The Bank of Maldives (BML) has announced an increase in the monthly foreign transaction limit for students studying abroad, raising it to USD 1,200 starting November 1, 2024. This adjustment aims to provide students with greater financial support as they navigate expenses while pursuing their education overseas.

To benefit from the new limit, students are required to register through the BML Student Portal. BML said the registration process is straightforward and requires the submission of several key documents.

Students can initiate the registration by accessing the Student Portal and completing the necessary steps. The required documents include a copy of the passport, valid student visa, and an enrolment or acceptance letter from the university or college which includes personal details, the course of study, and its start date and duration.

Once the registration is submitted, BML will process it within one business day. Students can monitor their application status through the Student Portal and will receive notifications via the BML Mobile App once their limit is approved.

After successfully registering, the new limit will be activated on the selected debit card for use in the student’s country of residence. In addition to the USD 1,200 limit, students will also have a separate allowance of USD 250 for other foreign spending.

BML said the bank is committed to supporting Maldivian students studying abroad, ensuring they have the necessary resources to manage their financial obligations effectively.