Bank of Maldives (BML) has launched an Online International Money Transfer service that allows customers to transfer money overseas using their mobile smartphones.
The Online International Money Transfer service was introduced as part of BML’s commitment to invest in technology that makes banking easier for customers. It allows BML customers to send USD 3,000 per day using BML’s MobilePay app.
According to BML, customers are required to download the app and register in order to send money to authorised overseas cash agents, bank accounts and/or digital wallets across a wide network of participating countries. The participating countries focus on those most frequented by Maldivians for studies, medical visits and tourism.
BML hopes to appeal to and make transactions more convenient for resort employees and expatriates who have had no alternative but to visit a bank branch or other financial services provider to transfer money abroad.
With transaction costs starting from USD 5, Online International Money Transfer offers the most attractive pricing in the Maldives. The service also allows for faster processing times than conventional money transfers.
Speaking during the official launch of the service, BML's Deputy CEO & Director of Operations, Mohamed Shareef, commented stating that Online International Money Transfer allows customers to conveniently pay university fees or attend to medical costs of those abroad from the comfort of home.
The transaction costs for Online International Money Transfer start at USD 5.
With the launch of the new service, BML pledges faster processing of transactions to its customers.
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