Bank of Maldives (BML), in collaboration with the Maldives Monetary Authority (MMA), has announced a new initiative to provide dedicated card limits for Maldivian students studying abroad to facilitate the payment of visa fees, effective today.

BML Spokesperson Mohamed Saeed stated that the central bank will provide the necessary support to ensure the availability of US Dollars for these transactions. Under this new policy, the bank aims to streamline the process for all students seeking to pay visa-related expenses, moving away from the previous system where such requests were reviewed on an individual, case-by-case basis.

In addition to this new measure, BML continues to offer financial support to overseas students through a monthly foreign currency limit of USD 1,200 on cards linked to Maldivian Rufiyaa (MVR) accounts. Furthermore, students and parents can utilize Telegraphic Transfers (TT) from MVR accounts to settle tuition fees and other significant educational costs.

Aligned with the Ministry of Higher Education’s regulations, these measures are designed to ensure that the academic pursuits of Maldivian students remain uninterrupted by foreign currency challenges. BML reaffirmed its commitment to providing essential financial assistance for students living and studying abroad.