Following the implementation of the foreign transaction limit due to the COVID-19 pandemic, Bank of Maldives (BML) has upped the daily limit imposed on credit cards for foreign transactions to USD 750.
In 2020, BML announced significant adjustments to international transaction restrictions, citing rising strain on US Dollar liquidity and worries about US Dollar outflow.
The daily credit card limit for overseas transactions was decreased to USD 250 last year. But the cap was raised to USD 500 in July 2021.
According to a statement issued by BML on Sunday, the daily credit card limit imposed on the bank’s American Express (Green/Gold), Visa (Classic/Gold), and Mastercard (Standard/Gold) has been raised to USD 750 as of today.
Customers using credit cards other than those listed above will have their limitations adjusted based on card type, according to BML, and this information will be conveyed to customers this week.
But the bank stated that the current restriction of USD 250 per month for all debit cards used locally and USD 750 per month for all debit cards used overseas will be maintained.
Furthermore, customers with BML debit cards primarily connected to dollar accounts, on the other hand, can continue to use up to the present daily limit of USD 3,000.
In addition, BML stated that it will continue to facilitate all medical and educational payments via cards with temporary adjustments to the limitations, which customers may seek by providing supporting documentation via Internet Banking for approval.
