The Bank of Maldives (BML) said on Monday it would raise the monthly foreign transaction limit on Maldivian Rufiyaa (MVR) debit cards to USD 500 beginning 1 July, while introducing a series of new fees aimed at curbing misuse and preserving equitable access to foreign currency.
The revised policy, which resets monthly on the first calendar day, reflects what the bank described as its commitment to facilitating legitimate spending by individuals on goods and services abroad. The changes, the bank said in a statement, also respond to growing concerns over the use of personal cards for commercial activity and the increasing frequency of overseas withdrawals by unauthorised third parties.
Under the updated policy, one area of focus, BML said, is international ATM use, with cardholders limited to USD 125 per month in overseas cash withdrawals, each incurring a flat fee of USD 10. The restriction follows what the bank called a troubling trend: cards belonging to non-travelling individuals being sent abroad solely to access cash.
The bank is also seeking to address patterns of commercial activity on specific e-commerce platforms. Beginning 1 July, purchases made through Temu, Shein, Alibaba, AliExpress, Lazada and eBay using MVR debit cards will carry a transaction fee of up to 30 percent. These websites, BML noted, are frequently used for business-related transactions.
According to BML, not all digital purchases will be subject to the surcharge; international hotel bookings, airline reservations, and subscription services will remain unaffected. Customers transacting with debit cards linked to US dollar accounts or using credit cards will likewise be exempt.
“The changes announced today will support essential payments for goods and services on MVR debit cards for customers,” the bank said in a statement, reaffirming its commitment to accessibility while encouraging responsible usage.