BML Introduces Special Card Limits to Help Students Pay Overseas Visa Fees

The Bank of Maldives (BML) has introduced a dedicated foreign-currency limit on its cards specifically for Maldivian students studying abroad, aiming to simplify the payment of visa fees and other essential costs. This new initiative is designed to alleviate the financial pressure associated with obtaining and renewing visas while ensuring students have a consistent flow of funds for their daily living expenses and tuition. The move provides a structured alternative to the bank's previous practice of granting extended limits on a case-by-case basis. Under the new policy, all qualifying students will be granted a predetermined foreign-currency limit on their BML MVR cards. The bank has established a monthly ceiling of USD 1,200 for these transactions, which is intended to cover recurring everyday expenditures while overseas. BML spokesperson Mohamed Saeed stated that the bank is working in close coordination with the Maldives Monetary Authority (MMA) to secure the necessary foreign currency reserves to support this student-focused facility. While the card limits address immediate daily needs and visa costs, BML will continue to facilitate larger payments through Telegraphic Transfers (TT). This allows parents or students to transfer funds directly from a local MVR account to an international university or college. These transfers can be used to cover tuition fees as well as other educational overheads, such as accommodation and textbooks. By formalizing these limits, the Bank of Maldives seeks to provide greater financial predictability for families and support the academic aspirations of Maldivians pursuing higher education globally.