BML Increases Debit Card Dollar Limit to USD 500 for Foreign Transactions

Bank of Maldives (BML) has announced a significant increase in the monthly foreign transaction limit for debit cards, doubling the cap from USD 250 to USD 500 starting tomorrow. The decision fulfills a key presidential pledge by President Dr. Mohamed Muizzu, aimed at easing restrictions on international spending for everyday consumers.

A Boost for Global Spending

The revised limit will apply to all BML debit card brands, offering cardholders greater flexibility when making payments abroad or purchasing from international websites. This marks a substantial policy shift in response to growing demand for more accessible cross-border financial services.

In a statement released today, BML reaffirmed its commitment to facilitating essential foreign transactions, while also highlighting the importance of maintaining economic stability through responsible monitoring.

New Safeguards Against Misuse

To keep expenditures in check and ensure fair use of the increased limit, BML outlined several control measures. One of the key concerns has been the misuse of personal debit cards for business purposes, along with international usage by customers not currently traveling.

As a result, the bank has introduced the following safeguards:

  • USD 125 cap on ATM withdrawals overseas, regardless of the increased transaction limit.

  • USD 10 fee for each cash withdrawal at foreign ATMs.

  • Increased scrutiny on private accounts used for commercial transactions.

  • Monitoring of unusual debit card activity, particularly when cards are used abroad without recent travel.

Online Shopping: New Fees on Select Retailers

BML also addressed the surge in online shopping as a major driver of foreign currency outflow. To discourage unnecessary high-volume purchases from select e-commerce platforms, a 30% fee will now be applied when buying from popular sites such as:

  • Temu

  • Shein

  • Alibaba

  • AliExpress

  • Lazada

  • eBay

These fees are part of BML’s broader effort to manage the country’s limited foreign currency reserves and reduce economic strain caused by non-essential purchases.

Exemptions for Travel and Essentials

While new fees will apply to select online stores, BML clarified that certain essential transactions will remain free of extra charges. These include:

  • Subscription payments (e.g., streaming services)

  • Hotel bookings

  • Flight ticket purchases

Furthermore, cards linked to dollar accounts—whether debit or credit—are not subject to any new fees or limits, providing an alternative option for frequent travelers or businesses requiring consistent international access.

No Change to Existing Fees

Despite the increased limit, BML confirmed that there will be no change to the existing fee structure for dollar-based transactions. The bank emphasized that its goal is to offer “better solutions” for foreign spending while balancing the need for economic stability.

Another key update involves how BML tracks monthly card usage. Starting this month, all card transactions will be monitored from the 1st to the last day of each month, aligning transaction cycles for clearer account management and transparency.

The move to increase the foreign transaction limit reflects the government’s ongoing effort to ease financial constraints and modernize the banking experience in the Maldives. As cross-border spending continues to rise—driven by e-commerce, travel, and global services—such policy changes aim to empower consumers while safeguarding national reserves.

For cardholders, this change means more room for legitimate purchases abroad, but with renewed focus on using these privileges responsibly.