Manage your global finances with options tailor-made for your business needs. Send and receive money safely and securely for your day-to-day business operations.
We will only be accepting International transfer requests via internet banking. Customers are encouraged to register for Internet Banking to continue with uninterrupted services.
Important information:
Customers can request to cancel a TT requests by sending a bank mail via internet or mobile banking.
Submit a request for an International Transfer through Internet Banking
We offer Outward Swift Transfers to send money overseas. You can pay in most currencies, to almost all countries across the globe.
Good to know:
How to apply:
For international transfers, customers can submit requests through internet banking with the relevant supporting documents.
Important information:
Please do note that once a TT instruction is sent to the bank, it is a commitment by the customer for the transaction to take place. If a TT cancellation or change request is made by the customer, the outcome of such request is dependent on third parties; and any funds transfer, cancellation, refund or amendment is subject to the concurrence of the beneficiary, the beneficiary bank, the correspondents, and/or the agents. The Bank has no responsibility or liability whatsoever should this request be rejected, delayed, or is unsuccessful. The Bank shall not be obliged to furnish any reasons in connection therewith.
Receive money from around the globe through our correspondent banks. You can choose to receive international payments in the currencies USD or EUR.
Simply provide our Swift Code, full bank address and your account information to receive payments.
When funds are remitted to you, do ensure that the correct account information and purpose of payment is given by the remitter, and that correspondent banks recognized by BML are used. All information will be confirmed before funds are credited to your account.
Manage your risk and secure your finances with Letters of Credit.
Letter of Credit, or LC, is a secure method of payment where the bank guarantees that payment will be made to the seller if the conditions detailed in the Letter of Credit are met. The payment will be made once documents which comply strictly with the terms of the LC are presented.
Why use Letters of Credit?
1. What is an International Transfer?
International Transfer [commonly known as a TT or Telegraphic Transfer] is a safe and secure method of sending funds across international borders from one person or entity to another.
2. How can I request for an International Transfer?
Customers can request for this service via Internet Banking, Mobile Banking or by submitting an application to our branches. TT application form is available on our website.
3. Which countries can SWIFT Transfer be sent to?
SWIFT Transfer can be sent to countries except those jurisdictions with an on-going and substantial money laundering and terrorist financing (ML/FT) risks. Countries with on-going and substantial money laundering and terrorist financing (ML/FT) risks are published on FATF website: https://www.fatf-gafi.org . In addition to this the Bank may, at its discretion, take necessary measures to restrict international payments with countries that are designated Special Risk Countries or payments that has a nexus with these countries in compliance with international sanctions, regulations and restrictions and our Correspondent Banks’ requirements. Such changes will be communicated to customers as and when required.
4. Which currencies can International Transfer be processed in?
The service is currently available in five currencies:
• United States Dollar (USD)
• Australian Dollar (AUD)
• Euro (EUR)
• British Pound Sterling (GBP)
• Singapore Dollar (SGD)
NOTE: Transfers made in AUD and GBP on a US public holiday will be processed on the next working day.
5. Is a commission charged for the service?
Yes, applicable charges are published in the Schedule of Charges, available on our website.
6. Can I provide a MVR account to deduct applicable charges?
Yes, you can provide a MVR account to deduct charges.
7. Why does amount credited to beneficiary is less than the amount remitted from the Bank, even if we select the option to debit charges from remitter?
International Transfers are routed through multiple intermediaries/agents. The agent or intermediary may charge additional fees for their service provided to send funds to ultimate beneficiary.
8. Is there a minimum limit to request for International Transfer?
Yes, if requested amount is less than or equivalent to USD 30, the request will be rejected.
9. Is there a maximum limit to request for International Transfer?
There is no maximum limit as long as sufficient supporting documents are provided to verify the request. Supporting documents are listed in the Internet Banking portal when selecting the purpose.
