The Bank of Maldives (BML) has unveiled the international account feature within its home‑grown digital wallet, Swipe, giving Maldivian customers the ability to open overseas‑style bank accounts and receive foreign‑currency transfers instantly and free of charge.
Through the new service, users can create an account equipped with an International Bank Account Number (IBAN) denominated in USD, euros or British pounds. Once a transfer is initiated from a foreign bank, the funds are credited to the customer’s Swipe wallet in real time, eliminating the usual delays associated with cross‑border remittances.
The bank emphasised that person‑to‑person transfers made via Swipe incur no fees, positioning the platform as a cost‑effective alternative for freelancers, entrepreneurs and small‑business owners who regularly receive payments from abroad.
“Many people have been waiting for a simple, affordable way to receive international payments,” Mohamed Shareef, CEO and Managing Director of BML said.
“With this feature, customers can now open an official bank account in a completely different country, thereby strengthening Swipe as a comprehensive and inclusive tool for digital transactions. This will further boost and encourage economic activity and innovation across the nation.”
Since its launch earlier this year, Swipe has amassed more than 20,000 active users. The platform’s growing credibility is reflected in the uptake by merchants, with over 3,300 businesses now accepting Swipe payments for goods and services.