Currency in Maldives: MVR Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Maldives with the Maldivian rufiyaa.
What's in this Maldives currency guide?
What currency is used in Maldives?
The official currency of Maldives (country code: MV) is the Maldivian rufiyaa, with symbol .ރ and currency code MVR.
Loading rates...
|
|
|
Frequently Asked Questions
What currency should I use in Maldives?
The domestic currency in Maldives is the Maldivian rufiyaa.
What is the Maldivian rufiyaa currency code and symbol?
The three letter currency code for the Maldivian rufiyaa is MVR — symbol is .ރ.
Which countries use the Maldivian rufiyaa?
It is the domestic currency in Maldives.
Is the Maldivian rufiyaa a closed currency?
No, the Maldivian rufiyaa is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and MVR?
Here are some popular conversion amounts for USD to MVR (US dollar to Maldivian rufiyaa)*.
*Converted at the current USDMVR interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the Maldivian rufiyaa
The Maldivian rufiyaa (MVR) is the official currency of the Maldives, an island nation located in the Indian Ocean. Here are a few things to know about the Maldivian rufiyaa:
- The Maldivian rufiyaa is abbreviated as MVR and is divided into 100 laari.
- The Maldives Monetary Authority is responsible for issuing and regulating the Maldivian rufiyaa.
- The exchange rate for the Maldivian rufiyaa is determined by supply and demand in the foreign exchange market.
- The Maldives has a largely tourism-based economy, with a significant portion of the country's GDP coming from the tourism industry. The country is also a major producer of fish and has a growing manufacturing sector.
- The Maldivian rufiyaa has been relatively stable in recent years, but the currency has faced challenges due to economic challenges such as high inflation and a large trade deficit. In addition, the Maldives has faced political instability and conflict, which have also had an impact on the value of the Maldivian rufiyaa.
Travel money for Maldives
Using Wise for Maldivian rufiyaa travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Maldivian rufiyaa otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Maldivian rufiyaa cash before departure, you can save money by ordering online. You generally get better rates and can pick up the MVR cash locally or even on travel day at the airport.
Maldives: Travel Guide
Traveling to Maldives requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Maldives is a tropical nation in the Indian Ocean composed of 26 atolls, which are made up of hundreds of islands. It's known for its beaches, blue lagoons and extensive reefs. The capital, Malé, has a busy fish market, restaurants and shops on the main street, Majeedhee Magu, and 17th-century Hukuru Miskiy (also known as Old Friday Mosque) made of coral. Male' is also home to the Grand Friday Mosque.
Best things to do and see in Maldives
The best things to do in Maldives include relaxing on the pristine beaches, exploring the underwater world, and spending time in the capital city of Male.
Top Travel tips for Maldives
-When travelling to Maldives, it is important to remember that the country is made up of a large number of small islands. This means that transport options are limited and most visitors will need to take a boat or plane to reach their destination.
-Maldives is a Muslim country and visitors should respect local customs and traditions. Dress modestly when visiting mosques and other religious sites.
-The best time to visit Maldives is between December and April when the weather is dry and sunny. The monsoon season runs from May to November and can see heavy rains and strong winds.
-Maldives is an expensive destination and visitors should budget accordingly. Accommodation, food and activities will all cost more than in other parts of the world.
-There are no ATMs on many of the smaller islands in Maldives so visitors should bring enough cash to last their entire trip. US dollars are widely accepted.
-Most visitors will need to apply for a tourist visa before travelling to Maldives. This can be done online or at the Maldives Embassy.
Is it safe in Maldives?
Yes. Maldives is a very safe and secure destination. There is a minimal crime rate and the police force is very efficient.
USD/MVR Market Data
The below interactive chart displays the USD/MVR change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Maldives - Best Rates
To get a good (and fair) exchange rate when sending money to Maldives you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Maldives
When sending money to Maldives it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Maldivian rufiyaa amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted MVR amount will be transfered to the recipient account you specify in Maldives.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Maldivian rufiyaa deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Maldives
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Maldivian rufiyaa currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the MVR exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Maldivian rufiyaa bank account: A local MVR bank account can make it easier for you to manage your finances and pay bills while you are in Maldives. It may also be more convenient to use a local MVR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Maldives. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Maldives. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Maldives, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Maldives.
What is the cost of living in Maldives?
The cost of living in Maldives is relatively high. Expenses such as food, transportation, and housing can be expensive. However, the cost of living can vary depending on the city and island you choose to live on.
How is the expat life in Maldives?
The expat life in Maldives is full of adventure. There are many things to do and see in Maldives. The people are friendly and the weather is perfect.
Any laws in Maldives that foreigners should be aware of?
It is against the law to import, sell, or consume alcohol in Maldives. It is also against the law to wear bikinis or other revealing clothing in public.
What is doing business like in Maldives?
The Maldives are an archipelago of several thousand islands located in the Indian Ocean. They are a democratic republic, and the government is stable. The economy is largely dependent on tourism, and most businesses are geared towards serving tourists. The business environment is generally favorable, but there are some challenges, such as infrastructure constraints and a lack of skilled labor.
How is the economy in Maldives?
The economy in Maldives is service-based with a few natural resources. The majority of the GDP comes from tourism, with about 1.4 million visitors each year. The country also has a fishing industry and some agriculture. The per capita GDP is about $12,000.