Starting today, the Bank of Maldives (BML) has established that a maximum of up to USD 3,500 in cash can be withdrawn per month through the bank's ATMs.

This marks the first time that BML has limited the monthly amount of USD that can be withdrawn from its ATMs.

According to information shared by BML with the media, despite this change, an ATM card will still allow daily withdrawals of up to USD 1,600, exactly as before.

BML stated that this change was brought about as part of efforts to expand modern 'digital-first' banking services in the Maldives.

"This decision is part of BML's long-term policy to reduce reliance on cash and promote a fast, secure, and convenient digital financial system," BML stated in a written message shared with the media.

BML noted that the bank has made substantial investments to establish digital facilities that allow everyday banking services to be easily accessed without the need to use cash. This includes highlighting that mobile banking and internet banking enable instant money transfers and easy account management from anywhere.

"In addition, customers can easily make card and contactless payments to businesses in the Maldives and abroad, and transfer funds instantly to accounts," BML said.