes.