BML imposes 30% fee on debit card payments to e-commerce platforms
The platforms subject to the 30 per cent fee include Temu, Shein, Alibaba, AliExpress, Lazada, and eBay.
The Bank of Maldives (BML) has introduced a new 30 per cent fee on debit card transactions made on select international e-commerce websites, while also increasing the monthly foreign transaction limit from USD 250 to USD 500.
The bank announced the changes Monday, stating that the decision to impose a fee applies only to payments made on certain websites frequently used to convert Maldivian Rufiyaa (MVR) to United States dollars (USD) through purchases.
According to BML, the platforms subject to the 30 per cent fee include Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. The bank stated that these platforms have been identified as commonly used for indirect foreign currency withdrawals.
The fee will not apply to transactions related to general use such as airline ticketing, hotel bookings, and subscription services. In addition, debit and credit cards linked to dollar-denominated accounts will not be subject to this charge.
Alongside the changes, the bank has also revised its ATM withdrawal policy. Customers using ATMs abroad will now be limited to USD 125 per month, with a charge of USD 10 per withdrawal.
The payment limit for purchases of goods and services abroad using debit cards has been increased to USD 500, with no change to the existing fee structure for these transactions.
The bank stated that its aim is to manage the allocation of foreign currency more effectively and prioritise the public's essential needs. Monitoring of monthly limits on debit and credit card usage will commence from tomorrow.
