USD 500 set as new credit card limit for foreign transactions
Measure taken due to the Covid-19 pandemic’s hard hit on the local economy
Bank of Maldives (BML)
Bank of Maldives (BML) has increased its credit card budget for foreign transactions, to USD 500 per month, from Saturday onwards.
BML had set a limit of USD 250 for all credit cards for foreign transactions due to dollars not entering the country as a result of the borders closing in relation to Covid-19, back in September 2020.
Noting that this was “a temporary measure” taken due to the Covid-19 pandemic’s hard hit on the local economy, BML had stressed this will be reversed “when the situation allows.”
As such, the CEO and Managing Director Tim Sawyer announced the decision to increase the limit at BML's Annual General Meeting earlier this week, where he also highlighted that the bank is "in a much better position today than this time last year".
Current limit for debit cards of USD 250 a month will remain. However, if your primary account in your debit card is a US dollar account, the limit is USD 3000 per day and Maldivians who live abroad are given a limit of USD 750 per month. Moreover, BML is providing assistance to those who need to make payments for educational and medical purposes with their cards.
