BML removes monthly fee on expatriate USD accounts
Bank of Maldives has removed the USD 5 monthly maintenance fee on Expatriate USD Accounts, as the bank works to keep foreign currency deposits flowing during a period of tight dollar supply.
Photo: BML
Bank of Maldives (BML) has removed the monthly maintenance fee on its Expatriate USD Accounts.
The bank said the USD 5 monthly fee no longer applies, so account holders can enjoy their accounts with greater value. The change applies to expatriates who hold a USD account with BML.
For an account holder, the saving is USD 60 a year per account, which can matter for workers sending most of their earnings home.
The move comes as foreign currency remains a central issue for the Maldivian banking sector. In its third-quarter report, BML said the global cost of raising and holding US dollar funding has risen, while domestic demand for dollars is growing faster than the seasonal flow of foreign currency into the banking system. The bank said it manages this pressure through disciplined balance sheet management, by mobilising and retaining foreign currency deposits, and by diversifying its sources of long-term foreign currency funding.
BML also said September is consistently the weakest month for foreign currency inflows, and that inflows are expected to strengthen as the peak tourist season begins in the final quarter. Over the first nine months of 2026, the bank reported USD 2.96 billion in foreign currency inflows through inward remittances and net card settlements, 15 percent more than a year earlier, while outward payments totalled USD 2.86 billion.
Expatriate workers are a large part of the Maldivian economy. Statistics for 2026 show more than 200,000 foreigners living in the country, including over 100,000 Bangladeshis. The dollar shortage has made it harder for many of them to send money home through formal channels, with some banks reducing the amount of foreign currency they allow workers to remit.
BML has made a series of fee and policy changes in recent weeks. Last month it stopped charging the cross-border fee on overseas ATM withdrawals, a change aimed mainly at students abroad. It has also set category limits on e-commerce card spending abroad as a liquidity management measure.
The announcement does not say when the fee removal took effect, or whether other charges on the account are affected. It also does not give the eligibility conditions for an Expatriate USD Account. You may want to add these from BML’s own notice or website before publishing.
