BML pays $45M monthly to foreign businesses for card transactions
China-based Temu alone is estimated to account for USD 7 million of monthly transaction volume.
The Bank of Maldives (BML) has announced that it sends approximately USD 45 million per month to settle foreign transactions made using its cards, with 75 percent of this amount directed toward e-commerce or online businesses.
In a series of changes announced on Monday, BML stated that the foreign transaction limit on Maldivian Rufiyaa (MVR) debit cards has been increased to USD 500 per month from Tuesday.
Additionally, the bank introduced new fees for transactions with seven major e-commerce platforms, from which BML may charge up to 30 percent of the transaction value.
The affected platforms include Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. BML stated that these seven websites account for approximately one-third of all online transactions made by its cardholders. Among them, China-based Temu alone is estimated to account for USD 7 million of monthly transaction volume.
BML stated that the measures aim to ensure more equitable access to foreign transaction limits for the general public.
The changes will not apply to platforms primarily used for money transfers, hotel bookings, or subscription services. Debit cards linked to dollar-denominated accounts and credit cards will also remain exempt from the new charges.
Other changes announced include:
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The limit for ATM cash withdrawals abroad using MVR debit cards has been reduced to USD 125 per month.
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A USD 10 fee will be charged for each ATM withdrawal abroad.
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The transaction limit for purchasing goods and services abroad using MVR cards has been increased to USD 500 per month, without changes to the existing fee structure.
BML said the new policies are part of efforts to manage foreign currency outflows while supporting wider public access to essential overseas transactions.
