1. What is the official currency of Maldives?

The official currency of Maldives is the Maldivian Rufiyaa (MVR).

2. Are there any restrictions on foreign currency transactions in Maldives?

Yes, there are restrictions on foreign currency transactions in Maldives. The Maldivian Rufiyaa (MVR) is the official currency and all transactions within the country must be conducted in MVR. However, some major hotels and tourist establishments may accept payments in USD or Euros.

In addition, there are limits on how much local currency can be brought into or taken out of the country. In most cases, individuals are allowed to bring in up to MVR 30,000 and take out up to MVR 50,000 without declaring it. Anything above these amounts needs to be declared at customs.

There are also restrictions on converting MVR back to foreign currency. Non-residents can only convert up to $1,000 per person per week for personal expenses. Any amount above this must be supported by valid documents such as receipts or bank statements showing that the funds were originally acquired in USD or another foreign currency.

Non-residents may also face difficulties transferring large sums of money out of the country due to strict guidelines set by the Maldives Monetary Authority (MMA), the central bank of Maldives. All transfers above $100,000 or its equivalent require approval from the MMA.

It is advisable to consult with a local bank or financial institution for further information and guidance regarding foreign currency transactions in Maldives.

3. What is the current exchange rate for local currency to US dollar in Maldives?

According to the latest data from the Central Bank of Maldives, as of 18th April 2021, the exchange rate for local currency (Maldivian rufiyaa – MVR) to US dollar (USD) is approximately MVR 15.42 to USD 1. However, this exchange rate may vary depending on the particular institution or method used for currency exchange. It is recommended to check with local banks or money changers for the most accurate and updated exchange rates.

4. Is it better to use cash or credit cards for purchases in Maldives?

It is generally advised to use local currency (Maldivian Rufiyaa) for smaller purchases in shops or markets. However, most resorts and higher-end establishments will accept major credit cards such as Visa, Mastercard, and American Express. It is always a good idea to have a small amount of cash on hand for tipping or small purchases. You can also exchange currency at the airport upon arrival or at banks in Male, the capital city.

5. Do businesses in Maldives typically accept US dollars or do they prefer local currency?

Businesses in Maldives typically prefer local currency, which is the Maldivian Rufiyaa (MVR). While some businesses may accept US dollars, it is always best to have local currency on hand when making purchases. Some tourist areas and larger hotels may also accept major international currencies like US dollars or Euros, but it is always recommended to check beforehand. ATMs are widely available in Maldives and dispense local currency.

6. Are there any hidden fees or charges when exchanging money in Maldives?

Yes, there may be hidden fees or charges when exchanging money in Maldives. It is important to ask the exchange rate and any additional fees before making a transaction. Additionally, some places may charge a commission fee for exchanging currency. It is advisable to do your research and compare rates at different exchange locations to avoid any hidden fees or charges.

7. Can I use ATMs from my home country bank in Maldives to withdraw money?

This depends on the specific ATM and your home bank’s policies. It is always best to check with your home bank before traveling to see if they have any partnerships or agreements with banks in Maldives that may allow you to use their ATMs without additional fees. If not, you may still be able to withdraw money from the ATM, but you may incur international transaction and currency conversion fees. Additionally, some ATMs in Maldives may only allow withdrawals from local banks, so it is important to inquire about this as well.

8. Is it necessary to tip service workers and what is the customary amount in Maldives?

It is not necessary to tip service workers in the Maldives, as a service charge is usually included in the bill for most hotels and restaurants. However, if you are particularly satisfied with the service you received, you may choose to leave a small tip of around 10-15% of the bill as a gesture of appreciation. It is also common to leave a small tip for room attendants at hotels, usually around $5-$10 per day.

9. Can I purchase traveler’s checks before traveling to Maldives, and are they widely accepted?

Yes, it is possible to purchase traveler’s checks before traveling to Maldives. However, they are not widely accepted as a form of payment in the country. It may be more practical to bring cash or use a credit or debit card while in Maldives.

10. Are there any restrictions or limits on bringing foreign currency into or out of Maldives?

According to the Maldives Customs Service, there are no restrictions or limits on the amount of foreign currency that can be brought into or taken out of the country. However, travelers are required to declare any amount exceeding USD $20,000 or its equivalent in other currencies. Additionally, it is recommended to carry a reasonable amount of cash as credit cards may not be accepted in all areas of the country.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Major hotels and restaurants in Chennai generally accept credit cards, with Visa and Mastercard being the most commonly accepted types. American Express and Diners Club are also accepted but may be less widely used. It is always a good idea to check with the specific hotel or restaurant beforehand to ensure they accept your preferred credit card type.

12. Are there any unique features of the currency used in Maldives, such as coins with different values or special designs?

