BML sets dedicated limit for students’ visa-related expenses

The national bank, Bank of Maldives (BML), on Thursday, has announced that it will introduce a dedicated limit for Maldivian students studying overseas to facilitate visa-related payments.

BML spokesperson Mohamed Saeed said that, until now, foreign exchange limits for visa payments had been granted on a case-by-case basis following requests submitted by individual students.

"With the support of the Maldives Monetary Authority (MMA), the bank has decided that from today onwards, all students studying abroad will be provided with a dedicated card limit for visa payments upon submitting their request to the bank," Saeed stated.

The bank also noted that extensive measures have been implemented to ensure students can readily access foreign currency for tuition fees and living expenses.

According to BML, a monthly limit of USD 1,200 has been allocated on Maldivian Rufiyaa (MVR) cards to support students’ foreign transactions.

Additionally, the bank stated that students and their guardians are permitted to transfer funds directly from their MVR accounts through Telegraphic Transfer (TT) for tuition fees and other education-related expenses.

BML further highlighted that structured arrangements are in place to enable students to receive stipends and other essential funds into their overseas bank accounts from MVR accounts held in the Maldives. The bank said these measures are intended to ensure uninterrupted access to the financial resources required for students’ academic pursuits and day-to-day living expenses.

The bank reaffirmed its commitment to supporting Maldivian students pursuing higher education abroad.