Fed up with BML USD limits? Here are some alternatives

The full dollar limit saga

If you feel like BML’s USD limits keep changing every few months, that’s because they do. But it wasn’t always like this.

Before COVID, things were simple. If you had a debit card linked to your MVR account, you could spend up to $600 per day on foreign transactions. Credit cards were even simpler — you could spend up to your full credit limit without categories, restrictions, or hidden conditions.

Then COVID hit, and everything changed.

Maldives is heavily dependent on tourism for USD inflow. When borders closed in March 2020, the tourism industry essentially came to a standstill. Tourist arrivals dropped sharply and GDP contracted significantly, with losses estimated between 11% to 30% according to the UNDP rapid livelihood assessment on the impact of COVID-19 in Maldives.

With tourism halted, USD inflows dried up almost overnight, while the country still needed dollars for imports, debt servicing, and essential goods. That imbalance created a severe USD shortage.

Banks, including BML, responded by rationing access to foreign currency.

In September 2020, debit card foreign transaction limits were reduced to $250 per month, with $750 allowed for Maldivians living or studying abroad. At that point, while restrictive, the system was at least predictable. You could use your limit anywhere without worrying about categories.

Soon after, BML began tightening controls further by blocking certain transaction types such as trading platforms and digital wallets.

In July 2021, credit card limits were increased to $500 per month, which is when many people started shifting toward credit cards as a workaround.

The 2024 “Financial Coup”

Things escalated dramatically in August 2024.

BML announced a complete suspension of foreign transactions on debit cards and drastic reductions in credit card limits. For credit cards, the limit would be reduced to 100 USD down from 750 USD for Standard and Gold cards and down to 500 USD down from 1,500 USD for Platinum cards. The public backlash was immediate, and the decision was reversed within hours.

The government claimed to have no foreknowledge of the changes and later described the situation as a “financial coup”, and a police investigation was launched — the results of which were never made public.

The fallout included the removal of Karl Stumke and the appointment of Mohamed Shareef as the new CEO, as officially announced by BML.

When “increases” started becoming decreases

After the leadership change, the pattern shifted. Announcements sounded positive, but the implementation became more restrictive.

In November 2024, BML announced that foreign transaction limits for students abroad had been increased to $1,200. On the surface, this sounded like a meaningful improvement. In reality, the change was far more restrictive than it appeared. Under the new structure, only $250 could be used globally, while the remaining portion of the limit was restricted strictly to the student’s country of residence. Access to this higher limit was also more involved — students were required to apply through a dedicated portal, as explained in more detail here.

What made this shift more frustrating was the contrast with how things had worked previously. Before this change, BML did not actively verify whether a student had returned to Maldives. Many people, including myself, continued using the $750 student limit even after completing their studies. My sister, who graduated in 2022, was able to keep using the $750 limit up until 2024. I graduated in 2023 with my Master’s from the UK and was also able to use the same limit without issue.

That changed in October 2024, when BML began actively monitoring usage. I received an email stating that my card had been used within Maldives for the past five months and that my increased student limit would be removed unless I reapplied within two weeks. It was a clear shift from a relatively relaxed system to one that was tightly controlled, with stricter verification and significantly reduced flexibility despite the headline “increase.”

The 30% fee era

In June 2025, debit card limits were increased to $500 per month.

But this came with a major catch. A 30% fee was introduced on platforms like Temu, Shein, AliExpress, Lazada, and eBay, effectively reducing the usability of that limit. At the same time, overseas ATM withdrawals were reduced to $125.

The $1000 limit that wasn’t

In November 2025, BML announced that foreign transaction limits had been increased to $1,000. On the surface, this sounded like a long-awaited improvement.

But once again, the details told a very different story.

What actually changed was a restructuring of limits rather than a real increase. The e-commerce limit was effectively reduced back to $250, while overseas PoS transactions were allowed up to $1,000. For travel-related spending, BML introduced a higher allowance, with flight and hotel bookings permitted up to $3,000, and an overall maximum cap also set at $3,000.

To be fair, the travel limits were genuinely helpful. Being able to spend up to $3,000 on flights and hotels addressed a real need and was one of the few changes that actually improved usability for customers planning travel.

