How BML is enhancing international payment flexibility for its customers

BML has made a long-awaited announcement, updating its customers on a significant revision to its foreign transaction policies — offering greater convenience and flexibility for international spending.

BML

BML

One of the things that Maldivians have been waiting for since the Bank of Maldives (BML) changed its foreign transection limit of its debit card during the COVID-19 pandemic was access to a higher limit. For the past few years, anyone who used BML debit cards only had access to USD250 when it comes to foreign transections - meaning online expenses and other foreign transections were largely limited. 

In a move that reflects its continued commitment to meeting customer needs while promoting responsible financial practices, BML has made a long-awaited announcement, updating its customers on a significant revision to its foreign transaction policies — offering greater convenience and flexibility for international spending.

With this change, the bank has stated that starting 1 July 2025, BML customers can enjoy a higher monthly foreign transaction limit of USD500 on their MVR-denominated debit cards. This marks a 100 percent increase from the previous USD 250 limit, thr cap which was introduced during the COVID-19 pandemic as the Maldives' economy started having US dollar flow issues. With the new limit, however, after years of having difficulty in accessing more than USD250, citizens can now have better support for essential international purchases such as online subscriptions, personal shopping, and travel bookings — providing much-needed breathing room for customers who rely on overseas transactions for everyday needs.

This long-anticipated increase will make it easier for customers to pay for goods and services abroad without the need for multiple debit cards or complicated workarounds. With the new USD500 limit, the vast majority of the customers who were struggling when it comes to day to day foreign transections as well as booking flight tickets, even to nearby destinations can finally have the leeway to make this payments hassle-free.

Alongside this enhancement, BML has also maade an additional announcement today, stating that it is rolling out a series of measures to ensure fair and secure usage of foreign currency allocations. These updates aim to safeguard resources and address growing concerns surrounding the misuse of personal debit cards for business-related or unauthorized third-party activities.

To strengthen oversight, the Bank has implemented the following controls:

  • Overseas ATM withdrawal limits are now set at USD 125 per month, with a USD 10 transaction fee, aligning with best practices to prevent currency hoarding and third-party misuse.
  • A new transaction fee of up to 30 percent will apply for purchases made on a select list of e-commerce platforms — Temu, Shein, Alibaba, AliExpress, Lazada, and eBay — where personal debit cards are frequently used for business transactions, such as dropshipping and reselling.

In its statement, the bank has made a point to note that this fee does not apply to essential purchases such as hotel bookings, airline tickets, or online subscriptions. While many were initially worried about having further fees added to their bookings, with this safe-guard from the bank in regards to hotel bookings, airline tickets as well as online subscriptions, the bank has gave assurance that customers can continue making necessary payments without added costs. Moreover, customers using debit cards linked to USD accounts or credit cards will not be affected by these changes.

These updates serve a dual purpose: enabling genuine customers to access higher spending capacity, while also protecting the integrity of the foreign currency allocation system in the Maldives. By limiting misuse, BML is ensuring that foreign exchange remains available for essential personal use — a crucial factor in a country with limited USD inflows and high demand for international transactions. 

Last but not least, the bank also reassures customers that monthly foreign transaction limits will reset on the 1st of each month, allowing for consistent and predictable budgeting. 

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