Bank of Maldives has unveiled a new Visa Credit Card for unlimited transactions of U.S. dollars.
In an announcement on Tuesday, the country’s national bank revealed that the new USD visa credit card allows unlimited foreign purchases.
According to the bank, the credit card may be used up to the customer’s approved credit card limit which makes it ideal for those who have higher foreign expenses.
Tim Sawyer, BML’s CEO and Managing Director revealed that the necessary steps to limit the dollar outflow on the local debit and credit cards were taken owing to the dollar liquidity challenges in the Maldives.
Given the dollar liquidity challenges in the country, the Bank took necessary steps to limit the dollar outflow on our local debit and credit cards. While we have made positive changes to the limits over the year, the new card introduced today offers an alternative for customers who frequently use credit cards for foreign transactions. With this card, customers can make purchases up to their credit limit, without any of the existing foreign transaction limits.”Tim Sawyer, CEO and Managing Director of Bank of Maldives.
Customers may make repayments for the case only in USD and existing Visa credit card holders may opt to change their existing cards for the USD credit card via internet or mobile banking.
Further, BML revealed that their customers also have the opportunity to apply for a new card, online. Businesses may also apply for the new USD credit cards as a Corporate Card.
The country’s national bank, also a principal member in the Maldives for Visa, is the largest bank issuing cards with over 300,000 customers and more than 7,000 merchants.
