Bank of Maldives has issued one of its starkest warnings to date, revealing that systemic misuse of international debit card limits is spiralling into a threat capable of destabilising both household accounts and the wider financial ecosystem. The Bank’s announcement came shortly after raising international spending limits for Rufiyaa debit cards on 11 November 2025, a move originally designed to ease the pressure on Maldivians travelling abroad for essential needs.
Under the revised structure, customers can now spend up to USD 1,000 monthly on overseas POS transactions and up to USD 3,000 on air tickets, hotel bookings, and medical payments. Yet BML confirms that instead of being used for genuine personal needs, these increased allocations are being exploited in ways that expose both consumers and the national banking system to severe risk.
A shadow market emerges as households carry over 100 cards abroad
In a revelation that has shocked industry observers, the Bank has documented cases where individuals from a single household carried more than 100 debit cards abroad and pushed thousands of dollars through a specific foreign POS terminal. These transactions, conducted solely to extract foreign currency, bypass the intended purpose of the revised limits and resemble methods commonly associated with money laundering and organised financial abuse.
BML also disclosed that air ticket and hotel booking quotas, meant exclusively for the cardholder’s own travel, are being used extensively on behalf of people who are not travelling at all. The pattern, the Bank warns, suggests the rise of a dangerous parallel currency pipeline operating under personal bank accounts.
A direct breach of contract, and a growing national financial risk
BML stresses that providing personal debit cards to third parties is not only a violation of cardholder agreements but an act that places account holders at significant risk of investigation, account freezes, and permanent limit revocations. International transaction limits were introduced strictly for personal use, and misuse instantly triggers red flags under global financial compliance rules.
The Bank has confirmed that all identified misuse cases will be reviewed and forwarded to relevant authorities. Customers involved may face severe consequences, including loss of international card privileges and the blocking of merchants associated with suspicious transaction patterns.
Warning of an impending system collapse if abuse continues
According to BML, the current level of manipulation is unsustainable. The Bank increased allocations to assist Maldivians travelling for critical needs such as medical treatment, education, and work commitments. However, the continuation of fraudulent practices risks forcing the Bank to tighten or eliminate these benefits altogether, a scenario that would punish genuine travellers and place additional pressure on already limited foreign currency channels.
The warning is simple but chilling: if misuse does not stop, the system designed to help the public will collapse under the weight of organised exploitation.
An urgent plea to protect accounts and the country’s financial integrity
To prevent account compromise, ensure regulatory compliance, and safeguard national financial stability, BML has urged customers to protect their cards at all costs and never hand them over for someone else’s financial gain. The Bank emphasises that even seemingly harmless sharing of cards can place users in the middle of investigations that carry long term consequences.
As authorities prepare to intensify scrutiny, BML’s message to the public is clear. Misuse is no longer a personal risk, it is a national threat. And the window to correct course is rapidly closing.
