News Desk
Bank of Maldives (BML) has reversed a controversial 10% fee on overseas ATM withdrawals following widespread public outrage, prompting heavy criticism from opposition politician Fayyaz Ismail over the administration’s policy management.
The bank originally introduced the 10% charge on foreign transactions without prior warning or consultation, directly hitting Maldivian students living abroad who rely on their monthly USD 1,200 foreign transaction limits. Following intense backlash from affected students and families, BML walked back the decision, announcing that ATM withdrawals made overseas using debit cards will carry no cross-border fees.
Critiquing the move, Fayyaz Ismail pointed out that an unexpected 10% cut on stipends made an already challenging living situation unviable for students overseas. He demanded that the bank immediately refund all students who were charged during the brief rollout.
“Though BML has now reversed this decision after immense blowback, the lack of foresight and care this administration has for our students is obvious,” Fayyaz stated. “Those that have already been charged the fee must be paid back immediately.”
Fayyaz accused the current administration of poor planning and constant policy flip-flops, stating that citizens deserve financial certainty rather than sudden changes to their monthly living expenses.
The bank has since confirmed that the full USD 1,200 monthly allowance for students studying abroad can once again be accessed without additional cross-border withdrawal costs.
