Bank of Maldives (BML) is introducing a new monthly framework for US dollar ATM withdrawals as part of its wider push towards digital banking and greater use of cashless payment services across the Maldives.
From October 1, customers will be able to withdraw up to USD 3,500 in cash per month through BML ATMs. The existing daily withdrawal allowance of USD 1,600 per card will remain unchanged.
BML said the measure forms part of its long-term strategy to reduce dependence on physical cash while providing customers with faster, safer and more convenient ways to manage and spend their money digitally.
The bank has invested significantly in expanding its digital banking infrastructure, allowing an increasing number of everyday financial transactions to be completed without the need to handle cash or visit a branch.
Through BML Mobile Banking and Internet Banking, customers can manage their accounts, make payments and transfer funds from anywhere in the country.
BML customers also have access to card and contactless payment facilities at merchants across the Maldives and internationally, alongside instant fund transfers between accounts.
The bank has continued to expand its digital services as electronic payments become an increasingly important part of everyday transactions in the Maldives.
At the same time, BML has invested in strengthening physical banking access across the country, particularly for island communities. Its nationwide ATM expansion has significantly increased access to self-service banking outside the Greater Malé region.
The latest change specifically applies to physical US dollar cash withdrawn through ATMs. Customers will retain the existing USD 1,600 daily withdrawal limit, subject to the new overall monthly allowance of USD 3,500 per customer.
BML said its broader objective is to build a more efficient financial ecosystem in which customers can rely on secure digital channels for an increasing share of their everyday banking needs.
The bank’s digital-first strategy has included continued development of mobile and internet banking, instant transfers and card-based payment services, providing customers with alternatives to physical cash for both domestic and international transactions.
