BML to charge up to 30 percent fee on purchases from some foreign sites

Bank of Maldives (BML) has announced it will charge a fee of up to 30 percent on debit card transactions made on select international shopping platforms that account for the highest outflow of US dollars from the country.

In a statement, BML said the fee would apply to purchases made through certain e-commerce sites, including popular platforms such as Temu, Shein, Alibaba, AliExpress, Lazada and eBay.

The bank said that the new charge will not apply to payments for airline tickets, hotel bookings or online subscriptions. Debit and credit cards linked to dollar accounts are also exempt.

The decision is part of the bank’s efforts to better manage foreign currency outflows and prioritize essential needs for the general public, BML said.

BML has also increased the monthly foreign transaction limit on debit cards to USD 500, excluding any fees. Previously, debit card limits were set at USD 250 following the Covid-19 pandemic, while credit card limits remain at USD 750.

Earlier in February, students studying abroad were allowed a withdrawal limit of up to USD 1,200 per month using BML debit and credit cards.

The bank added that monthly limits on cards will now be calculated from the first day to the last day of each month.