BML introduces portal for international students to extend card limit

Bank of Maldives (BML) has introduced a dedicated portal for Maldivian students living abroad, to increase their monthly foreign transaction limits from the current USD 750 to USD 1200.

In a statement issued, the bank said students would need to provide their passport, student visa and university enrolment letter to verify their student status and become eligible for the limit extension.

"The increased limit will be processed within one working day. Users can track their request through the Student Portal, and once processed, they will also receive notifications via the Mobile App," said BML.

Once successfully registered, the new limit would be enabled on the debit card selected by the student via the student portal, the bank said. However, it would only be available for spending in the country the student is residing in.

"Within this limit, you'll also have a USD 250 limit to use for any other foreign spending," the bank added.

BML first announced the news of extending the current limits for students on October 23rd.

At the time, BML said that despite the dollar shortage, students studying abroad face significant difficulties due to the limits restricting their expenses.

As such, BML is increasing the limit to meet the needs of students studying abroad, the bank said.

Extending the dollar limit of students living abroad is a presidential pledge of President Dr Mohamed Muizzu.