Bank of Maldives (BML) has announced an increase in overseas payment limits for its debit cards, effective tomorrow.

The new monthly foreign transaction limit for MVR debit cards used for overseas Point of Sale (POS) transactions has been raised to USD 1,000. The monthly limit for travel and medical expenses abroad has been set at USD 3,000.

The announcement follows President Dr Mohamed Muizzu’s earlier statement in September, in which he revealed that BML’s overseas payment limits would be increased effective 11 November, coinciding with the bank’s 43rd anniversary. At the time, the President said the POS spending limit on BML debit cards would be raised to USD 1,000, while the limit for airline ticket purchases and hotel payments abroad would increase to USD 3,000. He also noted that travellers seeking medical treatment overseas would be able to make direct debit card payments for medical expenses upon request.

The move aims to make it easier for citizens to access foreign currency at the official bank rate, reducing reliance on parallel markets.