BML sets monthly US dollar ATM withdrawal limit at $3,500

Bank of Maldives (BML) has set a monthly limit of USD 3,500 for US dollar cash withdrawals by customers through its ATMs.

BML said the existing daily withdrawal limit of USD 1,600 per card will remain unchanged despite the introduction of the monthly cap.

The bank said the decision was part of its long-term policy to reduce reliance on cash and promote the use of digital financial services.

BML said it has invested in digital services that allow customers to carry out day-to-day banking transactions without using cash.

Through BML Mobile Banking and Internet Banking, customers can pay bills, transfer funds and manage their accounts remotely.

The bank also provides card and contactless payment services for transactions with businesses in the Maldives and overseas, as well as services allowing customers to transfer funds between accounts.

BML said these services are intended to provide customers with alternatives to cash for routine financial transactions.