Bank of Maldives has stated that students studying abroad are also blocked from conducting foreign transactions via cards linked to Maldivian Rufiyaa (MVR) accounts.
Bank of Maldives has stated that students studying abroad are also blocked from conducting foreign transactions via cards linked to Maldivian Rufiyaa (MVR) accounts.
The Bank said that the changes brought to the card limits today would apply to students and other Maldivians living abroad as well. They too would only be allowed a limit of USD 100 via credit cards, and none via debit cards.
The bank said that this change was brought in response to the escalating usage of foreign currency spend on cards and the static sale of foreign currency to the Bank.
Key changes implemented:
- Existing debit cards linked to MVR accounts: Suspension of allowance for foreign transactions for cards linked to MVR accounts
- New debit and credit cards linked to MVR accounts: Suspension of allowance for foreign transactions for cards linked to MVR accounts
- Existing Standard and Gold credit cards: Monthly limit for foreign transactions reduced to USD 100
A statement released by BML quoted CEO and Managing Director Karl Stumke as stating that this year, the bank has purchased approximately USD 60 million in foreign currency from customers, while card usage is at threefold higher than that amount.
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