BML Defends New Transaction Fee on Selected E-Commerce Sites
BML building | Photo: MV+
Bank of Maldives (BML) has defended its decision to introduce a 30 percent transaction fee on purchases made with debit cards from six e-commerce platforms, effective from today. The measure applies to transactions conducted using MVR debit cards on AliBaba, AliExpress, eBay, Lazada, Shein, and Temu.
The announcement follows BML’s decision yesterday to increase the monthly US Dollar allocation for MVR debit cards from USD 250 to USD 500 per card. However, the increase comes with conditions, including the introduction of the new transaction fee, which the Bank says is intended to “prioritise essential payments on debit cards.”
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The decision has sparked public criticism, with many expressing concern over the added cost. Responding to the backlash, BML stated that it currently spends over USD 45 million each month to support customers’ foreign purchases, with approximately 75 percent of this amount directed towards online e-commerce transactions.
We spend over $45 million per month to support customers on their foreign purchases and 75% is used for online e-commerce transactions. The six merchants announced today make up a third of these transactions, and Temu alone makes up over $7 million a month, mostly used for…— Bank of Maldives (@bankofmaldives) June 30, 2025
According to BML, the six named merchants account for one-third of these transactions, with Temu alone representing over USD 7 million monthly—largely for business-related uses. In a post on X, the Bank emphasised that the changes are designed to serve the broader community more effectively.
BML also clarified that personal customers using credit or debit cards linked to dollar accounts will not face transaction fees for foreign purchases on any website.
The Bank continues to facilitate transactions across more than 155,000 e-commerce platforms free of charge. However, it noted that selected merchants may be subject to charges as part of efforts to prevent the misuse of debit card limits. This step targets instances where individuals collect multiple cards to combine limits for business use under personal accounts.
