BML Allocates Over USD 45M Monthly for International Transactions

Bank of Maldives (BML) has announced a significant update to its foreign transaction policy, allocating over USD 45 million monthly to support international payments made through BML cards. This move comes amid a sharp rise in online purchases, particularly by customers engaged in e-commerce and small business trade.

Online Shopping Drives Foreign Currency Usage

According to BML, 75 percent of foreign card transactions are linked to online purchases—a clear reflection of changing consumer habits. That amounts to nearly MVR 17.3 million spent daily on digital marketplaces.

Interestingly, one-third of this spending goes to just six major platforms: Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. Among them, Temu leads the pack, accounting for approximately USD 7 million per month, primarily driven by business-related purchases.

New Limits and Fees Starting Tomorrow

As part of its revised policy, BML has increased the monthly spending limit on foreign goods and services using local MVR debit cards from USD 250 to USD 500. However, to manage the heavy volume of purchases on select high-traffic platforms, a 30 percent transaction fee will now apply to payments made on the six platforms mentioned above.

BML clarified that no fees will be charged for essential transactions such as airfare, hotel bookings, or online subscriptions. Moreover, USD-linked debit and credit cards remain exempt from the new fee structure.

Curbing Misuse of Foreign ATM Withdrawals

In response to rising concerns over non-travel-related cash withdrawals abroad, BML has introduced a new restriction: USD 125 per month limit on overseas ATM withdrawals. Each transaction will also incur a USD 10 fee, aimed at discouraging non-essential cash usage in foreign countries.

Ensuring Fair and Balanced Access

“This policy change was introduced to better organize and meet the community’s needs on a fair basis,” BML said in a public statement. The bank emphasized that the USD 500 limit increase was implemented without raising the general transaction fee, reinforcing its commitment to balancing accessibility with responsible financial management.

Going forward, monthly usage limits will be calculated based on the calendar month—from the 1st to the last day.