The Bank of Maldives (BML) has announced an increase in the monthly foreign transaction limit for its debit cards, doubling it from USD 250 to USD 500. While the move has been welcomed by the government as a step toward easing forex restrictions, several additional limitations and fees have drawn public concern.

Despite the raised limit, BML has reduced the permitted cash withdrawals from overseas ATMs to just USD 125 per month for debit cardholders. In addition, the bank has introduced a flat fee of USD 10 per withdrawal, significantly increasing the cost of accessing physical cash abroad.

Furthermore, BML has imposed a 30% transaction fee on purchases made through several popular e-commerce platforms. This includes widely used websites such as Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. The fee applies to all customers using BML debit cards for transactions on these platforms.

The bank has not issued a detailed public statement explaining the rationale behind the additional restrictions and fees. However, the changes come amid continued pressure on the country’s dollar reserves and efforts to manage forex outflows.

While the increased limit for foreign transactions may benefit some users, the additional costs and limitations are likely to affect consumers who rely heavily on international shopping and travel.