BML removes cross-border fees on overseas ATM withdrawals for students

The Bank of Maldives (BML) has decided to stop charging cross-border fees on debit card withdrawals made from ATMs abroad.

BML explained that the change will allow students studying overseas to fully utilize the USD 1,200 monthly student limit for living and educational expenses without any additional deductions. The bank said the move will bring significant relief to students and their families.

A cross-border fee, also known internationally as an issuer markup, is charged by the card-issuing bank for foreign currency or overseas transactions. When a customer withdraws money or makes a payment in a currency different from the currency of the card or linked account, the transaction is routed through global payment networks such as Visa or Mastercard. Banks typically charge a percentage of the transaction amount to cover these processing costs. This is a standard fee applied by banks worldwide.

Studying abroad? Every withdrawal you make, stays yours. pic.twitter.com/xyU6vjt8Pt

— Bank of Maldives (@bankofmaldives) September 10, 2026

BML has been charging this fee since the introduction of its card services. The bank’s decision to remove it comes amid growing concerns raised by customers.

On Monday, MP Mohamed Shareef sent a letter to BML Managing Director and CEO Karl Stumke, requesting a reduction in the cross-border fees charged to students studying abroad. In his letter, Shareef noted that ATM withdrawals under the “student limit” were further reduced during August, and that the amount deducted from accounts increased by around 10 percent once transactions were settled.

Among the changes introduced last month, customers were given the option to withdraw money at either the withdrawal-time rate or the settlement-time rate, depending on which was more favorable.