Bank of Maldives (BML) has unveiled new features for its digital wallet, Swype, allowing customers to open international accounts and receive foreign currency transfers directly. Through this update, users can generate their own International Bank Account Number (IBAN), facilitating seamless inward transfers from overseas accounts.

The international account service supports major currencies including US Dollars (USD), Euros (EUR), and British Pounds (GBP). BML confirmed that funds from international transfers will be credited instantly to the user’s Swype wallet, offering a significant advantage for those requiring quick access to foreign funds. Additionally, the bank announced that no fees will be charged for peer-to-peer (P2P) transfers within the Swype platform.

BML CEO and Managing Director, Mohamed Shareef, stated that the introduction of international payment capabilities was a highly anticipated feature. He highlighted that this development would provide substantial benefits to freelancers, independent entrepreneurs, and businesses engaged with international partners.

“This service allows our customers to hold what functions like a local bank account in foreign jurisdictions, with payments settling instantly as if they were local transactions,” Shareef said. “This is a pivotal step in establishing Swype as a comprehensive digital payment platform and supporting the Maldives’ evolving economic and creative landscape.”

Since its launch earlier this year, Swype has grown to serve over 20,000 customers and more than 3,300 merchants. It currently stands as one of the most cost-effective and fastest digital payment settlement services available in the Maldives.