The bank said the move is expected to provide significant relief to Maldivian students studying overseas and their families, particularly as students can now access their allocated monthly limit without the additional charge associated with overseas ATM withdrawals.
BML
The Bank of Maldives (BML) has announced that it will discontinue the previously charged ‘cross-border’ fee on ATM withdrawals made overseas using BML debit cards, effective tonight.
According to BML, the change will allow customers to make full use of the USD 1,200 monthly limit allocated for living expenses and educational needs for students studying abroad, without incurring the additional cross-border fee.
The bank said the move is expected to provide significant relief to Maldivian students studying overseas and their families, particularly as students can now access their allocated monthly limit without the additional charge associated with overseas ATM withdrawals.
BML explained that an optional issuer fee is a charge imposed by the bank that issued a card when it is used for foreign currency or overseas transactions. When a card is used to make a transaction or withdraw cash in a currency other than the original currency of the card or the account linked to it, the transaction is processed through international payment networks such as Visa or Mastercard.
BML stated that these types of charges have been applied to overseas transactions since the introduction of its card services. With the discontinuation of the fee, students using BML debit cards abroad will be able to utilise the full USD 1,200 monthly allowance for eligible living and educational expenses without an additional cross-border charge.
