We offer valuable additional services for your business accounts, which can add to the productivity, efficiency and service of your business.
Local Transfer within Maldives
Unlike other banks, Bank of Maldives Plc has its branches providing banking services throughout Maldives.
All the branches of Bank are linked through network.
Local transfers can be made anywhere in Maldives, provided the payee is a customer of the bank. Local transfers within Maldives take seconds to receive proceeds to the payees account.
No transfer charges for local transfers within Maldives up to Rf 5000.00.
Any amounts of local transfers above Rf 5000.00 outside same region or atoll are subjected to charge at the rate of 0.50%, up to maximum charge of Rf.3000.00
No charges for local transfers within same region/atoll.
There is no specific application to apply for local transfers.
Bank of Maldives customers need not come to the bank for transfers, instead they can write to the bank with the details of the payee and the account to be debit to make transfers.
Make sure your signature tallie with specimen signature obtained for operation of your account.
Full cover should be available in your account.
Provide name, account number of the payee and the amount in your instruction.
Deposit Slip may be used to apply for local transfers. On receipt of customers’ instruction/request or application with the payment bank will issue a receipt known as “Cheque Deposit Slip” or “Cash Deposit Slip”.
“Cheque Depos it Slip” or “Cash Depos it Slip”. to rem itter will indicate the date, time, name, account number, currency, amount, and the Teller ID who has made the input for the transfer.
In the event of cash payments for local transfers, the fund is available at the payees account at the same time as the time printed on the receipt issued to the remitter.
In case of cheque payments few minutes may take to get the cheque cleared for Bank of Maldives cheque, other Banks cheques will take two one days to receive funds.
Unless the cheque is cleared transfer will not take place.
Standing Instructions
Standing orders enable regular payments to be made from a customer's account into a beneficiary's account.
The payments may be made over a fixed or indefinite period of time, and in the currency of either the funding account or the receiving account.
While applying for the service; the customer is required to indicate validity for the service.
In the event a customers needs to make a request for standing order facility a written request is obtained from the customer specifying his requirements to transfer funds from his account to another account along with the frequency required.
The amount and account number to debit, and the account number and name of the account of the beneficiary should be provided. The signature of the request should tally with signature in the account.
The customer may choose any of the frequency for Standing Orders; Daily, weekly, fortnightly, monthly, quarterly, half yearly and or annually.
The transaction will be effected on any day except holidays (as per Bank' operating System) falling on the particular date.
If the date falls on a holiday (as per Bank's operating System) the transaction will take place on the next working with the value date. The requests for the service should be submitted to the branch where the account is maintained.
A charge of Rf.20.00 per standing order transaction is levied and is recovered from the customer account on the date of the transaction.
Stop Payment
Customers may require making stop payments for several reasons. According to customers discretion customer may stop payment of cheques issued before it is presented for payment.
In the event of stop payment of cheques customers are required to inform the details of the cheque in wr iting to the Bank during transaction hours.
Bank may accept telephonic instruction provided the customer agrees to confirm the message in wr iting not later than next working day.
The wr itten or telephonic instruction for stop payment should provide the cheque number, date, payee, and the amount of the cheque.
Bank takes no responsibil ity if the particular cheque requested for stop payment is paid before receipt of the instruction.
An amount of Rf.50.00 per cheque requested for stop payment after issuing the cheque is charged for the service.
In case of stop payment for lost chequebook an amount of Rf.50.00 per book is charged.
Payment Guarantees on Cheques
At the request of the customers/accountholders Bank may endorse/guarantee a cheque good for payment.
In the event the customers request to add guarantee/endorse a cheque good for payment, the balance outstanding in the account should be equal or more than the cheque amount w ith the commission.
Bank will only accept cheque for adding payment guarantee at the request of customer in wr iting or on the personal presentation and verbal request of the account holder.
Cheques subm itted for adding payment guarantee/endorsement should be drawn properly, the payee, amount in figures and words wr itten should agree, dated and signed by the drawer.
Cheques that are issued in favour of “Cash” or fict itious names will not be accepted for payment guarantee.
On submission of the cheque, bank scrutinize the cheque and if in order, bank adds payment guarantee on the reverse of the cheque stating “good for payment, valid up to ……. . for Rf………” . (The first dotted line space is filled by the bank for the valid ity date of the guarantee and the dotted space after currency symbol indicates the amount guaranteed by the bank.)
