Bank of Maldives (BML) has removed cross-border transaction fees charged on overseas ATM withdrawals made using its debit cards, providing some relief for Maldivians who regularly access money while living abroad.
The change takes effect from tonight and is expected to particularly benefit Maldivian students studying overseas, many of whom rely on their BML cards to access their monthly foreign currency allocation for accommodation, food and other day-to-day expenses.
Students studying abroad are currently able to access a monthly foreign currency limit of USD 1,200. With the cross-border fee removed from debit card ATM withdrawals, students will no longer see part of that amount deducted by BML as an additional fee when withdrawing cash overseas.
Previously, customers making international ATM withdrawals were charged a cross-border transaction fee, also referred to within the card industry as an Optional Issuer Fee.
Such fees are commonly imposed by card-issuing banks when customers use their cards for transactions outside their home country or in a currency different from the card’s base currency. International transactions are typically processed through global payment networks such as Visa or Mastercard, with banks applying additional charges to cover costs associated with processing and routing transactions across borders.
BML had applied cross-border charges on international card transactions since introducing its card services. Removing the charge from overseas debit card ATM withdrawals therefore represents a notable change to the bank’s international card fee structure.
While the individual fee on a single withdrawal may appear relatively small, the costs can accumulate for students and other Maldivians who depend on regular overseas withdrawals, particularly those living abroad for extended periods.
The change is also significant for families in the Maldives who financially support children studying overseas, as students will now be able to make greater use of the foreign currency made available to them without an additional BML cross-border charge being deducted when withdrawing cash.
Maldivian students studying abroad have long relied on foreign currency allocations provided through the domestic banking system, with access to US dollars for tuition fees and living expenses remaining an important concern for students and their families.
The removal comes amid broader efforts to improve access to foreign currency through official banking channels and reduce the additional costs faced by Maldivians making payments or accessing funds overseas.
