Bank of Maldives has set a monthly limit of $3,500 for dollar cash withdrawals from its ATMs starting today.

This is the first time BML has placed a cap on the amount of dollars a customer can withdraw from its ATMs in a month.

The daily limit remains unchanged. Customers can still withdraw up to $1,600 per day on an ATM card.

If you withdraw $3,500 from BML ATMs in a month, you will not be able to withdraw more dollars from BML ATMs until the next month, even if you have not reached the daily limit each day.

BML said the move is part of efforts to build a modern, digital-first bank.

The bank said the decision was taken under a long-term policy to reduce reliance on cash and promote fast, secure and convenient digital finance.

The bank said it has put big investments into digital channels so everyday banking does not depend on cash.

It offered mobile and internet banking for instant transfers and account services from anywhere, and card and contactless payments for shopping in the Maldives and overseas, including real-time transfers to accounts.