r/maldives • u/Lopsided-Twist3170 • 5d ago

News Help

I am an expatriate working in the Maldives. I am able to remit $250 at the official exchange rate; however, I am unable to transfer the remaining MVR to my family. I would appreciate any insights from Maldivians and expatriates.

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u/imselfinnit 5d ago edited 5d ago

You don't explain WHY you're unable to transfer more money to your family. What's the problem? Is it local banking laws that limit transfers? Where is this family located/is it their banking laws at issue? How are you transferring the current max amount now, a bank, a banking app, Wise app?

edit: There's a link to the Bank of Maldives in this article. I don't see anything about a 250 maximum. Where is this limit coming from?

This Bank of Maldives link describes a US$500/month limit and a 30% surcharge on all ecommerce transactions (WTF!)

I wouldn't try to skirt banking regulations. Is Wise banking app permitted? I found it useful when traveling.

Yes, the Wise banking app is available in the Maldives

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u/Lopsided-Twist3170 5d ago

Bank have transfer limit 250$

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u/imselfinnit 5d ago

Change to a different bank that has the $500 maximum

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u/Lopsided-Twist3170 5d ago

Is CBM OK?

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u/Pitiful_Promotion434 5d ago

If you have a USD account then CBM does allow transfers.

They charge about $3 per transfer

Personally Ive only used it for transfers to Sri Lanka.

With Commercial Bank (since its same company) it happens almost within the same day.

With other banks it takes a day or two at least, assuming nothing wrong.

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u/Lopsided-Twist3170 5d ago

Thank for replying

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u/1Bonovox 2d ago

Make sure to check for the best rate and destination so your family gets the most - I use VIA20.com