BML grants extra USD 1,500 allowance on debit cards for umrah pilgrims

Bank of Maldives (BML) has announced the decision to grant an extra USD 1,500 allowance on debit cards for customers who will embark on umrah pilgrimage during the upcoming month of Ramadan.

 The decision comes a week after President Dr. Mohamed Muizzu said he had instructed the national bank to provide umrah pilgrims with access to additional US dollars.

In an announcement on Monday, the BML said that a special USD 1,500 allowance will be granted to customers who embark on the umrah pilgrimage to Saudi Arabia during Ramadan or during the first six days of Shawwal.

The bank said that the USD 1,500 allowance can only be used in Saudi Arabia, and that customers will receive the allowance on only one of their debit cards.

BML said it has briefed umrah tour groups regarding the changes, and instructed pilgrims to seek guidance from their tour groups.

Meanwhile, pilgrims who are travelling on their own and not through a tour group are required to send a copy of their passport and ticket to the bank via the BML mobile app five working days prior to departure so they can access the USD 1,500 allowance.

The BML has a monthly limit of USD 250 for foreign transaction on its debit cards. But with the additional allowance, umrah pilgrims will be able to make USD 1,750 in transactions.

They will also have access to the USD 500 available for sale from BML at the bank rate for outbound Maldivian travelers.

Holidays, as well as haj and umrah seasons, see a spike in USD exchange rate in the black market. With the limit in access to USD at the bank rate, many travelers are forced to tap into the black market to get the USD they need.

The move to instruct BML to grant umrah pilgrims an additional allowance on their debit cards was announced by President Muizzu on February 10.

He has also announced plans to double the USD 500 available to outbound travelers for purchase at the bank rate to USD 1,000 in the first quarter of next year, and to increase the credit card limit to USD 1,400 in the second quarter of next year.

He also said that a mechanism will be created in September where state-owned enterprises can access USD at the bank rate without needing to go to parallel markets, and that the USD limit allowed by banks to Maldivian business operators to make TTs for imports will be increased in January 2026.

These changes follow the enactment of the Foreign Currency Act, mandating tourist establishments and other select businesses to exchange a portion of USD revenue at local banks.