10. What are the minimum beneficiary details required?
At a minimum, we will require the following information:
• Name
• Address
• Account number
• Bank Name
• Bank International Transfer Code (SWIFT or IBAN)
• Bank Address
11. What is a correspondent bank and when are correspondent bank details required?
A Correspondent Bank is an intermediary or agent, facilitating the transfer. For payments above USD500k, you must provide correspondent bank details to process the request. For payments below USD500k, if correspondent bank details are not provided by you, we will route payment via a correspondent bank at our discretion.
12. Does the beneficiary’s country and beneficiary’s bank country have to be the same?
As a due diligence check, it is checked whether the beneficiary’s country and beneficiary bank’s country are the same. In cases where it is different, customers must provide justification with relevant documents [if any] as to why money is being sent to another country.
13. Can I send money to a different currency account [for example; to an Indian Rupees Account] even if I hold a USD account in BML?
Yes, funds will be remitted in USD and credited to beneficiary in INR. The conversion rate applied will be at the discretion of beneficiary bank.
14. At what rate will the beneficiary receive the transferred money?
Is there any way I can see the receiving amount through Internet Banking when I do transactions?
The transfer process includes multiple banks & fluctuating exchange rates which you will not be able to see the rates. However, if you choose Online International Money Transfer service on our Mobile Banking app, you will be able to see the rates before you make the transfer
15. What does the “Purpose of payment” mean?
Purpose of payment describes the reason for requesting a TT or International Transfer. If the request is submitted via Internet Banking/Mobile Banking, you can select the applicable purpose of payment code from the drop down menu.
16. Is “Own Account Transfer” an accepted purpose of payment?
No, own account transfer is not considered as a valid purpose of payment. You need to provide the underlying specific purpose of the fund transfer or the end use of funds as the purpose of payment.
17. Are there any additional documents required with the application?
Documents required will be based on the “Purpose of payment” provided. Adequate documents must be submitted for us to reasonably verify the purpose of payment given.
If the request is submitted via Internet Banking/Mobile Banking, the list of required documents will be displayed once the “Purpose of payment” is selected, eg:
• Trade related payments: Invoice or any other document which verifies the purpose of payment.
• Educational payments: Student Offer Letter / Fee Structure / Passport copy.
• Medical payments: related medical documents and invoices.
18. Should the “Purpose of payment” stated in the request match the information declared to the bank?
Yes, purpose of payment should be in line with the nature of business declared to the Bank and supported by the documents submitted along with the request.
19. Is there a validity for invoices submitted?
The standard validity period is six months unless a specific validity is given in the invoice. If the invoice exceeds six months then we will ask for additional clarification.
20. Are any other additional details required for GBP Payments?
Yes, IBAN/Sort Code is required for GBP payments.
21. Are any other additional details required for AUD Payments?
Yes, BSB Code is required for AUD payments.
22. Are any other additional details required for payments made to EUROPEAN countries,
PAKISTAN, UAE, UK, QATAR, JORDAN?
Yes, IBAN/Sort Code is required if payment is to be made to any of these countries.
23. Are any additional details required for payments made to Singapore, Hong Kong or Taiwan?
Yes, the following details will be required.
-Business/Company: registration number
-Individuals; Passport number/National ID number.
24. Are any additional details required if a TT is made from a Maldivian to a foreigner?
Yes, the relationship to beneficiary and a passport copy of the beneficiary will be required.
25. What additional details are required if payment is made to a jurisdiction with strategic counter ML/FT deficiencies?
A clear purpose of payment and the relationship to beneficiary would be required.
26. Does Bank provide USD support for International Transfer? How can I request for USD support?
Yes. It is at the discretion of the Bank and will vary based on the purpose of payment.
Customers will be given the option to request for USD support from Internet Banking.
27. Can I request for Fedwire payments through Internet Banking?
Yes, customers will have the option to select Fedwire option through Internet Banking/Mobile Banking. Fedwire routing code must be provided to process Fedwire transactions.
28. Can the request be cancelled after submitting a request? What is the process? Customers can send an email to us via Mobile Banking/Internet Banking;
By selecting Service Type: International Banking.
