Gov’t Increases Monthly Withdrawal Limit for Maldivian Students Studying Abroad

Photo: BML

The Maldivian government has officially adjusted the monthly withdrawal limit for students studying abroad. Effective February, students can withdraw USD 1,200 monthly using their Bank of Maldives (BML) credit and debit cards.

The decision comes in response to concerns raised during a press conference at the President’s Office by Abdulla Nazim Ibrahim, Principal Secretary to the President on Public Policy. 

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Nazim expressed the challenges faced by students abroad, who were previously limited to a monthly withdrawal cap of USD 750. Following cabinet discussions, it was decided to increase the limit to USD 1,200 per month, with the change set to take effect on February 1.

This adjustment follows BML’s ongoing revisions to transaction limits, initiated in response to the Covid-19 pandemic. The most recent change occurred in 2021, establishing the limit for online transactions using credit cards at USD 750, while debit cards maintained a monthly limit of USD 250 for foreign transactions.

The increase in the transaction limit fulfils a presidential pledge made by President Dr Mohamed Muizzu. The adjustment aims to alleviate financial constraints faced by Maldivian students pursuing education overseas.

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