Bank of Maldives (BML) has announced an increase in its monthly foreign transaction limit for MVR debit cards to US $500, effective from 1 July 2025, marking a strategic move to balance customer convenience with national foreign exchange management.
Top Highlights
- Debit card foreign spend limit raised to US $500/month for purchases of goods and services.
- ATM withdrawals abroad capped at US $125/month, with a US $10 fee per transaction.
- Up to 30% fee imposed on e‑commerce purchases from specific platforms, including Temu, Shein, Alibaba, AliExpress, Lazada, and eBay, to deter business misuse.
- Fees and usage caps do not apply to USD-linked debit cards or MVR credit cards.
- Foreign transaction allowances will reset monthly on the 1st.
The revised policy empowers MVR debit cardholders to access up to US $500 monthly, facilitating essential expenses such as hotel bookings, international flights, and subscription services. Chargeable ATM withdrawals abroad will be limited to US $125, with a flat US $10 withdrawal fee applied each time.
BML noted a surge in USD-denominated transactions on MVR debit cards, particularly via high-volume e-commerce sites. To mitigate the use of personal debit cards for business purposes, a commercial-use surcharge of up to 30% will apply to selected platforms. This fee is waived for USD accounts and credit cards, as well as for typical legitimate overseas spending.
Maldives has experienced chronic dollar constraints, prompting central bank interventions to stabilise reserves. New regulations since October 2024 require tourism operators to repatriate a portion of their USD earnings, which has bolstered central bank reserves by over US $25 million . Moreover, an India‑Maldives $400 million currency swap has helped to replenish FX reserves, raising gross reserves to US $856 million by April 2025.
With these calibrated adjustments—boosting MVR debit card spending capacity alongside controls on misuse—BML pursues a careful equilibrium: preserving vital foreign reserves while providing cardholders with enhanced overseas payment flexibility.
