Bank of Maldives (BML) has launched its new US Dollar Visa Credit Card which allows for foreign purchases without any of the existing foreign transaction limits.
The card can be used up to the customer’s approved credit card limit, making it ideal for those with high foreign spend. Repayments to this card can only be made in US Dollars. Existing Visa Credit Card holders can opt to change their card for a USD card via Internet or Mobile Banking. Customers can also apply for a new card online.
Bank of Maldives CEO and Managing Director, Tim Sawyer said the bank took necessary steps to limit the dollar outflow on local debit and credit cards, given the dollar liquidity challenges in the country. While the bank made positive changes to the limits over the year, the new card introduced on Tuesday offers an alternative for customers who frequently use credit cards for foreign transactions, he said.
The new US Dollar Visa Credit Card is also available as a Corporate Card, for businesses.
Bank of Maldives is the largest card issuing and acquiring bank in the country with over 300,000 customers and more than 7,000 merchants. The Bank is also a principal member in the Maldives for Visa.
