The Bank of Maldives (BML) has announced that it will increase card limits for students studying overseas who require foreign currency to pay visa-related fees.

In a statement issued on Thursday, BML said the decision was made to further support Maldivian students pursuing higher education abroad.

BML spokesperson Mohamed Saeed said the bank has previously approved higher card limits for students on a case-by-case basis. However, with assistance from the Maldives Monetary Authority (MMA), the bank has now decided to extend the facility to all eligible students who apply for visa-related payments.

The bank noted that arrangements are already in place to facilitate tuition fee payments and access to foreign currency for living expenses. Students are currently eligible for a monthly foreign transaction card limit of USD 1,200.

In addition, BML provides the option of making Telegraphic Transfers (TT) from students' or parents' Maldivian Rufiyaa accounts to pay tuition fees and other education-related expenses.

The bank also highlighted that students studying abroad can transfer funds from their local MVR accounts to overseas accounts used for their studies, helping ensure uninterrupted access to money for educational and living expenses.

BML said it remains committed to supporting Maldivian students pursuing education overseas and will continue to facilitate access to essential banking services.