Where to exchange money in Maldives
Before you set out exploring in Maldives, it's wise to be as prepared as possible for your trip. One important thing is knowing the local currency if it differs from your own and where you can exchange it.
In this article you will discover some of the best currency exchanges in Maldives that you can visit.
We will also introduce Wise - A digital alternative which could save you time and money.
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Currency exchanges in Maldives
If you’re still into the idea of carrying cash around and exchanging it, here are some popular foreign currency exchange locations in Maldives.
One reminder, though: there’s no such thing as fee-free or 0% commission foreign exchange transactions. So, always check the mid-market exchange rate in advance, so you know how much your money’s worth.
| Money Changer | Address | Contact Information |
|---|---|---|
| Sago Money Exchange | 6G5R+9PF, Malé, Maldives | +960 947-7100 |
| Maldives Stock Exchange | H.Gadhamoo (3rd Floor) Boduthakurufaanu Magu, 20066, Maldives | +960 330-7878 |
| Western Union | 5GF7+VJ7, Malé, Maldives | +960 333-2777 |
| Money Exchange My Zone | Chaandhanee Magu, Malé, Maldives | +960 777-5042 |
| NBL Money Transfer Pte Ltd | Gadhamoo, Boduthakurufaanu Magu, Male,, Malé, Maldives | +960 333-5512 |
| Aqsa Forex(Money Exchange) | Lot 10488 Next to Bombay Darbar Restaurant Nirolhu Magu Hulhumale, 23000, Maldives | +960 797-6196 |
| Bank of Maldives Hulhumeedhoo Branch | C66H+J5C, Addu City, Maldives | +960 689-4663 |
| CURRENCY EXCHANGE | 5GG8+XW6, Boduthakurufaanu Magu, Malé 20002, Maldives | +960 980-3481 |
| Unity Exchange Pvt Ltd | M Zaab Fareedhee Magu Male, 20191 Fareedhee Magu, Malé 20191, Maldives | - |
| Currency Exchange | Airport Main Rd, Malé 22000, Maldives | - |
| Marina Exchange | 4FF7+59F, Malé, Maldives | - |
| Currency Exchange | Ground Floor, 20189 Chaandhanee Magu, Malé, Maldives | - |
| inter ocean money exchabge | SP Villa, 20003 Roashanee Magu, Malé, Maldives | +960 779-5456 |
| BML Maafushi | WFQQ+VJF, Maafushi, Maldives | - |
| ALP MONEY EXCHANGE | 20087 Abadhah Fehi Magu, Malé, Maldives | - |
| State Bank of India | Boduthakurufaanu Magu, Malé 20005, Maldives | +960 331-2111 |
| Habib Bank | Thuniya Building, Boduthakurufaanu Magu, Male,, Malé, Maldives | +960 332-2051 |
| Bandaha Financials Pvt Ltd | 5GH6+H42, Chaandhanee Magu, Malé, Maldives | +960 333-8818 |
| Probiz exchange | 5GG9+M26, Filigas Magu, Malé 20013, Maldives | - |
Maldivian rufiyaa rate today
First off, in case you’re wondering something along the lines of “does Maldives use Maldivian rufiyaa?”, the answer is yes. The currency in Maldives — and the rest of Maldives— is Maldivian rufiyaa
You can also find it written as MVR in currency exchange shops.
What you should know about exchanging money in Maldives
When exchanging money in Maldives or any foreign city, it's important to be aware how to get the best deals and avoid excessive charges and hidden fees. If you are planning on staying in Maldives long-term or looking to make a larger investment you could consider opening a local bank account. Otherwise, use the tips below to help avoid getting overcharged.
1. Be wary of 'zero fee' services
Some services claiming 'no commission' often offer poor exchange rates. These may not reflect the mid-market rate, similar to what you'd see when checking the rate on Google. This can lead to higher costs for you and more profits for them.
2. Research the exchange rate
Check what the current exchange rate is so it's easier to spot a bad deal from currency exchanges.
3. Avoid exchanging money at airports or hotels
It may be highly convenient, but airports and hotels will almost always offer poor rates and high transaction fees. Avoid this where possible.
4. Use ATMs strategically
Check if your local bank has partnerships in Maldives banks to avoid unwanted ATM fees. It's becoming less of a requirement, but it can be good to inform your bank before traveling too.
5. Pick local currency on ATMs and card payments
When using an ATM abroad, choose to be charged in Maldivian rufiyaas for a fairer rate and fees. The same applies if you get the option on card machines.
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Other currency exchanges
Bottom line
As you can see, there’s no shortage of options when it comes to exchanging money in Maldives. Don't forget to do your research on the exchange rate before converting your money, and check Wise out if you want a fuss-free alternative to exchanging cash.
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