However, for everyday online usage — which is what most people rely on — nothing really improved. In fact, it became more restrictive.

What made the situation worse was that the BML spokesperson publicly denied that a $500 unrestricted limit had ever existed since COVID, despite many users having experienced exactly that period when the $500 limit applied more broadly.

By this point, the pattern had become clear: headline increases, but tighter controls underneath.

The credit card “increase” that reshuffled the same limits

In February 2026, BML announced that credit card USD limits had been increased. On paper, the numbers looked better. In practice, it was another restructuring that didn’t actually improve real-world usage.

Instead of a single flexible limit, BML split the limit into two separate buckets: one for e-commerce and one for PoS transactions.

For Classic cards, the new limits became $700 for e-commerce and $700 for PoS, giving a combined total of $1,400. Previously, Classic cards had a single unrestricted limit of $750. This meant that while the total appeared higher, the usable online limit was actually reduced from $750 to $700.

For Gold cards, the limits were set at $750 for e-commerce and $750 for PoS, totaling $1,500. Previously, Gold cards had a $750 unrestricted limit. So while the total doubled on paper, the actual e-commerce limit — which is what most people rely on — remained exactly the same.

For Platinum cards, the limits became $1,500 for e-commerce and $1,500 for PoS, totaling $3,000. Previously, Platinum cards had a $1,500 unrestricted limit. Again, the total increased, but the usable online limit did not change.

So in reality, there was no improvement for Gold and Platinum users when it came to online spending, and Classic card users actually saw a reduction in flexibility. The headline numbers increased, but the part that mattered most for everyday use stayed the same — or got worse.

May 2026: Tightening the screws even further

Coming to the present day, BML introduced another round of changes in May 2026, announcing a new set of measures that added even more layers of restriction.

One of the most noticeable changes is a hard cap on usage frequency. Debit card users are now limited to a maximum of 30 online transactions per month per customer. This means even if you still have available USD limit left, you could be blocked simply for exceeding the number of transactions.

On top of that, BML is introducing daily quotas on popular e-commerce platforms such as Temu. So even within your monthly limit, you may not be able to complete transactions if daily thresholds are reached.

The most controversial change, however, is the restriction on overseas usage. Debit cards can no longer be used abroad unless the cardholder is physically outside the Maldives, with verification done using Immigration travel data. In other words, even legitimate overseas transactions can be declined if the system detects that you are still in the country.

This raises serious concerns around privacy. For this to work, travel data from immigration has to be shared and used to control financial access. What made this even more concerning is that both BML and Immigration updated their respective terms and privacy policies after the fact, effectively formalising access to this data only once the system had already been introduced. For many users, this felt like a breach of trust — not just because of the restriction itself, but because of how it was implemented.

At this stage, the system has evolved from a simple monthly cap into a tightly controlled framework with limits on amount, category, frequency, platform, and even your physical location.

So that’s the background. What can you actually do?

At this point, most people are understandably fed up with BML. Limits keep changing, rules keep shifting, and what gets announced doesn’t always match reality.

So the real question becomes: how do you actually make online transactions today?

Bank of Maldives (BML)

Do you earn USD income?

If you earn in USD — or somehow have access to USD at bank rate — then honestly, none of this is really your problem.

With USD account-linked Visa Platinum Debit Cards, you can spend up to $5,000 per day.

With USD credit cards, you can spend up to your full credit limit.

For most people though, that’s not a real solution. Not everyone is a resort tycoon earning thousands of dollars a month.

BML Credit Cards

For the average person, this is currently the most practical workaround within BML.

BML credit cards offer higher foreign transaction limits and fewer restrictions — importantly, they do not apply the 30% fee on platforms like Temu.

Limits

• Classic Card: $700 e-commerce limit
• Gold Card: $750 e-commerce limit
• Platinum Card: $1,500 e-commerce limit

Eligibility

Minimum monthly income requirements:

• Classic Card — MVR 4,000
• Gold Card — MVR 23,130
• Platinum Card — MVR 46,260
• World Card — MVR 128,500
• Infinite Card — MVR 231,300

Income must be routed through BML consistently for at least 6 months, with satisfactory performance of existing facilities.