The amount on the face of the cheques should agree w ith amount indicated in the endorsement.
The valid ity for payment guaranteed cheque is for three business days from the date of the cheque.
Payment guaranteed cheques should be presented for payment on or before the valid ity date stated in the endorsement.
A charge of Rf.50.00 per cheque certified for payment guarantee is charged from the customers’ account at the time of issuance of payment guarantee.
Passbooks on Savings Accounts
All the savings accounts of the bank are subjected to issuance of Pass Books.
In all the cases the Pass Book is issued w ith the in itial depos it at the time of opening the account.
Usually Pass Books carry rules and regulations governing operations and conduct of the saving accounts on the last page.
Pass Books provide the transaction history of the account.
Where Pass Books are not provided at the time of the in itial depos it for any reason, customers are kindly advised to apply in the appropriate form to their respective branches.
Pass Books are issued free of cost, however for issuance of a duplicate Pass Book in the event of loss or misplacement there is a charge Rf.10/-. This amount will be recovered from the customers’ account.
Transaction history may be made in the pass book only by the Bank. All the transactions in the passbook should to be authenticated by the Bank.
Customers are advised to send pass book at least once every year, and may be subm itted for recording regular transactions at the convenient of the customer.
Pass book may not be handed over to a stranger and must be kept in a secured place always.
The passbook may be retained w ith customer after closure of the account.
Issueing of Cashiers Cheques
Customers use personal cheques for settlement of payments.
Cashiers Cheques are issued by banks and are renowned as guaranteed instruments in settlement of local business transactions.
Cashier Cheques are not usually used for international transaction.
Cashier Cheques are issued at the request of the customers after depos it of the cover or to the deb it of customers account.
Interested customers may apply to their branch for Cashier Cheques in case they need a Cashiers Cheque in Rufiyaa or Us Dollars.
The application should demonstrate the particulars of payee and the amount for the cheque.
The application should authorize to deb it the amount from the account and to recover the charges for the service.
After the issuance of the Cashiers Cheque, the instrument is delivered to the customer.
Commissions for issuance of Cashiers’ Cheques are 0.50 percent on amounts above Rf.5000.00/US$500.00 while the minimum commission is Rf.25.00/US$2.50 and maximum commission is Rf3000.00/US$250.00 per Cashier Cheque.
Letters of Reference
Letters of Reference are issued at the request of the customers.
Customers may apply in wr iting for Letters of Reference indicating the name of beneficiary.
It takes one to three days to deliver the Letters of Reference.
Letters of Reference indicate and certify the duration of the accounts, behaviours and conduct of the depos it or loan account operations, repayment pattern, regular ity and overall financial discipline of the customer in the opinion of the bank.
There are different types of Letters of Reference issued by the Bank.
The most common types of Letters of Reference requested and issued are :-
Letter of Comfort (for specific amount) in any currency. The charges are w ith a commission at the rate of 0.10 per cent of the amount.
Minimum commission for Letter of Comfort is Rf.300.00 or US$30.00.
Bank References to Embassies /High Commissions for visa purposes. The charges are Rf.300.00 or US$ 30.00.
All other types of Bank References are charged at the rate of Rf.300.00, or US$ 30.00
Issuance of Balance Confirmation
Balance confirmations are issued for any type of accounts by the Bank.
Customers may request for the service in wr iting to their respective branches.
In case the balance confirmation is required for annual external aud it purpose, at the request of customers, Balance Confirmation is directly delivered to the assigned aud itors.
Issuance of Balance Confirmation in any case is free.
Monthly Statement
All current accounts are ent itled for statement of accounts at the following frequency required by the customers; weekly, fortnightly and monthly.
Statements once in every frequency is provided free of charge.
In practice statements are produced at the request of the customers.
In preventing the statements reaching to the unauthorized person postal delivery is made only at the request and responsibil ity of the customers.
Where postal delivery is arranged customers are advised to notify the change of address at the earliest.
Issuances of duplicate statements are subject to a charge of Rf.20.00 or US$2.00 per statement.
Statements of accounts will be faxed locally w ith no charges and for overseas w ith a charge of Rf.20.00 or US$2.00 per page.