Bank of Maldives (BML) has increased the limit for international purchases on their debit cards to $500 per month, effective from tomorrow. BML stated that to provide equal opportunities for all customers to use their debit cards for international transactions, changes have been made to control the misuse by a relatively small number of customers and the use of personal accounts for business purposes.
BML has noted that cards of individuals who do not travel abroad are being used to withdraw cash from ATMs outside the country. Therefore, while increasing the limit for goods and services, the cash withdrawal limit from international ATMs has been set at $125 per month. BML also mentioned that the charge for withdrawing cash from ATMs will be $10.
One of the main uses of debit cards for international dollar transactions is for some individuals to make payments for importing goods for business purposes through a few specific websites. As a result, BML stated that a fee of up to 30% will be charged for payments made to some of these identified websites. This does not include websites used for common purposes such as booking tickets, hotels, and subscriptions. It also does not apply to debit cards and credit cards issued for dollar accounts. The increase in the international purchase limit to $500 has been implemented without any additional fees.
The bank has stated that their priority is to provide a good solution for the essential needs of ordinary individuals in international debit card transactions. BML has also announced that from now on, the monthly limits for debit and credit cards will be calculated from the first day to the last day of each month.
