The Bank of Maldives (BML) has announced that it will allocate a dedicated foreign‑currency limit on its cards for students who need to pay visa fees while pursuing studies overseas.
The move is designed to ease the financial burden of obtaining and renewing visas and to provide a steady flow of funds for tuition and living expenses.
BML spokesperson Mohamed Saeed said the bank will work closely with the Maldives Monetary Authority (MMA) to secure the necessary foreign currency for students.
The new special limit builds on an existing practice of granting extended card limits on a case‑by‑case basis. Under the new policy, all qualifying students will receive a predetermined amount on their BML MVR cards for foreign‑currency transactions. The bank has set a monthly ceiling of USD 1,200 for such transactions, to cover everyday expenses abroad.
In addition to the card limit, BML will continue to facilitate tuition‑fee payments via Telegraphic Transfer (TT). Parents or students can initiate a TT from their local MVR account to the university or college directly, covering not only tuition but also related educational costs such as books and accommodation.
BML assured that it remains committed to supporting the educational aspirations of Maldivian students.