BML: Unlimited transactions from platforms such as Temu, Shein for USD accounts

Bank of Maldives (BML) states customers can conduct unlimited transactions on major international e-commerce platforms such as Temu and Shein by using cards linked to US Dollar accounts.

The clarification follows increasing public concern after the bank introduced new changes to card transaction limits.

In a post on social media platform X, BML’s spokesperson Mohamed Saeed said the bank has not imposed any limits on transactions conducted through US Dollar accounts.

"Customers can conduct unlimited transactions on retail sites like Temu and Shein using cards linked to dollar accounts. The bank has not set any restrictions on this," the spokesperson affirmed.
Accordingly, he assured that customers using US dollar accounts will encounter no obstacles when making purchases of any value.

The bank attributed the need to introduce specific limits on foreign transactions for cards linked to Maldivian Rufiyaa (MVR) accounts to efforts to ensure fair and equitable access to foreign currency for essential public needs.

At a press conference held on May 2nd, BML CEO Mohamed Shareef explained that these measures were necessary because demand for US Dollars significantly exceeds the available supply.
Shareef added that, under the new measures, a monthly cap of 30 transactions per customer has been introduced for e-commerce activities to ensure equitable allocation of the designated e-commerce budget.

Furthermore, the bank also restricted the foreign spending limit using POS and ATM services abroad, which will be activated only when the cardholder travels overseas.  

Shareef said students studying abroad who do not possess personal cards will be issued dedicated student cards, rather than relying on cards held by their parents. BML currently provides a special monthly limit of USD 1,200 for students.

Demand for US Dollars in the Maldives remains high, with black market exchange rates fluctuating between MVR 18 and MVR 20 in recent months. For a country heavily dependent on imports, this disparity continues to pose significant challenges for businesses and contributes to the increasing cost of goods.