Bank of Maldives BML has announced that an increased limit of USD 750 will be in place for American Express (Green/Gold), Visa (Classic/Gold) and Mastercard (Standard/ Gold).
The Bank said that as a result of increased pressure on US Dollar liquidity and the concerns on US Dollar outflow, the Bank announced changes to foreign transaction limits last year. It said that earlier this year, the limits were increased for credit cards and said that changes announced today would go into effect today.
BML said that the existing limit of USD 250 will continue for all debit cards used locally that are linked to MVR accounts.
It said that customers living abroad will continue to have a limit of USD 750 per month, per debit card.
The Bank said that customers with other credit cards not listed above will have increased limits based on card type and these will be communicated to customers within the week.
BML said that Customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of USD 3,000.
It said that the Bank will continue to support all medical and education payments through cards with temporary changes to the limits.
BML said customers can submit supporting documents via Internet Banking for approval.