The Bank of Maldives (BML) has said customers residing overseas can register for an increased foreign spend limit of USD 750 per month for their BML-issued debit cards.
Changes to BML’s policies which came into effect on 1 July has resulted in rules for oversees transactions. One such change includes lowering overseas Automated Teller Machine (ATM) withdrawals to USD 125, with a withdrawal charge of USD 10 applied for each withdrawal.
BML said despite this change, Maldivians residing abroad can continue to withdraw up to USD 750 from their cards per month. Those living abroad can register themselves via the Foreign Limit Portal to apply for the upgrade. The limited provided can be used for POS transactions or ATM withdrawals in the country of residence.
BML also said students abroad remain eligible for a foreign spending limit of USD 1,200. New fees introduced under the recent policy changes will not apply to students. Students may apply for the limit increase through the Student Portal. Students who are completing internships overseas are also eligible for the increased limit.
The new policy by BML also increases the foreign currency limit on Maldivian Rufiyaa debit cards to USD 500 per month. However, a 30 percent fee will be applied on purchases from popular global e-commerce websites. The fee only applies to MVR debit cards and does not affect other cards, the bank said.
According to statistics published by BML, Maldivians currently spend around USD 45 million per month on international purchases. Of these, 75 percent is spent on purchases made through e-commerce platforms. The platform Temu, which has recently gained popularity in the Maldives, alone accounts for USD 7 million in monthly spending, the bank said.
Due to ongoing foreign currency constraints, it has become vital for the government to hold foreign currency for essential needs. In this regard, a new foreign exchange law was introduced which requires tourism establishments to deposit and exchange foreign currency revenue through local banks.