Bank Restricts Overseas Use of Cards Linked to Individuals in Maldives

The Bank of Maldives (BML) has announced plans to introduce measures to prevent the overseas use of bank cards belonging to individuals who are physically present in the Maldives at the time transactions are carried out.

The decision was announced during a press conference by Mohamed Shareef, who stated that the amount of US dollars being sold by BML has exceeded the amount being purchased by the bank.

According to Shareef, the measures are intended to ensure the availability of foreign currency for essential public needs. He stated that the bank had identified cases where cards issued in the Maldives were being used abroad for cash withdrawals and transactions despite the cardholders remaining in the country.

The new arrangements will be implemented through digital integration between BML and Maldives Immigration.

Shareef said the bank had previously observed instances where individuals used cards belonging to other people to withdraw cash from overseas ATMs and conduct transactions. He stated that restricting such activity would help distribute the benefits of foreign currency access more fairly among citizens.

Exceptions will be made for students studying abroad who do not yet have their own bank cards. BML stated that students currently using a guardian’s card will be allowed to continue doing so for a temporary period of up to three months until a student card is issued.

According to the bank, the process of issuing student cards is expected to take up to three months. Shareef stated that a special limit of up to USD 1,200 will be arranged for students, while efforts are under way to implement the system as quickly as possible without disrupting existing card usage.

He also noted that the student cards are expected to provide additional benefits for students studying overseas.