Bank of Maldives Plc. (BML) has increased limits imposed on credit cards for foreign transactions.
On this note, effective today, an increased limit of USD 750 per month is set in place for customers using the bank’s American Express (Green/Gold), Visa (Classic/Gold) and Mastercard (Standard/Gold).
BML announced major changes to foreign transaction limits last year – attributing it to the increased pressure on USD Dollar liquidity and concerns on USD Dollar outflow.
In this regard, the limit imposes on credit cards for foreign transactions was reduced to USD 250 per month last year. However, this July, the limit was increased to USD 500 per month; before being set to USD 750 today.
However, BML said the existing limit of USD 250 per month for all debit cards used locally that are primarily linked to MVR accounts – will still continue.
They further added that customers residing abroad will continue to have a limit of USD 750 per month, per debit card.
Meanwhile, customers with BML debit cards primarily linked to dollar accounts can continue to use up to the current daily limit of USD 3,000.
For customers with credit cards other than the ones listed above – BML said that limits will be increased based on card type which will be communicated to customers within this week.
The Bank also said that they will continue to support all medical and education payments through cards with temporary changes to the limits – which customers can request by submitting supporting documents via Internet Banking for approval.
Noting that they would continue to assess the situation – BML said any future changes will be informed to customers as well.