Bank of Maldives has announced changes to its process on incoming credit to USD accounts from online foreign money transfer platforms.

From 26th August 2020, the Bank will no longer allow incoming credit to its USD accounts through Visa Direct, Mastercard Send or other similar platforms. With this change, withdrawals from foreign digital wallets or any peer-to-peer (P2P) transfers through these platforms will only be allowed into MVR accounts.

Visa Direct and similar platforms are often used by individuals to receive funds or to make withdrawals from online trading platforms and digital wallets to USD accounts. While withdrawals can continue to be made, this will only be to MVR accounts.