Maldives Islamic Bank (MIB) has launched "FaisaRemit," a new service designed to provide its customers with a seamless way to transfer funds to various countries across the globe.
The service was introduced to enable customers to send money abroad conveniently from any location, eliminating the need to visit a physical bank branch.
According to MIB, the service is integrated into its digital banking platform, "FaisaNet," allowing direct transfers to bank accounts and electronic wallets in 15 countries worldwide.
The bank noted that FaisaRemit will offer convenience for customers sending money for family support, educational expenses, and other authorized purposes abroad.
Under the new service, the minimum transfer amount is set at USD 50, while customers can send up to a maximum of USD 5,000 per transaction.
A primary objective of the service is to ensure speed; most transactions will be credited to the recipient's account instantly or within the same day. However, MIB stated that depending on the destination country and the policies of the receiving bank, some transactions may take up to two business days to complete.
To ensure transparency and build customer confidence, the system is designed to display all transaction details upfront. MIB confirmed that customers will be able to see the exact amount the recipient will receive, the applicable exchange rate, and the service fees before confirming the transaction.
The countries currently supported by the service include Australia, Bangladesh, China, India, Indonesia, Malaysia, Nepal, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, the United Kingdom, the United States, and Vietnam.
MIB further noted that the list of supported countries, available currencies, and payout methods are subject to change based on available options at any given time.
