BML Launches Convenient Online Platform for Mandatory Tourism Sector Exchanges

Bank of Maldives (BML) has unveiled a streamlined online platform for mandatory foreign currency exchanges, catering to resorts, hotels, guesthouses, and other tourism-related businesses. The service, accessible through the bank’s Internet Banking platform, complies with the Foreign Currency Act (32/2024) and MMA Foreign Currency Regulation (2024/R-91).

The new “Mandatory Exchange” feature allows businesses to exchange foreign currencies conveniently, ensuring regulatory compliance while providing a comprehensive activity report to monitor transactions.

With USD exchanges available at a fixed rate of MVR 15.42, this initiative aims to simplify currency management for the tourism sector, which is required by law to exchange foreign currency with commercial banks.

Simplifying Compliance for the Tourism Sector

Under the Foreign Currency Act and MMA regulations, all businesses registered for Green Tax with the Maldives Inland Revenue Authority (MIRA)—including resorts, guesthouses, hotels, and liveaboards—are obligated to exchange foreign currency through banks.

BML’s new service offers two key options:

• Online Transactions: The Internet Banking feature enables businesses to exchange foreign currency 24/7 from a web browser.
• Cash Transactions: Dedicated branch counters provide support for cash-based exchanges without additional fees.

Key Benefits of the Online Platform

The Internet Banking platform simplifies the process for tourism operators by:

• Enhancing Convenience: Businesses can exchange currency anytime, reducing the need for branch visits.
• Ensuring Compliance: The system guarantees adherence to legal requirements.
• Providing Insights: Detailed activity reports help businesses monitor and review all transactions.

To initiate online exchanges, businesses must input details such as the exchange amount, establishment name, Tax Identification Number (TIN), reference period, and optional remarks.

No Additional Fees for Branch Transactions

For businesses opting for cash transactions at branches, BML assures there are no extra charges, such as small denomination or counter fees. Businesses need to complete the “Cash Deposit Slip – Mandatory Foreign Exchange” form before visiting a branch that handles cash transactions.