BML International Transfer: Benefits, Exchange Rates, Processing Time

BML International Transfer

There are two options to make a BML International Transfer- Online and Foreign Telegraphic Transfer (TT). To send money through either of the methods, a Bank of Maldives account holder needs to add the details of the beneficiary on the BML mobile banking app. The financial institution accepts transfers in five currencies. There is no cap on the overall transfer amount provided the documents support the amount. However, the sender can only send MVR 2,00,000 (INR 10,68,804) per day internationally. The bank levies different types of bank fees and exchange rate charges on each transaction. 

How to Make a BML International Transfer?

The Bank of Maldives allows overseas transfer services through the BML Internet Banking Portal and its Telegraphic Transfer (TT) feature. Here are the instructions to send money internationally through this financial institution:

Online International Money Transfer

Listed below are the guidelines for making a BML international transfer online:

  • Login to your BML Internet Banking account
  • Go to the top menu on the portal and select the “Contact” tab
  • Select “Add Contact” 
  • Choose “International” from the drop-down menu on the left
  • Fill in all the mandatory fields and click on the “Add Contact” option at the bottom of the page.
  • After adding the recipient details, initiate the transfer procedure. Go to the saved contact and select the “Transfer” tab.
  • Select the USD account in which you want to make an outward remittance.
  • Choose “Purpose of Payment” from the drop-down menu.
  • Fill out the mandatory fields, after selecting the payment purpose.
  • Upload all the requisite documents.
  • After filling in the details, select the “Review” tab.
  • You will receive an “OTP” code on your registered contact number. Enter the “OTP”.
  • Click on the “Confirm” button to complete the Telegraphic Transfer.

Also Read: Deutsche Bank International Transfer

Telegraphic Transfer (TT)

To make a BML international transfer through TT, the sender needs to add the details of the beneficiary in the same ways as mentioned above. After adding the details, the Bank of Maldives will send money internationally through its Telegraphic Transfer network. 

Transaction Limit

There is no limit on international transfer at the Bank of Maldives as long as the sender provides the required information and documents supporting the transfer amount. However, there is a daily transaction limit. A BML account holder can send up to MVR 2,00,000 (INR 10,68,804) within 24 hours. 

Processing Time

As per the convention and norm, a BML international money transfer is completed within 2-3 business days. The beneficiary can start using the money after 2-3 days of initiating the transfer from this financial institution of Maldives. 

Also Read: Axis Bank International Transfer

Acceptable Currencies

The Bank of Maldives accepts the following currencies for outward and inward remittances in the following currencies:

  • United States Dollar (USD)
  • Euro (EUR)
  • Singapore Dollar (SGD)
  • Australian Dollar (AUD)
  • British Pound Sterling (GBP)

BML International Transfer Charges

The Bank of Maldives and correspondence bank levies the following charges/fees on a BML international money transfer:

For Telegraphic Transfer

For a BML telegraphic transfer, the sender has to bear the following charges:

Types of Charges/FeesAmount
Commission Fee on BML Net BankingMinimum: $7 (INR 574); Maximum:$750 (INR 61,560)
Telegraphic Exchange/SWIFT Charge$15 (INR 1,200)
Correspondence Bank fees for a USD transfer$15 (INR 1,200)
Correspondence Bank fees for transfers in currencies other than USD$45 (INR 3,600)

For Online International Money Transfer

For transactions made through BML Mobile Banking App, the sender needs to pay the following Commission Fees to the Bank of Maldives:

Outward Remittance AmountCommission Fees
Up to $500$5 (INR 410)
Up to $501 to $1,000$8 (INR 650)
Above $1,001$12 (INR 980)

Also Read: HDFC International Money Transfer

Exchange Rates

The exchange rate for a BML international transfer is determined by fluctuations in the foreign exchange market. Tabulated below are the latest exchange rates applicable to an overseas transaction from the Bank of Maldives:

S.NoCurrencySellBuy
1USD15.4215
2SGD11.6711.30
3AUD10.339.87
4GBP19.2718.63
5EUR19.9216.23

FAQs

1. How do I make an international transfer with BML?

The Bank of Maldives account holders can make international money transfers through the Net Banking portal of the financial institution and the Telegraphic Transfer (TT) feature of the bank.

2. What is the maximum international transfer limit in BML?

There is no transaction limit on lifetime transfers but the bank limits the daily international transaction to MVR 2,00,000 (INR 10,68,804). 

3. How long does it take to make overseas transfers with BML?

It usually takes 2-3 days to complete an online and TT international transfer with BML. 

To learn about different types of overseas transfers, stay connected with Fly Finance and Leverage Edu. To seek assistance in sending money internationally, contact our forex team

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