BML launches portal for overseas student card limit hike
BML stated that registration will be completed within one day of submission.
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Bank of Maldives (BML) on Friday introduced a portal for Maldivian students studying abroad to request an increase in the overseas transaction limit on their debit cards to $1,200.
According to the bank, students can submit their limit increase requests through the newly launched student portal. To use the portal, students must first complete a registration process, which requires the following documents:
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Copy of passport
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Student visa
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University or college letter detailing the course, including start and end dates
BML stated that registration will be completed within one day of submission. Notifications regarding the status of registration will be sent via the BML mobile application.
Once registered, students will be able to access the $1,200 transaction limit in the country where they are pursuing their studies. An additional $250 limit will be available for transactions in other countries.
Currently, students studying abroad have a $750 transaction limit on their debit cards. BML had previously removed the external limit on all debit cards issued for MVR accounts in August but reversed the decision the same day. Following this, the government made significant changes to BML's board.
Subsequently, the Maldives Monetary Authority (MMA) has enforced stricter regulations on foreign exchange and trading to boost banks’ dollar receipts.
