Amazon, AliExpress spending exceeds $2 million

The Bank of Maldives (BML) said on Sunday that transactions on international e-commerce platforms have increased, with customers recording more than $2 million in spending on Amazon and AliExpress so far this year.

According to figures released by the bank, between 1 January and 21 February, a total of 58,000 transactions were carried out on the two platforms. The value of these transactions amounted to $2.33 million, equivalent to MVR 46.6 million.

BML statistics show an increase in overseas card usage compared to the same period last year. In January 2025, overseas transactions using BML cards totalled $35.8 million. In January this year, the figure rose to $59 million, representing a year-on-year increase of 64 per cent.

The bank said total overseas card transactions amounted to $311 million in 2023, $389 million in 2024 and $524 million in 2025. Transactions recorded in January 2026 alone totalled $59 million.

According to BML, 66 per cent of overseas card spending by Maldivian customers this year was carried out on e-commerce websites.

The bank said it has observed increased use of debit and credit cards on e-commerce platforms to purchase goods for business purposes following revisions to card limits. BML said it has received complaints relating to declined transactions due to high transaction values.

The bank noted that private individuals are increasingly using personal debit and credit cards for business-related purchases and that some customers are attempting transactions that exceed the income levels declared for their cards.

BML advised customers not to use personal cards for business activities and urged businesses to use its business banking services for importing goods and conducting commercial transactions.

“For business needs, the bank urges customers to use its business banking solutions. These services are designed to handle higher transaction volumes and provide the required documentation for importing commercial goods,” BML said.

The bank said it has increased overseas transaction limits on credit cards from this month. It added that since 11 November, customers have been allowed up to $3,000 per month for overseas debit card transactions related to medical and travel purposes.

BML also said it has introduced a monthly limit of $1,000 for overseas point-of-sale transactions made using debit cards.