BML sets daily limits for international e-commerce transactions on MVR cards

Bank of Maldives (BML) has announced the implementation of daily transaction limits for foreign online purchases made using Maldivian Rufiyaa cards.

In a press release, the bank announced that these new limits, which are designed to be sustainable and subject to periodic review, will come into effect starting September 13, 2026.

Regarding the reasons for this change, Bank of Maldives (BML) stated that the demand for foreign currency for debit and credit card transactions—used for overseas purchases and various services—is increasing daily. The bank specifically noted that the demand for US dollars for e-commerce and online businesses currently exceeds the amount of foreign currency available to the bank through its various channels.

Bank of Maldives (BML) has stated that the high demand for foreign currency has posed significant challenges to its liquidity, leading to difficulties in processing foreign currency transfers for essential needs and telegraphic transfers (TTs). The bank noted that these constraints have resulted in service delays and an increase in customer complaints. Consequently, BML emphasized that managing the bank's reserves responsibly is an absolute necessity under the current circumstances.

Under the new policy, the Bank has established a monthly cap of $16 million for international e-commerce transactions conducted using Maldivian Rufiyaa cards. Within this overall limit, specific daily transaction ceilings have now been set for various business sectors, determined by customer requirements and the essential nature of the services provided.

According to the bank, once the daily transaction limit for a specific sector or merchant is reached, customers will be able to resume transactions the following day. The bank further noted that customers using US Dollar cards will be able to complete their purchases without any restrictions.

Daily transaction limits will reset every morning at 7:00 AM. Bank of Maldives (BML) stated that this measure was implemented to ensure the uninterrupted supply of essential goods and services to the country, while maintaining the bank's financial stability.

With this change, Bank of Maldives (BML) will publish a list of the 150 most frequently used international e-commerce platforms by its cardholders. While this list includes major global retail and technology giants such as Temu, Alibaba, Apple, and Amazon, a collective monthly limit of $3 million—or $100,000 per day—has been set for transactions on these platforms. However, services related to education, healthcare, hotel bookings, and other essential needs are excluded from this list.

Regarding social media platforms, a monthly allocation of $1.5 million—equivalent to $50,000 per day—has been set for services such as Meta (Facebook and Instagram) and TikTok.

Additionally, a monthly limit of $6 million, or $200,000 per day, has been set for travel-related transactions, such as online airline ticket purchases and hotel bookings. The bank stated that due to an increase in customers making travel arrangements for others and a subsequent rise in foreign currency outflow, individuals will now be limited to a maximum of three transactions within this category every three months.

A monthly allocation of $3 million, or $100,000 per day, has been designated for essential subscriptions and key sectors vital to customers' daily lives. Meanwhile, a total of $1.8 million per month, or $60,000 daily, has been allocated for all other e-commerce businesses not previously specified.

The Bank has not established specific merchant-level or category limits for transactions related to healthcare and education. These transactions will be facilitated within the Bank of Maldives' overall monthly allocation of $16 million. According to the Bank, a dedicated buffer or additional allowance will be maintained separately from other categories to ensure that these essential services remain uninterrupted.

Bank of Maldives (BML) further stated that it will continue to make necessary adjustments to the allocated limits across various sectors, based on transaction volumes, customer spending patterns, and the bank's foreign currency liquidity. The bank noted that these measures are essential steps taken to ensure that customers can continue to access foreign currency for their vital personal needs.