Bank of Maldives Introduces New Measures to Manage Foreign Spend and Strengthen Card Security

The Bank of Maldives has announced a series of measures under its digital partnership with Maldives Immigration aimed at improving access to foreign currency while enhancing safeguards against misuse of international card facilities.

A key feature of the initiative is the introduction of foreign spend limits specifically for card-present Point of Sale (POS) transactions conducted overseas. This allows Maldivian customers travelling abroad to continue using their cards seamlessly for legitimate purchases, while reducing exposure to unauthorized or abusive practices that violate international card network standards.

To support students studying overseas, the Bank will issue dedicated student cards with assigned foreign spend limits. In cases where a student does not yet have their own card and relies on a guardian’s card, the guardian’s card may be used for up to three months until the student card is issued.

The Bank also highlighted concerns over the misuse of personal foreign spend limits for business-related transactions on certain online shopping platforms. According to BML, a small number of individuals have been responsible for disproportionately high dollar usage, prompting the Bank to sell large volumes of foreign currency to a limited group. To address this imbalance, a daily budget will now be set for dollar sales linked to such online transactions, ensuring a fairer distribution of available foreign currency. No changes will be made to transactions on platforms used for legitimate personal purposes.

In the e-commerce sector, data shows that fewer than 3 percent of customers conduct more than 30 transactions per month, with these same users largely linked to business-type activity. As a result, BML will cap monthly e-commerce transactions at 30 per customer to promote equitable access to foreign currency resources.

Customers holding cards linked directly to U.S. dollar accounts will not face foreign spend restrictions, provided sufficient funds are available in their accounts.

Additionally, the Bank announced that customers with multiple credit cards will only be charged an annual fee for one card, as foreign spend limits are applied per customer rather than per card.

Regarding telegraphic transfers (TT), the sale of U.S. dollars or other foreign currencies will be processed only during official banking hours. However, TT transfers sent in U.S. dollars can still be completed 24/7, including on public holidays.

The Bank further stated that individuals attempting to bypass limits by splitting large TT transactions will be identified, and restrictions will be imposed to prevent excessive foreign currency access.

These measures are part of broader efforts by the Bank of Maldives to ensure sustainable foreign currency management while maintaining access for genuine personal and travel-related needs.