Bank of Maldives capped monthly ATM dollar withdrawals at $3,500 Oct. 1

Bank of Maldives capped monthly dollar cash withdrawals at its ATMs at $3,500 per customer starting Oct. 1, 2026, tightening foreign-currency access across the country.

The new monthly dollar ceiling and daily limits

Under the updated policy, each customer can withdraw up to $3,500 in cash each month from Bank of Maldives (BML) ATMs, local outlets reported. The bank maintained its existing daily cap of $1,600 per card, meaning customers can't withdraw their full monthly allowance in a single transaction.

The withdrawal rules apply directly to BML account holders. While transactions made with a BML card at a BML ATM remain free of charge, non-BML cards incur an ATM fee of 100 Maldivian rufiyaa (about $6.50) per withdrawal, per the bank's published fee schedule.

Reserve pressures and digital banking push

The bank implemented the monthly cap to ease pressure on national foreign-exchange reserves and accelerate the adoption of digital payments, according to bank statements cited by local media. BML reported that average monthly dollar sales jumped roughly 33% over the previous year, rising from $81.6 million in August of the prior year to $108.6 million in 2026.

To offset the lower physical cash ceiling, BML directed customers toward digital alternatives:

• Mobile and online banking for domestic transfers and recurring bills

• Contactless point-of-sale card payments at domestic merchants and resort outlets

• Direct electronic account-to-account transfers

Budget implications for expats and remote workers

For foreign residents and remote workers maintaining local accounts while living in the Maldives, the rule restricts how much physical hard currency can be liquidated for monthly expenses. Long-term rentals, island guesthouse stays, diving excursions and inter-atoll boat transfers often demand cash settlements in US dollars or charge higher conversion markups for local rufiyaa payments.

Anyone managing a monthly budget exceeding $3,500 in cash will need to shift major expenses to card payments or direct bank wire transfers to avoid running into the ATM ceiling mid-month. Digital nomads relying strictly on ATM cash for local living costs must plan multiple smaller withdrawals across several days to stay within the $1,600 daily card limit while budgeting around the $3,500 monthly boundary.

Terms that remain unconfirmed

BML hasn't released a detailed circular outlining the mechanical specifics of the cap. Several operational rules remain unverified in the bank's public service documentation:

• Whether the $3,500 total resets on the first day of each calendar month or runs on a rolling 30-day window

• How the ceiling applies to customers holding multiple accounts or supplementary cards

• Whether in-person branch counter withdrawals face identical caps or separate limits

• How the monthly quota treats foreign-issued cards used by visiting tourists and short-term travelers

• Whether exemptions exist for documented business, medical or educational foreign-exchange needs

Nomads and expatriates holding BML accounts should monitor their online banking dashboards to track cumulative monthly withdrawals against the new threshold.