Bank of Maldives Introduces Targeted Measures to Ensure Fair and Equitable Access to Foreign Currency for All Customers

Bank of Maldives has announced a series of carefully considered measures to strengthen and improve the fairness of foreign currency distribution, ensuring that the limited supply of foreign exchange is allocated equitably across the widest possible segment of the public rather than concentrated in the hands of a few.

Enhanced Overseas Card Controls Through Immigration Partnership

Through a new digital partnership with Maldives Immigration, Bank of Maldives will now be able to apply foreign spend limits specifically for card-present Point of Sale (POS) transactions conducted overseas. This targeted approach ensures that customers travelling abroad can continue to use their cards seamlessly for genuine personal transactions, while introducing stronger safeguards against unauthorised or abusive practices that fall outside the standards set by international card payment networks.

Support for Students Studying Abroad

For students studying overseas who do not yet hold their own card and are currently using a guardian's card, Bank of Maldives will issue a dedicated student card with an appropriate student foreign spend limit. During the transition period, and until the student card is issued, the guardian's card may continue to be used for a period of up to three months.

Addressing Misuse of Personal Card Spend Limits

The bank has identified that a small number of individuals are using personal card foreign spend limits to conduct business transactions on certain online shopping platforms, resulting in the bank selling disproportionately large volumes of foreign currency to a limited number of parties. To address this and ensure that available foreign currency is distributed for the benefit of a broader population, a daily budget will be set for the amount sold for such online transactions. Importantly, no changes will be made to spending on sites used for other legitimate personal purposes.

Monthly E-Commerce Transaction Limits

Data shows that fewer than 3% of customers are conducting more than 30 e-commerce transactions per month, and these are largely the same parties identified as using personal cards for business purposes on online shopping platforms. To ensure fair and equitable use of the e-commerce budget, the number of monthly transactions per customer will be capped at 30.

No Restrictions for Dollar Account Cardholders

Customers holding cards linked to US dollar accounts will continue to enjoy unrestricted overseas spending, based on the available balance in their dollar account, with no foreign spend limitations applied.

Annual Fee Relief for Multiple Credit Card Holders

Since the monthly foreign spend limit is applied on a per-customer basis rather than per card, the bank has confirmed that the annual fee will only be charged for one credit card for customers holding multiple credit cards. No additional annual fees will be levied on customers with more than one BML credit card.

Foreign Currency Sales Hours and TT Processing

The sale of USD and other foreign currency support for Telegraphic Transfers (TTs) will be processed exclusively during the bank's standard operating hours. However, TT transfers sent in US dollars can be processed around the clock, including on public holidays, ensuring that time-sensitive international transfers are never delayed.

Action Against Transaction Splitting

The bank will actively identify and take action against parties attempting to circumvent foreign currency limits by splitting TT transactions into smaller amounts. Sales to such parties will be restricted in line with the established limits, ensuring the integrity of the foreign currency distribution framework is preserved.