Bank of Maldives introduced a 30 percent fee on MVR card transactions to major international shopping platforms such as Temu, SHEIN and AliExpress, alongside doubling the monthly foreign transaction limit from US$250 to US$500. BML said the measure was needed due to high dollar outflows, with sources estimating around US$20 million a month is spent processing transactions on the affected platforms.
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Bank of Maldives (BML) has introduced a 30 percent fee on all MVR card transactions made to major international shopping platforms, including Temu, SHEIN, Alibaba, AliExpress, Lazada, and eBay — all of which are widely used by Maldivians.
Word for word from the report in Maldives Republic. Open the report
The change follows a decision by the bank to double the monthly foreign transaction limit on MVR-linked cards from US$250 to US$500.
Word for word from the report in Maldives Republic. Open the report
The change follows a decision by the bank to double the monthly foreign transaction limit on MVR-linked cards from US$250 to US$500. However, the increased limit now comes with the new 30 percent fee for payments to a list of specific merchants.
Word for word from the report in Maldives Republic. Open the report
Sources familiar with the matter estimate the bank is spending approximately US$20 million each month to process transactions made on the affected platforms.
Word for word from the report in Maldives Republic. Open the report