The Maldives is one of the more challenging countries to send money to. This is mainly due to a lack of good options. Fortunately, a few of the most ubiquitous international money transfer services in the world are present in the Maldives, and they have you looked out for.
The current exchange rate for the Maldivian Rufiyaa (MVR) is 15.380378 MVR per American Dollar (USD) as of the time this was written. The MVR reached a high of 15.4150 MVR per USD and a low of 15.3650 MVR per USD during the last 90 days. The average exchange rate for the last 90 days was 15.3895 MVR per USD.
The average volatility rate for the MVR against the USD was 0.72% for the last 90 days. This is a high volatility rate which has grown worse recently. You can reasonably expect large fluctuations in exchange rates to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to the Maldives is through Western Union’s fast option. With Western Union’s fast option, you can expect your money to reach its Maldivian destination in a matter of minutes. Cash pickups are the fastest and easiest method to organize, while bank transfers take longer. The main downside to Western Union’s fast option is the fact that it is more expensive than most of the competition. You can always expect to pay more with Western Union.
The cheapest way to send money to the Maldives is through MoneyGram’s slower option. MoneyGram charges small upfront fees for each transfer, but they make more of their money through hidden currency conversion markups. Regardless, when both of these factors are considered, you save when you use MoneyGram to send money to the Maldives.
The easiest way to send money to the Maldives is through Payoneer. With Payoneer, you can choose between one of several money transfer methods to suit your needs. We recommend you use Payoneer to send money to the recipient’s debit card, which offers greater convenience and security when compared to other methods. With this method, the recipient can withdraw the money right away upon the transfer’s completion. You can also opt to send your Payoneer balance to the recipient’s bank account if that suits you better. Keep in mind that Payoneer is a diverse and adaptable method for holding money and sending it abroad. Feel free to find out more about the services they offer and how they may suit your needs.
For the sake of simplicity, Western Union is the overall best way to send money to the Maldives. Western Union is a tried and tested company that delivers money across the globe. Using Western Union to send money to the Maldives is easy for both yourself and the recipient.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com