Maldivian Rufiya (MVR) is the official currency of the Maldives. But wait for the twist! It is not the best currency to take to the Maldives when travelling from India. This is because Maldives currency is scarcely available for exchange in India, making it an exotic currency and subsequently expensive to purchase in India. In this blog, you will find out the best currency for Indian travellers visiting the Maldives and the best ways to handle forex during travel.
Also Read: Complete Guide to New e-Arrival Card in India
What is the Best Currency to Take to the Maldives?
The best currency to carry to the Maldives is the US Dollars. It is widely available in India at affordable rates. Plus, as it is the most commonly accepted foreign currency globally, you can easily exchange it for MVR in the Maldives for local payments.
Carrying US Dollars as cash or loading them into a Forex card from a trusted provider like ExTravelMoney ensures a smooth and cost-effective trip.
Is Indian Rupees Accepted in the Maldives?
Due to the recent agreements between the RBI and the Maldives government, Indian Rupees shall be accepted in the Maldives for exchanging them with Maldivian Rupiyah. However, US Dollars shall get you better exchange rates than Indian Rupees, due to their global currency nature.
How to Buy Currency for the Maldives Trip in India?
Since US Dollars is the best option for your the Maldives trip, there are several reliable places to buy it in India. Here are the most popular and secure options:
Option 1: Airport Exchange Counters
Indian and the Maldivian airports have exchange counters operated by reputed forex vendors. However, these vendors tend to charge premium exchange rates due to high rental costs at these locations. Travellers often pay these higher rates as they rush to exchange currency before departure. These vendors may exploit this situation.
Option 2: Banks
Most banks in India offer foreign currency services, including for USD. While banks are a trustworthy option, their exchange rates and fees are typically higher, and the processing can be slower as currency exchange is not their primary service offering.
Option 3: Currency Exchange Stores
You can find them in every city, and a number of them near you. Moreover, they offer services at a more competitive rate. However, be careful, as some stores may be fraudulent and try to sell counterfeit currency. So it is best to choose RBI-authorised currency exchange stores.
Option 4: Online Forex Platforms
These are online platforms that act as a forex marketplace where you can explore different service providers near you. ExTravelMoney is one of the very few online forex aggregators with a Pan Indian presence.
At extravelmoney.com, you can compare rates offered by banks and RBI-authorised currency exchange stores close to you online from the comfort of your home, and get your currency delivered to your doorstep, saving your time and money.
Pro Tip: Be sure to monitor the mid-market exchange rate, which is the rate shown on Google. This rate represents the midpoint between the buying and selling prices of two currencies at a given time. Understanding this rate will help you evaluate whether the markup (the extra fee charged by service providers) is reasonable.
Check Today’s Interbank Rates
Is It Better to Pay with USD or Rufiyaa in the Maldives?
US Dollars are accepted in popular tourist areas of the Maldives. However, it is important to note that hotels and restaurants often charge unfavourable exchange rates when you pay in USD. Moreover, local vendors prefer the local currency of the Maldives.
So what is the smart way? Once you reach the Maldives, convert the USD in hand to Maldivian currency and use it for your transactions.
Best Way to Buy Currency for the Maldives Travel from India
Purchase US Dollars as both cash and forex card in a 70:30 ratio to make your payments convenient and safe during your Maldives trip. Ensure to buy forex card and currency while in India.
Currency:
- The Maldives is primarily a cash-based economy. Therefore, carry 70% of your travel budget as cash to make payments at places that do not accept card payments.
- Buy US Dollars from an online forex provider and convert it to Maldivian Rufiya on reaching the Maldives.
Single Currency Forex Card:
- In India, Forex cards can’t be loaded with Maldivian Rufiya. Instead, load it with US Dollars to withdraw MVR from ATMs in the Maldives or use it for card payments in Maldivian Rufiya.
- Carry 30% of your travel budget in a one-currency forex card.
