Maldives' main bank Bank of Maldives (BML) on Sunday launched an innovative Online International Money Transfer service that allows customers to conveniently transfer money overseas using their mobile smartphones.
Introduced as part of BML’s commitment to invest in technology that makes banking easier for customers, Online International Money Transfer offers customers the opportunity to send up to USD3,000 per day using BML’s MobilePay app.
Customers can simply download the app, register and then send money to any authorised overseas cash agent, bank account or digital wallet across a wide network of participating countries - including those most frequented by Maldivians for studies, medical visits and tourism.
The service is also expected to prove particularly popular with resort employees and expatriates who, up to now, have had no alternative but to visit a bank branch or other financial services provider to transfer money abroad.
With transaction costs starting from USD5, Online International Money Transfer offers the most attractive pricing in the Maldives to allow faster processing times than conventional money transfers.
“Online International Money Transfer opens up a world of convenience for our
customers. Now you can pay your child’s university fees or attend to a loved one’s medical costs abroad from the comfort of your home," BML Deputy CEO & Director of Operations, Mohamed Shareef said during the launching ceremony.
"The product will also hold special appeal for the thousands of expatriates who transfer money abroad. With Online International Money Transfer, we have made it both more convenient and cheaper to send money abroad.”
With a nationwide network of 34 branches across all 20 atolls, BML boasts 35 Self Service Banking Centres, 95 ATMs, 5,000 Point of Sale merchants, 277 agents and a full suite of Digital Banking services to support individuals, businesses and communities across
Maldives.
