Bank of Maldives (BML) has increased the USD limit on credit cards.
As a result of increased pressure on US Dollar liquidity and the concerns on US Dollar outflow, 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 17th October 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 USD 250 will continue for all debit cards used locally that are linked to MVR accounts. Customers living abroad will continue to have a limit of USD 750 per month, per debit card. Further, customers with other credit cards not listed above will have increased limits based on card type. These will be communicated to customers within the week.
Customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of USD 3,000.
The Bank said it will continue to support all medical and education payments through cards with temporary changes to the limits. Customers can submit supporting documents via Internet Banking for approval. The Bank of Maldives will continue to assess the situation and will inform customers of future changes.
