BML Introduces Up to 30% Fee on Purchases from Select Foreign Shopping Platforms

BML Introduces Up to 30% Fee on Purchases from Select Foreign Shopping Platforms

The Bank of Maldives (BML) has announced a new fee of up to 30 percent on debit card purchases made on select international e-commerce platforms, as part of its ongoing effort to manage foreign currency outflows and ensure priority access to essential goods and services for the Maldivian public.

The move, effective immediately, targets some of the most frequently used foreign shopping websites, which BML says are among the largest sources of U.S. dollar outflow from the country.

Targeted Platforms Include Popular Online Retailers

According to BML’s official statement, the additional charge will apply to transactions made on specific platforms such as Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. These sites have seen a surge in popularity among local consumers due to their affordability and wide range of products, particularly in fashion, electronics, and home goods.

The bank emphasized that the 30% fee does not apply to:

  • Airline tickets

  • Hotel bookings

  • Online subscriptions

  • Any payments made via credit or debit cards linked to U.S. dollar accounts

Managing Dollar Outflows for Economic Stability

BML clarified that the measure is not intended to punish consumers, but rather to safeguard the country’s foreign currency reserves, which have faced pressure in recent years. By discouraging non-essential international purchases, the bank aims to prioritize critical needs, including medical, educational, and travel-related expenses.

This policy reflects broader national efforts to balance dollar availability and reduce dependency on foreign goods in an economy that heavily relies on imports and tourism-generated revenue.

Increased Monthly Limits for Foreign Transactions

In a related move that will be welcome news to many customers, BML has doubled the monthly foreign transaction limit on debit cards from USD 250 to USD 500, excluding applicable fees. The limit for credit cards remains at USD 750.

Students studying abroad continue to benefit from a separate allowance, with a monthly withdrawal cap of USD 1,200 using either debit or credit cards.

Additionally, the bank noted that all monthly card limits will now be calculated from the first to the last day of each calendar month, offering greater clarity for users managing their spending.

Balancing Convenience with National Priorities

The new fee structure has sparked mixed reactions among consumers, with some expressing concern over the impact on affordability and access to goods not readily available in local markets. However, BML maintains that the policy is necessary to protect the broader financial system and ensure that essential needs are not compromised by excessive overseas retail spending.

As global inflation and foreign exchange challenges persist, banks and policymakers in the Maldives continue to explore ways to strengthen fiscal resilience and manage dollar demand—especially in light of rising import costs and fluctuating tourism revenue.