Bank of Maldives (BML) has highlighted the International Accounts capability available through its Swipe digital wallet, enabling customers in the Maldives to receive payments from overseas bank accounts directly into their Swipe wallets.
Through the service, customers can open an International Account and receive a unique International Bank Account Number, commonly known as an IBAN. Accounts can be maintained in US dollars, euros and pounds sterling, giving customers greater flexibility to receive and manage payments in widely used international currencies.
BML stated that international transfers are credited to the customer’s Swipe wallet instantly or in near real time once the payment has been processed. Person-to-person transfers are also available without a service charge, allowing users to transfer funds conveniently through the digital platform.
BML Chief Executive Officer and Managing Director Mohamed Shareef said the International Accounts capability is expected to benefit freelancers, entrepreneurs and businesses that work with international clients and commercial partners. He noted that the service allows customers to hold a legally recognised bank account in another country while receiving international payments conveniently through Swipe.
The capability is particularly relevant to Maldivian professionals providing digital, creative, consultancy and other services to overseas clients, as well as small and medium-sized businesses engaged in international commercial activities. By supporting multiple currencies and providing customers with an individual IBAN, the service offers a more accessible channel for receiving payments from abroad.
BML said the service is expected to support broader economic activity by simplifying the process through which individuals and businesses in the Maldives receive international funds. The capability may also strengthen opportunities for local entrepreneurs and independent professionals to participate more effectively in the global digital economy and expand their services to international markets.
Swipe has registered more than 20,000 users since its official introduction earlier this year, reflecting growing interest in digital payment services across the Maldives. The platform is also used by more than 3,300 merchants, enabling businesses to accept digital payments and receive settlements instantly.
According to BML, Swipe transaction fees are positioned among the more competitive rates available in the local market. The platform combines merchant payment services, person-to-person transfers and international account capabilities within a single digital wallet, supporting convenient and efficient financial transactions for both individuals and businesses.
The continued expansion of Swipe reflects BML’s efforts to strengthen digital financial services and provide customers with payment solutions that respond to the changing needs of the Maldivian economy. The International Accounts capability further broadens the platform’s usefulness by connecting local customers with overseas banking and payment networks.
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