BML enables international payments through Swipe IBAN accounts

Bank of Maldives has highlighted the International Accounts capability available on its digital wallet, Swipe. Maldivian customers can open an International Account with a unique International Bank Account Number (IBAN), enabling them to seamlessly receive funds from bank accounts abroad.

International Account services are available in USD, EUR, and GBP, giving customers the flexibility to transact in multiple currencies. Upon processing of an international transfer, funds are credited to the customer’s Swipe wallet instantly or in near real time, ensuring fast and convenient access to incoming payments. Person-to-person transfers are offered free of charge.

The Bank’s CEO and Managing Director, Mohamed Shareef, stated: “The ability to receive international payments is a highly anticipated feature that will significantly benefit our customers, particularly freelancers, entrepreneurs, and businesses engaging with international partners. With this feature, customers can now hold a legal bank account in another country. This strengthens Swipe as a comprehensive digital payment platform while supporting economic activity and innovation across the Maldives.”

Since its official launch earlier this year, Swipe has grown to more than 20,000 users, rapidly gaining traction among BML customers for its seamless payment experience. With over 3,300 merchants benefiting from instant settlement at one of the most competitive transaction rates in the country, Swipe has established itself as a preferred digital payment solution in the Maldives.