Bank of Maldives (BML) has introduced a dedicated foreign transaction limit for Maldivian students studying overseas to pay visa fees, in a move aimed at easing one of the recurring financial hurdles faced by students pursuing higher education abroad.
The bank said students can now apply for a special card limit specifically for visa payments, with the new arrangement taking effect immediately.
BML spokesperson Mohamed Saeed said the bank had previously handled such requests individually on a case-by-case basis, particularly before broader adjustments were made to card limits and foreign currency access.
According to the bank, the latest decision was taken with the assistance of the Maldives Monetary Authority (MMA) to ensure students have a smoother process when making mandatory visa-related payments tied to their studies overseas.
Under the new arrangement, students who need to make visa payments can request the limit by submitting an application to BML.
The bank noted that it has already put in place several channels to support students with foreign currency needs, particularly for tuition fees and living expenses.
At present, students studying abroad are eligible for a monthly foreign transaction limit of USD 1,200 on Maldivian rufiyaa cards under BML’s student support arrangements.
In addition to card-based spending, the bank also facilitates Telegraphic Transfers (TT) from either the student’s or a parent’s rufiyaa account for tuition payments and other education-related expenses.
BML said further support is also available through the stipend system managed by the Ministry of Education, Higher Education and Skills Development. Under that arrangement, students can receive funds directly from local rufiyaa accounts into their overseas bank accounts, helping cover living costs and other approved educational expenses.
The move comes at a time when access to foreign currency remains a major issue for many Maldivians, particularly students, families seeking medical treatment abroad and businesses reliant on overseas payments. In recent months, both BML and the central bank have introduced several measures to manage rising dollar demand while trying to protect essential sectors such as education and healthcare.
BML said the latest decision reflects its continued commitment to supporting Maldivian students overseas and ensuring they are able to access the foreign currency needed for critical aspects of their studies without unnecessary disruption.
For many students, visa fees are a mandatory part of continuing their studies in foreign countries, and delays in arranging those payments can create serious complications. The bank’s new dedicated limit is expected to provide some relief by offering a clearer and more accessible route for handling such expenses.
