MIB Launches FaisaRemit for Faster, Digital International Money Transfers

Maldives Islamic Bank (MIB) has launched FaisaRemit, a new digital international remittance service that allows customers to send money directly to supported bank accounts and eligible wallets across 15 international destinations through FaisaNet.

MIB said the service is designed to make international money transfers faster, easier and more affordable, particularly for customers sending money abroad to support family members, pay education or medical expenses, make personal transfers or complete other permitted international payments.

The service is fully digital, allowing customers to create beneficiaries and initiate transfers through FaisaNet without having to visit a bank branch. MIB said most transfers are credited near instantly or within the same day, although some transactions may take up to two days depending on the destination and whether additional review is required.

Customers can send between USD 50 and USD 5,000 per transaction, subject to applicable requirements and limits. The service supports transfers to both bank accounts and eligible digital wallets across 15 international destinations.

MIB said FaisaRemit also provides customers with greater transparency before a transfer is completed. Customers can view the amount the beneficiary will receive, the corresponding USD amount, applicable fees and the total amount to be debited before confirming the transaction.

MIB describes FaisaRemit as a low cost option for small international remittances, with customers able to see the applicable costs before completing a transaction.

The launch expands MIB’s digital banking services through FaisaNet, the bank’s internet banking platform. MIB also provides international transfer services through other channels, including SWIFT transfers through its digital banking services.

With FaisaRemit, MIB said customers can now handle eligible international remittances digitally without the need for a branch visit, providing a more convenient option for routine cross border payments.