Bank of Maldives (BML) stated today that the collection of the "cross-border" fee, which was previously charged when withdrawing cash from ATMs using debit cards abroad, has now been stopped.

The cross-border fee is a fee charged by all banks internationally for such transactions. BML stated that this type of transaction fee has been charged from the day BML card services were introduced up until today.

However, BML stated in a message sent to the media today that the collection of that fee has been halted starting from last night.

Consequently, the country's largest customer-base bank stated that the monthly USD 1,200 limit allocated for the living expenses and educational needs of students studying abroad will be fully usable without any additional expenses.

"This is a very big relief for students studying abroad and their families," the message stated.

BML stopped collecting the cross-border fee as many students studying abroad had been complaining on social media that large amounts were being deducted as additional fees when withdrawing cash from ATMs abroad.