Full requirements are detailed here.

Benefits

You also get additional perks:

• Free travel insurance
• Rewards points via BML Rewards that can be redeemed for flights, hotels, and vouchers
• Complimentary lounge access through Priority Pass with Platinum cards (guests are chargeable)

Important things to understand

Credit cards are not debit cards.

With debit cards, money is deducted immediately. With credit cards, every transaction adds to a bill that you must settle later.

• You get around 21 days to settle your bill
• If you don’t pay in full, interest is charged
• ATM withdrawals are treated as cash advances with high fees

If used carelessly, you can end up in debt very quickly.

The safest way to use a credit card is to treat it like a debit card. After every transaction, immediately pay off that amount. That way you never accrue interest.

If you’re concerned about riba, BML also offers Islamic (Sharia-compliant) credit cards.

One very important warning: avoid using your credit card for local MVR transactions.

BML bills in USD, and their conversion rates work against you. For example, a MVR 1,542 transaction might be billed as around $101.45 instead of $100. When you repay in MVR at 15.42, you end up paying more than the original amount. The same applies for other foreign currencies — additional fees (sometimes around 10%) and poor exchange rates apply.

Also note: limits reset on the 1st of every month.

BML Business Debit Cards

If you run a business, this is another way to increase your usable limit.

With a BML Business Debit Card, you get an additional $250 monthly limit on top of your personal card.

If you have multiple businesses — for example a Sole Proprietorship and a Company — you can get separate cards for each. Company accounts can also issue cards to multiple nominees.

In practice, this means you can stack multiple $250 limits if structured properly.

Maldives Islamic Bank (MIB)

MIB Visa Platinum Debit Card

For USD accounts, MIB offers a Visa Platinum Debit Card with significantly higher limits:

• $10,000 for PoS
• $25,000 for ATM withdrawals

This is one of the highest limits available locally.

You also get lounge access through LoungeKey, although it’s paid — around $35 per visit per person, including yourself.

MIB9 Visa Everyday Card

If you route your salary through MIB, you can get a MIB Visa Everyday Card.

• $250 monthly foreign transaction limit
• Limit resets on the 15th of every month

Commercial Bank of Maldives (CBM)

CBM USD Visa Debit Card

CBM also offers USD Visa Debit Cards that can be used for foreign transactions.

CBM MVR Visa Credit Card

CBM provides MVR Visa Credit Cards with a $750 monthly foreign transaction limit.

Requirements

• Minimum income: MVR 15,000
• Typically requires salary to be credited to CBM

In practice, it is sometimes possible to qualify by providing salary slips and bank statements instead even if your salary isn’t routed to CBM.

Your account must be at least one month old before the card is issued. You can apply for the card when opening the account.

For current accounts, a referral from an existing CBM customer is required. Savings accounts do not require referrals, and CBM also offers non-interest-bearing savings accounts if you want to avoid riba.

Important caveats

CBM has a few important differences:

• Exchange rate is around MVR 15.81 per USD (higher than the standard 15.42)
• Limits do not reset monthly on a fixed date

Instead, each transaction resets after 31 days.

For example:

• Spend $100 → remaining limit becomes $650
• After 31 days → the $100 is restored

This means you need to carefully track your usage and timing.

As with all credit cards, the same advice applies: pay immediately after each transaction to avoid interest.

Other banks

These are the banks I personally use and am familiar with. If you know other banks or cards in Maldives that allow foreign transactions with MVR accounts, feel free to share — there are likely more workarounds out there.

Conclusion

The USD situation in Maldives doesn’t look like it will resolve anytime soon.

Tourism has declined, partly due to global instability such as the 2026 Iran war.

From 2025, mandatory USD conversion policies were introduced for USD-earning businesses.

But this still hasn’t fully resolved the issue — largely because a significant portion of USD is being used to service foreign debt, including $500 million sukuk repayments.

Final thought

At this point, the biggest issue isn’t just the limits.

It’s trust.

If limits can’t be increased, that’s understandable given the situation. But don’t present reductions as increases. Don’t hide restrictions in fine print. Don’t change the rules and then explain them later.

Just be transparent.