Bank of Maldives Introduces International Accounts via Swipe Digital Wallet to Boost Cross-Border Transactions

The Bank of Maldives (BML) has unveiled a significant enhancement to its popular Swipe digital wallet, enabling customers to receive international funds seamlessly through a dedicated International Account feature. 

The service allows Maldivian users to obtain a unique International Bank Account Number (IBAN) linked to their Swipe wallet, facilitating the receipt of payments from bank accounts abroad in major global currencies.

The International Account functionality supports transactions in US Dollars (USD), Euros (EUR), and British Pounds (GBP), providing users with flexibility to manage funds in multiple currencies without needing separate foreign bank accounts. 

Crucially, once an international transfer is initiated, the funds are credited to the recipient’s Swipe wallet instantly or in near real-time, ensuring rapid access to incoming payments. Furthermore, the Bank confirmed that person-to-person (P2P) transfers conducted within the Swipe ecosystem remain free of charge, reinforcing its commitment to affordable digital finance.

Highlighting the strategic importance of the launch, Mohamed Shareef, CEO and Managing Director of the Bank of Maldives, emphasized its potential impact.

“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 experienced rapid adoption, surpassing 20,000 active users. The platform has also garnered strong merchant traction, with over 3,300 businesses now utilising Swipe for payments, benefiting from instant settlement at some of the most competitive transaction rates available in the Maldives. 

This latest update positions Swipe not just as a convenient local payment tool, but as a growing gateway for Maldivians to participate more effectively in the global digital economy.