Maldives Islamic Bank (MIB) has introduced FaisaRemit, a new digital international remittance service aimed at making overseas money transfers faster, more convenient and more transparent for customers.
The new service is available through MIB’s online banking portal, FaisaNet, allowing customers to make international payments without having to visit a physical bank branch.
Through FaisaRemit, customers can transfer money directly to supported bank accounts and eligible mobile wallets in 15 international destinations. The service is designed to accommodate a range of permitted international payments, with customers able to send between USD 50 and USD 5,000 per transaction, subject to applicable regulatory requirements and limits.
Speed is one of the key features of the new digital service. MIB said most transfers are expected to reach recipients almost instantly or within the same day. However, depending on the destination country, receiving institution and relevant regulatory requirements, some transactions may take up to two days to process.
The platform also provides customers with greater clarity over the cost of each transfer before it is confirmed.
Before completing a transaction, users can see the applicable transaction fees, live exchange rate, the exact amount being sent in US dollars and the final amount that will be received by the beneficiary. This allows customers to know the full cost and expected payout before approving the transfer.
FaisaRemit currently supports transfers to Australia, Bangladesh, China, India, Indonesia, Malaysia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, the United Kingdom, the United States and Vietnam.
MIB said the destinations, local currencies and available payout methods will depend on real-time operational availability.
The launch of FaisaRemit marks another step in MIB’s efforts to expand its digital banking ecosystem and provide customers with more accessible financial services.
By bringing international remittances directly to its online banking platform, the service enables customers to complete overseas transfers remotely while offering faster processing and greater transparency over exchange rates, fees and beneficiary payouts.
