Bank of Maldives (BML) has announced a significant policy change, raising the monthly foreign transaction limit for MVR debit cards to USD 500, effective from July 1, 2025.

The move is part of the Bank’s broader initiative to better facilitate overseas spending for personal customers while curbing potential misuse of debit cards.

In line with the increased foreign spending allowance, the Bank has also implemented new restrictions aimed at preventing the use of personal debit cards for commercial purposes and unauthorised third-party transactions abroad.

Under the revised policy, ATM cash withdrawals using MVR debit cards while overseas will be limited to USD 125 per month.

A flat fee of USD 10 will be charged per overseas ATM withdrawal.

BML stated that the decision follows continued observation of high volumes of USD transactions on MVR debit cards, particularly on select e-commerce platforms such as Temu, Shein, Alibaba, AliExpress, Lazada, and eBay transactions believed to be linked to business activities.

To address this, the Bank will introduce a transaction fee of up to 30% on purchases made from these specific websites, effective July 1.

This surcharge, however, will not apply to online foreign transactions for personal use such as hotel bookings, international flight tickets, or subscription payments.

Customers using debit cards linked to USD accounts or credit cards will also be exempt from the fee.

The Bank affirmed that these measures are designed to protect the integrity of personal banking while ensuring that essential foreign transactions for goods and services remain accessible to customers.

Looking ahead, BML confirmed that monthly foreign transaction limits will continue to reset on the 1st of each month.