There are good number of expatriates working in Maldives and they need to send money home. There are different ways to send money to your home country. Different methods have advantages and disadvantages, but you need to decide which method you should opt.
- Demand Draft
- Telegraphic Transfer
- Western Union
- Money Gram
- By Cash
Demand draft is the most preferred method for most of the expatriates working in Maldives. The commission rate is less and you can request for a DD in your local currency. The disadvantage of this method is that you need to send the DD to your bank or home by post or somebody travelling to your home country.
Telegraphic transfer is fast and you get the funds credited within 24 to 72 hours depending on the bank and working days. To send money through TT, you need to know your banks, correspondent bank, SWIFT code which you can get from your bank in your country. The disadvantage of this method is that you need to pay more commission for the transfer
Western Union in Maldives is most preferred for people who need to send money to their country in minutes and the commission is very less. The biggest advantage is the receiver get the money in minutes. You need to inform the receiver, the secret transaction number which the receiver needs to provide to claim the money. The process is very simple, just go to the Western Union office and fill up the form. You can pay either in US$ or MRF.
Money Gram is similar to Western Union, the only difference I see is that in Money gram, the funds are transferred to a particular branch and in Western Union, you can collect from any branch. Money Gram Facility is available in Maldives Post Office
Sending money by cash is a risky way, but sometimes we need to do that. You need to buy US Dollars or Euros for this purpose.
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Kishore Asokan.About Kishore - I have been working on different online projects for some time now. Making money online is my biggest challenge and to some extend I have succeeded. Visit Kishore Asokan's website to find out more.. Read other articles writtern by Asokan Kishore
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EVEN SBI OFFERS A FAST AND INSTANT MONEY TRANSFER DIRECLY TO ANY BANK ACCOUNT IN INDIA WITHOUT ANY MANUAL INTERVENTION. ( TO ACCOUNTS IN ALL BRANCHES IN INDIA THAT ARE ON RTGS PLATFORM– ALMOST ALL BRANCHES OF INDIAN BANKS THAT R ON CBS ARE ON RTGS PLATFORM)
@anuj, but when we need to transfer money from Maldives to India, we need to do using Telegraphic Transfer. Are you sure that this can be done through the branch of SBI in Maldives
Dear Kishore can you tell me how to send money from India to Pakistan??? i will wait for you reply thank you.
Aslam, I think you can send money from India, only through Banks
and through banks possible if that bank exists in both countries or from one bank to another is possible??