Wondering how to send money to the Maldives from the U.S.? Here’s the information you need.
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Compare international money transfers to the Maldives
Why is this table in US dollars?You may struggle to find a provider that will send rufiyaas from the US. Your best bet may be to make a same currency transfer in US Dollars, then convert your money with a local currency exchange after receiving it.
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, the Maldives. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
What are my options for transferring money to the Maldives?
Money transfer services
Few money transfer providers send money to the Maldives. MoneyGram and Western Union are two reliable services that do convert U.S. dollars to rufiyaas. Both companies have years of experience in international money transfers and allow for various methods of transferring money with quick transfer times.
U.S. dollars in the Maldives
If you are struggling to find a provider that will send rufiyaas, consider transferring U.S. dollars. The U.S. dollar is widely accepted as a form of payment in the Maldives. Transferring U.S. dollars also means you won’t have to deal with an exchange rate.Back to top
Learn how Hassan compared different money transfer companies to send money to the Maldives
Hassan is one of the 330 students from the Maldives that received a long-term scholarship to study in America. 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 completing his studies in the U.S., Hassan has since become a successful actuary.
He is now in a position where he can pay back the study loans that put pressure on his parents. He compares different alternatives for sending money to his parents using the amount of $1,000 USD.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 USD = 10.7227 MVR||1 USD = 10.639406 MVR|
|Amount received less the transfer fee||10,722.74 MVR||10,639.41 MVR|
|Transfer options||Phone, Online, Agent||Phone, Online, Agent|
|Difference in MVR||+ 83.33||-83.33|
How do I compare transfer companies when sending money to the Maldives?
- Exchange rates. U.S. dollars are converted to rufiyaas at an exchange rate that’s set by the transfer provider. These rates vary day to day, even moment to moment, and among providers.
- Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Fees. Due to its limited accessibility in infrastructure and geography, the Maldives usually requires a higher fee for sending money.
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfer?
- Customer service. Is help available when you have a question regarding a transaction? Compare the availability of customer support options and hours.
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Tips for picking up cash in the Malé, Maldives
The Maldives is classified as a safe destination for tourists, but political unrest since 2016 has seen an increase in petty crimes and violent protests.
Whether you’re picking up cash in the Maldives or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect the funds is also a good idea.