Bank of Maldives (BML) has introduced a 30 percent fee on all MVR card transactions made to major international shopping platforms, including Temu, SHEIN, Alibaba, AliExpress, Lazada, and eBay — all of which are widely used by Maldivians.
The change follows a decision by the bank to double the monthly foreign transaction limit on MVR-linked cards from US$250 to US$500. However, the increased limit now comes with the new 30 percent fee for payments to a list of specific merchants.
BML said the measure was necessary due to high volumes of dollar outflows to a handful of shopping sites. Sources familiar with the matter estimate the bank is spending approximately US$20 million each month to process transactions made on the affected platforms.
No fee will be charged for transactions to websites not on the list. According to BML, the list will exclude platforms used for general purposes such as flight bookings, hotel reservations, and subscription services.
The move is expected to impact a large number of Maldivian online shoppers, particularly frequent users of platforms like SHEIN and Temu, which have become especially popular due to their competitive pricing and ease of delivery.