Swipe adds international account service to users

The Bank of Maldives (BML) has launched an international account service through its digital wallet, Swipe, allowing customers to open international bank accounts and receive money from overseas.

The service enables customers to open international accounts with their own International Bank Account Number (IBAN), making it possible to receive funds from foreign bank accounts.

The international account service is available in US dollars, euros and pounds sterling. Funds transferred from overseas are credited to the customer’s Swipe wallet immediately. BML said no fees are charged for peer-to-peer (P2P) transfers received through Swipe.

BML Chief Executive Officer and Managing Director Mohamed Shareef said customers had been waiting for access to international currency accounts, adding that the service would benefit freelancers, entrepreneurs and businesses working with overseas partners.

“This service will allow customers to open a bank account in a foreign country and receive instant deposits in the same way as a local payment in that country,” Shareef said.

He said the launch marked another step in developing Swipe into a digital payments platform while supporting economic activity and innovation in the Maldives.

BML introduced Swipe earlier this year. The bank said the platform now has more than 20,000 users, while over 3,300 merchants accept payments through the service.

According to BML, Swipe is among the lowest-cost and fastest digital payment services available in the Maldives.