The Bank of Maldives (BML) is facing intense criticism following its announcement of new fees and limits on debit card transactions, with Ibrahim Nazil, the Parliamentary Group Leader of the Maldivian Democratic Party (MDP), labeling the changes a “major scam” intended to deceive customers under the pretext of increased transaction limits.
In a statement issued on Monday, BML revealed that, effective July 1, 2025, the debit card transaction limit will be raised to US$500. However, the bank later disclosed that a 30 percent fee will be imposed on transactions made using BML debit cards on popular e-commerce platforms, including Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. Additionally, BML has introduced a monthly ATM withdrawal limit of US$125 for transactions abroad, accompanied by a US$10 fee per withdrawal.
Speaking in Parliament on Monday, MP Nazil condemned the fee structure, arguing that it significantly undermines the benefits of the increased transaction limit. “If you make a $250 transaction, you’re charged $75 as a 30 percent tax. For a $500 transaction, you’re paying $150 in fees. So you don’t really get $500—it’s just a big scam,” Nazil asserted. He highlighted that the fees disproportionately burden customers who rely on online shopping and international transactions, describing the policy as misleading and exploitative.
The new measures have sparked widespread concern among Maldivians, particularly those dependent on e-commerce platforms for purchases. The 30 percent transaction fee is viewed as a significant financial strain, compounded by the Maldives’ ongoing US dollar shortages, which already limit access to foreign currency. The $10 fee on ATM withdrawals, restricted to a mere $125 per month, further aggravates challenges for customers, especially students and individuals traveling abroad for medical purposes.
MP Nazil’s remarks echo growing public frustration with BML’s policies and the broader economic difficulties facing the Maldives. Social media platforms, including X, have seen an outpouring of criticism, with users branding the fees as predatory and questioning the bank’s transparency.
BML has yet to issue a formal response to MP Nazil’s allegations or the mounting public backlash. The bank’s CEO, Mohamed Shareef, has previously acknowledged the difficulties of maintaining US dollar liquidity, emphasizing efforts to balance customer needs with economic constraints.
In a statement issued on Monday, BML revealed that, effective July 1, 2025, the debit card transaction limit will be raised to US$500. However, the bank later disclosed that a 30 percent fee will be imposed on transactions made using BML debit cards on popular e-commerce platforms, including Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. Additionally, BML has introduced a monthly ATM withdrawal limit of US$125 for transactions abroad, accompanied by a US$10 fee per withdrawal.
Speaking in Parliament on Monday, MP Nazil condemned the fee structure, arguing that it significantly undermines the benefits of the increased transaction limit. “If you make a $250 transaction, you’re charged $75 as a 30 percent tax. For a $500 transaction, you’re paying $150 in fees. So you don’t really get $500—it’s just a big scam,” Nazil asserted. He highlighted that the fees disproportionately burden customers who rely on online shopping and international transactions, describing the policy as misleading and exploitative.
The new measures have sparked widespread concern among Maldivians, particularly those dependent on e-commerce platforms for purchases. The 30 percent transaction fee is viewed as a significant financial strain, compounded by the Maldives’ ongoing US dollar shortages, which already limit access to foreign currency. The $10 fee on ATM withdrawals, restricted to a mere $125 per month, further aggravates challenges for customers, especially students and individuals traveling abroad for medical purposes.
MP Nazil’s remarks echo growing public frustration with BML’s policies and the broader economic difficulties facing the Maldives. Social media platforms, including X, have seen an outpouring of criticism, with users branding the fees as predatory and questioning the bank’s transparency.
BML has yet to issue a formal response to MP Nazil’s allegations or the mounting public backlash. The bank’s CEO, Mohamed Shareef, has previously acknowledged the difficulties of maintaining US dollar liquidity, emphasizing efforts to balance customer needs with economic constraints.
