When we are planning to go to a foreign country, understanding how much cash to carry in hand and how much to exchange beforehand is a big task. It can be confusing to understand how to get foreign currency. However, put your worries away by reading this article.
What all are accepted Currency in Maldives?
The Maldives has a non-convertible currency – Maldivian Rufiyaa – this cannot be purchased beforehand. One Rufiyaa is 100 Laari and is available in 500, 100, 50, 20, 10 and 5 Rufiyaa notes.
The US Dollar is accepted as legal tender throughout the Maldives. Generally, any change given on a purchase made in US$ will be given in local currency MVR. So, always keep some dollars in cash in Maldives.
ATMs
Most banks represented in Malé provide ATM services. Please be advised that the ATMs only dispense Maldivian Rufiyaa, and that money obtained through ATMs will not be exchanged or repurchased in the currency exchange booth when you leave the Maldives. There are no banks on resort islands nor on many local islands.
Credit/Debit Cards
All major credit and debit cards can be used at resorts, hotels and many shops and restaurants in Male as well as on local islands. I personally used NIYO Global Card which had no extra charges for online transactions or through POS and charge nominal charges for ATM withdrawals. I simply loaded money in Indian Rupees and paid in dollars at the Resort at no extra cost.
Money Exchanges
The Bank of Maldives Foreign Exchange counter, which is located in the Arrival Hall is the most convenient and dedicated foreign exchange counter. Only major currencies are exchanged for the local MVR.
There are some banks like the State Bank of India, Bank of Ceylon, and HSBC located in Male and large inhabited islands where you can exchange money, though keep in mind that bank queues are longer and wait time is quite lengthy.
Things to keep in Mind while coming to Maldives
- When you pay using your local currency, you will be given change in MVR in most of the places so make sure that you carry small denominations of the currency ($) with you.
- Make sure that the money you bring to the Maldives are crisp and clean since the banks there are very particular about their condition and thus, damaged, badly creased, worn out, or defaced notes will be refused.
- Outside the Maldives, Rufiyaa can neither be purchased in advance nor can be exchanged for any other currency after you’ve left the Maldives. Also, Rufiyaa obtained from ATMs won’t be changed back at the currency exchange counter so you wouldn’t want to end up with a lot of remaining Rufiyaas.
- It is better to carry as little as possible and use cards wherever possible. You might get robbed or pick-pocketed, so take precautions.
- If you’re staying in a resort, it’s definitely possible to have a Maldivian vacation without the local currency, or even without any sort of cash at all as your food expenses and other extra costs (like watersports) will be included in the final bill that you’ll be paying using your credit/debit card. So, carry $300 in cash and the rest you can manage with Cards. Carry at least Credit/ Forex card of 2 different banks.
- For those staying at a guest house, even though you will be able to pay for most of the things using credit cards, you might need the local currency for eating in some of the local food joints and restaurants, local transport, and local shops on the inhabited islands. So, carry $500 in cash and the rest you can manage with your Card. In an emergency, you can always use your card to withdraw Cash. Carry at least Credit/ Forex card of 2 different banks.
- Do check out Niyo Global International Travel Card.
Happy Vacations!