Whether it’s for a holiday or for your loved ones, it’s easy to send money to the Maldives.
The Maldives is a country known by many for its pristine, unique holiday resorts and relaxing getaway opportunities. With such a powerful tourism industry, it might come as a surprise to many that this island based country actually delivers a middle to upper-class income status.
The Maldives isn’t just all beaches, but also boasts an impressive fishing sector that accounts for about 15% of its annual GDP. Whether you have business ties in the Maldives, family, friends or loved ones or you are simply travelling through the island nation, there are a range of different ways to send money from Canada to the Maldives.
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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 the scholarship based on his academic results, Hassan completed his studies in Canada and has since then become a successful actuarial scientist.
He is now in a position where he can pay back $1000 Canadian dollars a month toward the study loans that put pressure on his parents. He studies different alternatives for sending money to his parents each month. You can see the results of his comparison below. Note that the funds can only be sent in USD with these two companies.
|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 1,000 CAD||$756.24 USD||$776.69 USD|
|Transfer options||Online||Phone, Online, Agent|
|Difference in MVR||$20.45 USD|
As you can see above, Hassan can send over US$20 more if he chooses company B, who offer a much more competitive exchange rate.
How do I compare transfer companies 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 data is real time data. It is therefore a good idea to compare exchange rates as close as possible to the time when you will be using this service. Make sure you compare the offered exchange rate to the transfer fee charged by the company.
- Pickup methods. Different companies will offer different pickup methods, including cash pickup and direct to 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.
- Bank to bank benefits. Since Citibank is the only known available bank that supports the MVR currency, there are no clear indicators of bank to bank benefits.
- 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 may include online transfers, in-branch transfers, cash pickup, to a bank account and to a mobile phone with some of the companies available. Other companies may be limited to online transfers, phone transfers, agent transfers and bank account to bank account transfers.
- Transfer options. Transfer options include regular payments and once 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 suggest 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
- The correct amounts and currency
You will need 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