The Bank of Maldives (BML) has come under criticism over what critics describe as misleading statements regarding changes to foreign transaction limits on MVR-linked debit cards, amid accusations that the bank has quietly reduced the usable limit back to USD 250 per month.
The issue arose after BML spokesperson Mohamed Saeed posted on X on Sunday, stating that the foreign transaction limit on MVR-linked debit cards had remained at USD 250 throughout the year.
However, bank statements, press releases and earlier public disclosures contradict this claim.
On 30 June, BML publicly announced that it had increased the monthly foreign transaction limit on MVR-linked debit cards from USD 250 to USD 500. The announcement was published on the bank’s official website and was widely reported by media outlets at the time. The press release still remains accessible.
Social media users have also shared screenshots of successful card transactions exceeding USD 250 during the period following the announcement, further challenging the bank’s current position.
In recent weeks, cardholders say they are no longer able to make foreign transactions exceeding USD 250 per month, effectively restoring the earlier limit without a clear public announcement. Critics accuse the bank of quietly restricting card usage while denying that any reduction has taken place.
The controversy is closely linked to a separate and widely criticised policy introduced around the same time. BML imposed a 30 percent fee on MVR card payments made to selected international shopping platforms, including Temu, SHEIN, Alibaba, AliExpress, Lazada and eBay. These platforms are commonly used by Maldivians to purchase goods online.
The bank said the fee was necessary due to high levels of dollar outflows to a small number of e-commerce sites. Sources familiar with the matter estimate that transactions on these platforms were costing the bank around USD 20 million per month.
Under the policy, the 30 percent fee applies only to payments made to the listed merchants. Transactions to other websites, including those used for airline tickets, hotel bookings and subscription services, are excluded.
Critics say BML is now attempting to reframe the earlier increase as an internal reclassification of e-commerce limits rather than a clear rise in the overall foreign transaction cap. They argue that this distinction was never communicated to the public and contradicts the bank’s own announcement in June this year.
The decision has triggered widespread public backlash, particularly from frequent online shoppers who relied on platforms such as SHEIN and Temu due to lower prices and accessible delivery options.
BML has yet to directly address claims that the monthly foreign transaction limit has effectively been reduced back to USD 250, or explain why cardholders are now unable to spend beyond that amount despite the earlier announcement.