While the Bank will make reasonable efforts to stop or cancel the payment, the Bank will not be liable for any costs, losses or damages for acting in good faith on the customer’s instructions.
29. What are the common reasons for a TT or International Transfer request to be cancelled or rejected?
• Signature differs in the application.
• Supporting documents have not been provided to verify purpose of payment.
• Discrepancies in details given in the TT request and supporting documents.
• Application Form is incomplete [Date, Sign, IBAN, Intermediary etc. not stated]
• Issues in supporting document provided, for example incomplete/missing information, beneficiary name differs from the header of the invoice etc.
• The relationship between the remitter and the beneficiary is not provided.
• USD or MVR account is not provided for the USD sale
• Business transactions initiated from individual/personal accounts.
• Insufficient funds to process the request.
• Correspondent Banking details not provided.
In addition to the above, the Bank at its discretion may decline payment requests if the documents and purpose of payment is not sufficient to reasonably verify the purpose of payment.
30. Can I process payments to a third party?
No.
31. What is an ACU payment and what are the charges involved?
Asian Clearing Union (ACU) is a payment arrangement where the participants settle payments for intra-regional transactions among the participating central banks on a net multilateral basis. Additional Foreign Bank Charges will be required as published on Schedule of Charges. Schedule of Charges is available on our website. Payments to India will only be cleared through ACU.
32. How can I receive a confirmation slip or payment advice once request is completed?
Once the TT is processed, a receipt will be emailed to registered email address.
33. What is the average time taken to credit funds to the final beneficiary?
There is no standard timeline for the process as the transaction screening and internal requirements of the banks varies from bank to bank. In majority of cases, funds will be credited within 2-3 business days.
34. What are the possible reasons for delay in receiving funds to final beneficiary?
The most common reason is due to transaction screening requirements, based on the purpose of payment provided. Additional details may be requested by the correspondent bank/intermediary or beneficiary Bank for further verification.
35. Can customers track payment status through Internet Banking/Mobile Banking?
No. Once the TT has been processed, we will send a receipt to the registered email address. To check on the status of a payment, customers can send a message via Mobile Banking/Internet Banking.
36. How can I submit our queries/complaints regarding International Transfers?
Customers can send a message to the Bank via Mobile Banking/Internet Banking. Selecting Service Type: International Banking.
In addition to above customers are requested to review the International Transfer Terms & Conditions published on our website for applicable Terms and Conditions.
1. Why can I not receive credit to my USD account anymore?
The Bank will no longer allow any credit coming into USD accounts from P2P transfers or withdrawals from digital wallets through Visa Direct, Mastercard Send or similar platforms. All incoming credit from such sources will only be allowed into MVR accounts.
2. What is Visa Direct?
Visa Direct is commonly used by customers to receive funds from online trading platforms/wallets. Mastercard has a similar platform named Mastercard Send.
3. Will I be charged for incoming credit to my MVR account?
Customers using cards with MVR accounts set as the primary account will continue to receive money at no additional charge. The amount received will be credited to the MVR account at the exchange rate of USD 1 = MVR 15.21 set for such transactions.
4. If I cancel a foreign purchase from my USD account and receive a refund, will this be accepted back into my USD account?
Refunds and reversals will be processed into a USD account only if the transaction is processed by the merchant as a refund or reversal, not as a money transfer.
If the merchant processes this as an incoming credit, funds will only be allowed into your MVR account. If your USD account is set as your primary account, the transfer will be declined.
5. How do I change my primary account?
To change your primary account permanently, please send a mail through Internet Banking or for temporary change you can contact us through our contact center.
6. Can I still receive USD via TT into my USD account?
Yes. The change announced applies only to incoming credit from online foreign money transfer platforms such as Visa Direct and Mastercard Send. All incoming TTs to your USD account will continue to be deposited as normal.
7. Does this impact BML Pay?
No, you may continue to send funds from your BML Pay digital wallet.
8. Is this a permanent change?
Yes, this change is permanent.
Internet Banking
BML Rewards
Kindly by BML
USD Booking
Merchant Portal