News Desk
MALE’, Maldives — The Bank of Maldives (BML) announced on Monday that it will raise the monthly limit for overseas debit card transactions to $500 starting July 1, 2025, to support customers’ international spending needs. However, the bank also introduced a 30 percent fee on purchases made through popular e-commerce platforms like Temu, Shein, Alibaba, AliExpress, Lazada, and eBay, citing concerns over misuse of debit cards for business purposes.
In a statement, BML said the changes aim to curb practices such as using personal debit cards for commercial transactions and handing cards to third parties for cash withdrawals abroad. Alongside the increased spending limit for goods and services, the bank set a separate $125 monthly cap for overseas ATM withdrawals, with a $10 fee per withdrawal. The 30 percent e-commerce fee will not apply to transactions like hotel bookings, flight tickets, or subscriptions, nor to debit cards linked to U.S. dollar accounts or credit cards. Monthly transaction limits will now reset on the first of each month.
The surge in online shopping has strained the Maldives’ economy, particularly small businesses, which have seen declining shop sales. The boom has also pressured the Maldives Post, which has had to expand storage and hire additional staff to handle increased parcel volumes. The government is feeling the pinch too, missing out on an estimated 8 percent of goods and services tax (GST) revenue and up to 20 percent of import duties due to the shift toward online purchases.
BML’s measures reflect a balancing act: facilitating overseas spending while addressing the economic ripple effects of e-commerce. For a nation reliant on tourism and imports, these changes could reshape how residents shop and how local businesses compete in a digital age.
