Bank of Maldives revealed that, starting Wednesday, the bank will no longer be allowing incoming credit to its USD accounts through Visa Direct, Mastercard Send or other similar platforms.
With the changes to the bank's process on incoming credit to USD accounts from online foreign money transfer platforms, BML stated that withdrawals from foreign digital wallets or any peer-to-peer (P2P) transfers through these platforms will only be allowed into MVR accounts.
Visa Direct and similar platforms are often used by individuals to receive funds or to make withdrawals from online trading platforms and digital wallets to USD accounts.
"While withdrawals can continue to be made, this will only be to MVR accounts", the bank added.
The national bank, BML, operates a network of 38 branches across 20 atolls, 58 Self Service Banking Centres, 121 ATMs, and over 200 agents and a full suite of Digital Banking services.