The Bank of Maldives (BML) has announced an increase in payment limits for goods and services purchased abroad using credit cards, with the revised limits set to take effect on 1 February.
BML said the changes apply to three categories of credit cards and represent the monthly spending limits set by the bank for each card.
Under the revised limits:
- Classic Credit Card limits have been increased from USD 750 to USD 1,400
- Gold Credit Card limits have been increased from USD 750 to USD 1,500
- Platinum Credit Card limits have been increased from USD 1,500 to USD 3,000
The bank said these limits apply from February 1, and are in addition to customers’ debit card usage limits.
BML also noted that debit card limits were revised last November, increasing the maximum amount payable at overseas point-of-sale terminals to USD 1,000.
In addition, spending limits for airline tickets, overseas debit card payments and hotel payments have been raised to USD 3,000. This revised limit also allows debit cards to be used for hospital payments related to medical treatment up to the same amount.
The bank said the adjustments to foreign currency limits were made in line with amendments introduced by the government to the Foreign Exchange Act, aimed at addressing foreign currency shortages.
Under the amended law, a specified percentage of foreign currency earnings from the tourism sector is required to be brought into the country and distributed among banks, easing challenges faced by banks in sourcing US dollars.