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How to send money to the Maldives
Send money to the Maldives using an international money transfer service and you could beat the bank's rates.
The Maldives is a country known by many for its pristine, unique holiday resorts and relaxing getaway opportunities. However, with an impressive fishing sector and powerful tourism industry, this island country also delivers a middle- to upper-class income status.
Whether you have business ties in the Maldives, family, friends or loved ones, or you’re simply travelling through the island nation, you may have different reasons to send money from Canada to the Maldives. We’ve compared some of the ways of transferring funds between the countries to help you find the best method for your needs.
Learn how Hassan compared different money transfer companies to send money to the Maldives
Hassan received a long-term scholarship to study in Canada. Hassan’s parents were unable to pay his school fees by the time he reached secondary school and took out several study loans to further fund his education as a bright young student. After he won a scholarship based on his academic results, Hassan completed his studies in Canada and after that started a career as a successful actuarial scientist in Ottawa.
He is now in a position where he can pay back $1,000 a month toward the study loans that put pressure on his parents. He considered different alternatives for sending money to his parents in the Maldives each month. You can see the results of his comparison of two money transfer services below. Note that the funds can only be sent in USD with these two companies, but US dollars are accepted in the Maldives or can be exchanged for the local currency by residents or visitors (MVR).
|Money Transfer Company A||Money Transfer Company B|
|Exchange rate||$1 CAD = 0.76 USD||$1 CAD = 0.77 USD|
|Transfer fee||$30 CAD||$30 CAD|
|Amount of USD received in Maldives for CAD1,000||US$756.24||US$776.69|
|Transfer options||Online||Phone, Online, Agent|
|Difference in MVR||+ US$20.45|
As you can see above, Hassan can send over US$20 more if he chooses company B, which offers a much more competitive exchange rate.
What's in this guide?
- How do I compare financial services when transferring money between the Maldives and Canada?
- How and what do I use to send and receive money between the Maldives and Canada?
- Emergency cash transfer options to the Maldives
- Cash pickup locations in Malé, Maldives, using MoneyGram and Western Union
- Tips for picking up cash in the Maldives
- What are the steps to send money to the Maldives?
How do I compare financial services when transferring money between the Maldives and Canada?
- Exchange rates. Exchange rates are fairly consistent among available companies. It can, however, change quite quickly as most of the rates are based on real time data. It’s a good idea to compare exchange rates as close as possible to the time when you’ll be using the service. Make sure you compare the exchange rate being offered to the transfer fee charged by the company.
- Pickup methods. Different companies will offer different pickup methods, including cash pickup or withdrawal of funds sent directly to a bank account.
- Fees. Due to its limited accessibility in infrastructure and geography, the Maldives usually requires a higher fee for sending money. Fees generally start around the $30 mark.
- Turnaround time. When using MoneyGram and Western Union, expected turnaround times are generally around 10 minutes, but availability of the correct amount in the available currency will also play a role on how quickly money can be received.
- Transfer methods. Transfer methods with various companies may include online transfers, in-branch transfers, cash pickup, or transfers to a bank account or mobile phone. Other companies may be limited to online transfers, phone transfers, agent transfers and bank-to-bank account transfers.
- Transfer options. Transfer options include regular payments and one-off payments.
- Minimum and maximum transfer amounts. Transfer amounts are as low as $0 and as high as $10,000 Canadian dollars. Western Union international money transfers allow you to send up to CAD$999.99 online, while you will have to take extra steps to send more.
- Customer service. Customer service will be the true differentiator in a case like this, where the options in available services are limited. The available companies have proven track records of customer service through email, phone and branch locations.
How and what do I use to send and receive money between the Maldives and Canada?
Money transfer services
You can rely on services from MoneyGram and Western Union when sending money to the Maldives. Both companies have years of experience in international money transfers and allow for various methods of money transfer with quick transfer times. To send money to Canada, simply visit an agent location with the correct currency and cash and provide your recipient’s details.
Only some Canadian banks will allow you to transfer money between Canada and the Maldives. Contact your bank to see if you are able to make the transfer. Remember to find out details like how much the transfer will cost, the exchange rate and the transfer speed.
Emergency cash transfer options to the Maldives
If you find yourself in need of emergency cash or you must send cash to a friend or loved one, there are ways to quickly send cash over to the Maldives from Canada. Fortunately, MoneyGram and Western Union allow people to send emergency cash transfers.
Cash pickup locations in Malé, Maldives, using MoneyGram and Western Union
- Sirius Financial Services Pvt Ltd
M Dhiyaneru Fandiyaaru Magu
Monday to Sunday, 24 hours
- Sirius Financial Services Pvt Ltd
H Blueshafa Lonuziyaaraiy Magu
Saturday to Thursday 9am to 10pm,Saturday 2pm to 10pm
- Mauritius Commercial Bank Ltd – #1 – MA
H.Sifa Building, Boduthakurufaanu Magu, Malé, Maldives
Monday to Thursday 8am to 5:30pm,
Friday and Sunday 12am to 5:30pm
Saturday 8:30am to 2:30pm
- Maldives Post Limited – #1000003
Hulhumale’d Block, Male, 0
Monday to Thursday 9:30am to 5pm
Friday 3am to 8pm, Saturday 12am to 12am
Sunday 9am to 5pm
Tips for picking up cash in the Maldives
The Maldives are classified as a safe destination for tourists, but political unrest since 2016 has seen an increase in petty crimes and violent protests. The Government of Canada suggests that you exercise a high degree of caution while travelling in the Maldives.
If you are in an area near disturbances, consider picking up the cash on an alternative date or making sure you choose a pickup location that is removed from known disturbed areas. There are safety measures in place to protect foreign visitors that makes moving around in well-known areas in Malé, the capital city, pretty safe.
It is always a good idea to take along a companion when picking up cash in any country, so do your best not to be alone when picking up your cash at a MoneyGram or Western Union agent location.
What are the steps to send money to the Maldives?
If you want to send money to a recipient’s bank account in the Maldives, you will need to provide the following details of the recipient and their bank:
- The bank name and the location in the Maldives, or the area, such as Malé or Addu City
- Basic recipient details
- The recipient’s account number at the bank
- SWIFT/BIC details for the bank
- The correct amounts and currency
Provide the following details when sending money for a cash pickup:
- The address of the recipient (most probably only in Malé) or the address of the agent for pickup
- Basic details of the person picking up the cash
- The correct amount and currency that you are sending to the Maldives
What will you need when you are at a MoneyGram or Western Union branch in Malé, Maldives to pick up the cash?
- Your photo ID or other form of government issued ID
- The tracking or reference number (called an MTCN by Western Union)
- Copy of the transaction receipt as extra proof in case of identity theft
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