BML decides to introduce special limit for student visa payments
To alleviate the difficulties faced by Maldivian students studying abroad in paying visa fees, the Bank of Maldives (BML), with the support of the Maldives Monetary Authority (MMA), has decided to introduce a specialized card limit. Under this new arrangement, students can apply to the bank to facilitate payments for visas and International Health Surcharges (IHS). This initiative complements existing measures where foreign currency for tuition and living expenses is provided through telegraphic transfers (TT) and a monthly card limit of USD 1,200.
Recipients of the BML Scholarship Fund 2024 are pictured alongside BML CEO Mohamed Shareef, following the announcement of their opportunities to pursue higher education under the program. | BML
Bank of Maldives (BML) has decided to introduce a specialized credit limit for all Maldivian students studying abroad to facilitate visa-related payments.
Bank of Maldives (BML) reached this decision following widespread concerns raised by students and parents, which were extensively reported in the media. These concerns centered on the inability to use the bank’s cards to pay the Immigration Health Surcharge (IHS) required for student visa applications to the United Kingdom.
Regarding this matter, Bank of Maldives (BML) spokesperson Mohamed Saeed stated that the bank has previously been increasing card limits for students studying abroad on a "case-by-case" basis to facilitate visa-related payments.
Saeed stated that, with the assistance of the Maldives Monetary Authority, a decision has been made to facilitate foreign currency access for students. Starting this Thursday, all students who apply to the bank for visa payment purposes will be granted the necessary card limits.
Furthermore, Bank of Maldives has introduced streamlined arrangements to ensure that students studying abroad can easily access the foreign currency required for their tuition fees and living expenses.
Bank of Maldives (BML) has established a monthly foreign transaction limit of $1,200 for students using Rufiyaa-linked cards. The bank further stated that students or their parents can continue to settle tuition fees and other education-related expenses via Telegraphic Transfer (TT) directly from their Rufiyaa accounts.