Yes, the currency used in Maldives is the Maldivian Rufiyaa (MVR) and it has some unique features:

1. The currency is issued in both banknotes and coins. Banknotes come in denominations of 500, 100, 50, 20, 10 and 5 Rufiyaa.

2. There are two types of coins in circulation – stainless steel coins for smaller denominations (1 Rufiyaa and below) and bi-metallic coins for larger denominations (2 and 5 Rufiyaa).

3. The bi-metallic coins have a special design – they feature a stylized design of Dhivehi laa or the traditional Maldivian boat on one side, while the other side shows the denomination.

4. Each coin has its own unique shape – the 1 Rufiyaa coin is round, while the other three denominations are polygonal with different numbers of sides.

5. The values of the coins are also uniquely engraved on each coin with Dhivehi digits, making them easily identifiable for locals.

6. On rare occasions when a coin cannot be used due to damage or loss of value (for example, if a portion of it is missing), shopkeepers may cut or drill holes into them to indicate their unusable status.

7. The overall look and design of the currency showcase Maldivian culture and traditions – including images of local flora and fauna such as coconut palms, heron birds, turtles and dolphins.

8. The currency notes also have security features incorporated into their design to prevent counterfeiting – these include embedded threads that glow under ultraviolet light, watermarks featuring an image of Iruvai (north-east monsoon) clouds running parallel across it.

9. Additionally, there are braille dots on all banknotes allowing visually impaired people to identify their value by touch alone.

10. Due to its low value compared to other currencies, the MVR is not widely recognized or accepted outside Maldives, making it a unique currency that is mostly used within the country.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

It is often acceptable and expected to haggle when making purchases in markets and smaller shops. However, it is important to be respectful and avoid being overly aggressive or disrespectful towards the seller. It’s always a good idea to start with a reasonable offer and negotiate from there.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

As long as the vendor accepts both local currency and US dollars as payment, you should be able to pay with a mix of both. However, the specific rules may vary depending on the country or the vendor’s policies. It is always best to check with the vendor beforehand to confirm their accepted forms of payment.

15. What is the most convenient way to exchange money while traveling through different regions of Maldives?

The most convenient way to exchange money while traveling through different regions of Maldives is to use an ATM or currency exchange service. Many resorts and major tourist areas will have ATMs available, but it is always a good idea to check with your bank beforehand to ensure your debit or credit card will work in the Maldives. It is also recommended to exchange some money into the local currency (Maldivian Rufiyaa) upon arrival for smaller purchases and tips.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Maldives?

Yes, mobile payments and digital wallets are becoming increasingly popular in Maldives. Some of the major mobile payment options are BML MobilePay, Ooredoo m-Faisaa, and Dhiraagu Pay. These allow users to make payments and transfers using their smartphones. Additionally, online payment platforms such as PayPal and Skrill are also commonly used.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Maldives?

In Maldives, tipping is not expected or required in most places. However, in some luxury resorts and hotels, a 10% service charge may be added to the final bill. At spas or salons, a small tip of 5-10% may be appreciated for exceptional service. Tipping taxi drivers is not necessary, but if you feel like it, rounding up the fare to the nearest whole number would be considered generous. It is always a good idea to check with the establishment beforehand to see if they have a policy on tipping.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Maldives?

Yes, tourists can receive tax refunds on their purchases at certain stores known as “duty-free shops” before leaving Maldives. These stores are exempt from charging local taxes, and tourists can claim a refund of those taxes on eligible items purchased at these locations.

19..How should I handle my leftover foreign currency when departing from Maldives, including coins and smaller bills?

When departing from Maldives, you should exchange your leftover foreign currency back to your home currency at the airport or at a bank before leaving the country. Many airports in Maldives have currency exchange booths where you can exchange your remaining foreign currency.

If you have small amounts of coins, you can either spend them at duty-free shops or souvenir shops in the airport before departing, or donate them to a charity box. Some airports may also have donation bins specifically for leftover foreign coins.

If you are unable to exchange or spend your leftover foreign currency and do not want to donate it, you can keep it as a souvenir. However, note that it may be difficult to use these smaller bills and coins in other countries, so it is best to exchange them if possible.

It is important to check with the customs regulations of your home country regarding bringing in foreign currency before departing from Maldives. Some countries have restrictions on the amount of foreign currency that can be brought in without declaration.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Maldives each day?

Yes, there is a daily limit on ATM withdrawals in Maldives. The exact limit may vary depending on the bank or ATM, but it typically ranges from 10,000 to 20,000 Maldivian Rufiyaa (MVR) per day. This is equivalent to approximately $650 to $1300 USD. You may also be subject to your own bank’s daily withdrawal limit on international transactions. It is best to check with your bank before traveling to ensure that you can access enough local currency during your trip.