- Forex cards allow you to lock in the USD exchange rate at the time of loading, helping to shield your funds from further exchange rate fluctuations.
- All the payments and withdrawals in the Maldives shall be done in MVR according to the then exchange rate.
- Unlike debit and credit cards, forex cards typically only charge a USD 2-3 fee per ATM withdrawal and incur no other charges.
Also Read: TCS & GST for Foreign Travel Remittances from India Explained
Where to Exchange Currency in the Maldives?
While cards are accepted in hotels and restaurants in Male Atoll, the majority of the places in the Maldives remain cash-based societies. It is advisable to carry enough Maldivian Rufiya for shopping and dining. Here is where you can withdraw or exchange it:
ATMs:
- ATMs are widely available in the Maldives, and they accept forex, debit, or credit cards.
- Use the MasterCard or Visa Locator to find the nearest ATM, and choose ones near banks for easy assistance if needed.
- While Maldivian banks typically do not charge ATM fees, Indian banks and forex providers might, so limit withdrawals and take out larger amounts.
- Always withdraw in Maldivian Rufiya to avoid extra fees and unfavourable rates.
Foreign Exchange Centres:
- They offer competitive exchange rates.
- Only use licensed and authorised centres to avoid scams and high markups.
- Avoid temporarily set-up stalls, as they often sell counterfeit Tenge.
Banks:
- Banks offer reliable exchange rates, but the fees may be slightly higher.
- The procedure might take some time and require you to stand in long queues.
- The working hours for banks are around 8:00 AM to 2:00 PM from Sundays to Thursdays.
Can You Use Indian Debit and Credit Card in the Maldives?
Yes, Indian debit and credit cards can be used at ATMs and POS machines in the Maldives, though international usage fees apply. Inform your bank about your international travel plans to prevent account freezing due to suspected activity.
Debit Cards: Keep them for emergencies, as they often have high foreign transaction fees.
Credit Cards: They are more usable, but also come with significant charges. Confirm all fees with your bank before travelling.
Bank Charges for Using Indian Cards in the Maldives
| Card Type | Charge Type | Fee/Percentage of Transacted Amount |
| Debit Card | Foreign Transaction Fee | 2.5% – 3.5% |
| Currency Conversion Fee | 1% – 2% | |
| ATM Withdrawal Fee | 4% | |
| Credit Card | Foreign Transaction Fee | 3.5% |
| Overseas ATM Withdrawal Fee | Rs. 125 per transaction |
*Check with your bank for the latest fees, as they may vary across banks and card types.
What To Do With Excess Maldivian Rufiya After Travel?
Due to the low demand for Maldivian Rufiya in India, most banks and exchange vendors won’t accept it, making it difficult to sell leftover MVR upon return.
To avoid this, exchange any remaining MVR for US Dollars while still in the Maldives. Once back in India, you can easily sell these currencies through a forex platform like ExTravelMoney.
How Much Cash Can You Take In and Out of the Maldives?
The Maldives Customs Rules: Travellers must declare any Maldivian Rufiyaa or foreign currency exceeding USD 10,000 when entering and exiting the Maldives.1
Indian Customs Rules: Travellers can carry foreign currency up to USD 3000 as cash. On returning to India, they can bring back USD 5000 in cash. The remaining amount (annual LRS limit USD 250,000) can be loaded onto a Forex card.2
For Indian travelers heading to the Maldives, carrying US Dollars is the most practical and cost-effective choice. By preparing ahead and understanding the currency exchange options, you can avoid high fees and make the most of your travel funds. Remember to use trusted forex services like ExTravelMoney for a stress-free experience!
Also Read: How to Save on Currency Exchange – 7 Tips for Indian Travellers
Article Sources:
Ann Mariya Job is the Associate Content Writer at ExTravelMoney.com. Holding a Bachelor’s in Journalism, she excels in creating deeply researched, engaging, and crisp content. Her work helps readers understand the complexities of foreign exchange, overseas money transfers, and international travel.