BML Clarifies Claims of 40% Fee on Foreign Transactions as False

Bank of Maldives (BML) has rejected as false claims that it will impose an additional 10 percent charge on top of the existing 30 percent fee for foreign transactions made using MVR cards, resulting in a total charge of 40 percent. The bank said it is actively working on a solution to address current transaction constraints and expects to implement improvements by the end of this month.

The clarification comes amid growing concern among customers following recent changes to the bank’s foreign transaction policies and reports of declined international payments.

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BML Rejects Claims of Combined Charges

According to BML, claims circulating on social media that customers face a combined 40 percent charge on foreign transactions are incorrect.

The bank said the cross-border transaction fee of up to 10 percent and the 30 percent fee applied to selected merchants are separate charges and are not cumulative.

Under BML’s current Schedule of Charges, debit and credit card transactions conducted in currencies other than US dollars, or funded through MVR accounts, may incur a cross-border transaction fee of up to 10 percent. The exact rate varies depending on the card product.

The bank noted that this fee has existed since the introduction of its card services and reflects standard international banking practices associated with foreign payment processing and currency settlement.

Meanwhile, the 30 percent fee applies only to transactions made with six designated foreign e-commerce platforms. BML introduced the measure on 1 July 2025 to address the misuse of personal cards for commercial purchases.

The bank stressed that the 30 percent charge does not apply to credit card transactions and that no changes have been made to the policy.

Daily Budget Limits Behind Transaction Failures

BML acknowledged that some customers have experienced failed transactions when making online payments using MVR cards.

According to the bank, these failures occur when the daily foreign transaction budget allocated for certain online purchases has been exhausted.

The bank introduced the daily budget mechanism to manage increasing demand for foreign currency required to settle international card payments.

BML said it is actively working on a solution to address these constraints and expects to implement improvements by the end of this month.

The bank added that transactions made using US dollar cards are not affected by the daily budget limits.

Foreign Currency Support Remains High

BML said it continues to provide substantial foreign currency support despite ongoing pressures linked to the country’s structural US dollar shortage.

During the first five months of 2026, the bank sold a total of USD 345 million in foreign currency. Of that amount, USD 147 million was allocated to businesses while USD 198 million supported card transactions.

The bank also reported that it sold an average of USD 69 million per month during the period, representing a 47 percent increase compared with the monthly average recorded last year.

BML noted that it currently offers customers access to up to USD 3,000 per month for travel and medical expenses, USD 1,000 for point-of-sale transactions, USD 250 for e-commerce purchases and USD 150 for ATM withdrawals.

The bank said these limits represent a significant increase compared with previous arrangements and remain among the highest available through MVR cards in the Maldives.

Pressure Amid Ongoing Foreign Exchange Challenges

The clarification comes as BML faces increased scrutiny over restrictions introduced to manage rising foreign currency demand.

Customers have recently raised concerns over declined subscription payments and changes to transaction fees, prompting the bank to issue several public statements explaining its policies.

BML maintains that the measures are necessary to manage foreign currency liquidity while continuing to support customer access to international payments and transfers.