Bank of Maldives (BML) has announced an increase in the monthly limits for foreign transactions on its credit cards. These revised limits are set to take effect from February 1st.
The national bank confirmed that the limit for overseas purchases of goods and services has been raised for three specific categories of credit cards. These monthly limits, allocated per calendar month, apply to Classic, Gold, and Platinum credit cards.
The updated monthly credit card limits are as follows:
- Classic Credit Card:Â Increased from $750 to $1,400
- Gold Credit Card:Â Increased from $750 to $1,500
- Platinum Credit Card:Â Increased from $1,500 to $3,000
BML clarified that these changes will be implemented starting February 1st. The bank further noted that these credit card limits are in addition to the existing debit card limits available to customers.
Prior to this adjustment, BML had also revised its debit card limits. In November last year, the limit for POS (Point of Sale) transactions abroad was increased to $1,000. Furthermore, the bank raised the limit to $3,000 for specific expenditures such as purchasing airline tickets, paying for hotel stays abroad, and making payments directly to hospitals for medical treatments.
These enhancements to foreign currency limits follow recent legislative changes introduced by the government to address foreign exchange challenges. Under the new foreign exchange regulations, a specified percentage of dollar income from the tourism industry must be repatriated and exchanged. Banks are now remitting a significant portion of these funds to the Maldives Monetary Authority (MMA), with mechanisms established to ensure equitable distribution to banks, thereby easing the difficulties in sourcing foreign currency.
