Bank of Maldives Raises Foreign Spending Limit on Debit Cards to USD 500

In a significant move to facilitate overseas spending for local consumers, Bank of Maldives (BML) has announced an increase in the monthly foreign transaction limit on MVR debit cards to USD 500, effective from 1 July 2025. The adjustment is part of the Bank’s broader effort to enhance convenience for customers making international payments for goods and services.

Alongside the raised limit, BML has introduced new measures to curb the misuse of debit cards, particularly for unauthorized commercial activities. The Bank highlighted concerns over individuals using personal debit cards for business-related purchases and transferring cards to third parties for overseas cash withdrawals. To address these issues, the monthly overseas ATM cash withdrawal limit has been capped at USD 125, with a fixed withdrawal fee of USD 10 per transaction.

The Bank has observed growing volumes of foreign currency usage on MVR-linked debit cards for transactions on select e-commerce platforms, including Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. These platforms, according to BML, have been frequently used for business procurement, often bypassing official channels. As a result, starting 1 July, a transaction fee of up to 30% will be applied to purchases made on these specific websites.

However, the new fee structure will not impact other categories of foreign online spending. Transactions such as international hotel bookings, airline ticket purchases, and digital subscriptions will remain exempt from the surcharge. Additionally, customers who use debit cards linked to USD accounts or BML-issued credit cards will not be affected by the new fees.

BML stated that the changes are designed to safeguard the integrity of personal banking services and ensure fair access to foreign currency for essential spending. The monthly limits will now reset on the 1st day of each month, offering greater predictability for customers managing their international expenses.