Bank of Maldives (BML) on Wednesday announced an increase in the monthly foreign transaction limit for debit cards for students abroad to USD1,200 in the country that they are residing, effective 1st November 2024.

“While there continues to be challenges with USD availability, we also recognize the difficulties faced by students abroad. Today’s announcement reflects our commitment to prioritize and support their everyday financial needs while overseas," the Bank’s CEO Mohamed Shareef stated.

Students will be required to register with the Bank via an online portal to access the new increased limit, and must submit supporting documents.

Further details on registration will be provided in due course.

They further stated that they will continue to assess the USD situation and will inform customers of any future changes.