Bank of Maldives (BML) releases a new USD credit card that allows for foreign purchases without the existing transaction limits.
This new card is ideal for people with high foreign purchases. The bank said this card can be used up to the customer's approved card limit.
Repayments to this card can only be done via USD. BML said existing credit card users can change their cart for a USD one through internet or mobile banking.
Customers can apply for a new card online as well.
BML placed a cap on foreign purchases via their cards last year, when economic activity was at an all time low due to the pandemic. BML customers living in Maldives had a foreign purchase limit of USD 250, while customers overseas had a limit of USD 750.
CEO and Managing Director of BML Tim Sawyer said they had placed restrictions last year as the situation called for it. However the new card will allow for foreign purchases up to the credit card limit without any of the current transaction limits.
“Given the dollar liquidity challenges in the country, the Bank took necessary steps to limit the dollar outflow on our local debit and credit cards. While we have made positive changes to the limits over the year, the new card introduced today offers an alternative for customers who frequently use credit cards for foreign transactions. With this card, customers can make purchases up to their credit limit, without any of the existing foreign transaction limits," Sawyer said.
The bank said this card is available as a Corporate Card as well, for businesses.