Bank of Maldives (BML) has announced that Maldivians living abroad can withdraw up to $750 from ATMs by registering on their portal. BML has implemented changes to foreign transactions starting from the 1st of this month. One of these changes is reducing the ATM withdrawal limit for Maldivian Rufiyaa cards abroad to $125. Additionally, a $10 fee will be charged for each transaction. B. BML stated that despite this change, Maldivians living abroad will still have access to $750, as before.
Detailing the changes to the policy, the bank said that Maldivians living abroad who need the $750 limit can register on BML’s Foreign Limit Portal. This will allow them to withdraw cash up to $750 using their cards and make transactions through POS terminals.
Furthermore, BML confirmed that the $1,200 limit for students remains unchanged. The new policy’s fees will not apply to students. Students can apply for the $1,200 limit through the Student Portal. The bank also stated that this limit is available for students doing internships abroad.
As part of the new policy, BML has increased the Maldivian Rufiyaa debit card limit. The limit has been raised to $500, but the bank has decided to charge a fee of up to 30% for transactions on some commonly used Maldivian business websites. However, this fee only applies to Maldivian Rufiyaa debit cards, and all other cards can be used up to their set limits without additional fees.
According to statistics released by BML, about $45 million is sent abroad monthly for various business transactions. Of this, 75% goes towards online purchases through different websites. The bank revealed that recently, Temu alone, which has become popular among Maldivians, accounts for $7 million in foreign currency outflow per month. With the foreign currency shortage, it has become crucial to conserve foreign currency for the country’s essential needs. Consequently, a foreign currency law has been introduced, requiring a portion of the foreign currency earned from the tourism sector to be converted through banks.
