MALDIVES CURRENCY, MONEY AND EXCHANGE

The currency of the Maldives is the Maldivian Rufiyaa (MVR), denoted by the symbol “ރ.” The Maldivian Rufiyaa is the official legal tender for all transactions within the country. While some establishments, especially those catering to tourists, may accept major foreign currencies like US dollars and euros, it’s advisable to use the local currency for most transactions to avoid potential exchange rate discrepancies.

Currency Denominations:

  • The Maldivian Rufiyaa is subdivided into smaller units known as “laari.” One Rufiyaa is equivalent to 100 laari. Coins are available in denominations of 1, 2, 5, 10, 25, and 50 laari, as well as 1 and 2 Rufiyaa. Banknotes are issued in denominations of 5, 10, 20, 50, 100, 500, and 1000 Rufiyaa.

Exchanging Money:

  • Banks: Banks and authorized currency exchange counters are the most reliable places to exchange foreign currency for Maldivian Rufiyaa. Major currencies such as US dollars, euros, British pounds, and Japanese yen are commonly accepted for exchange. Banks typically offer competitive exchange rates, and some may charge a nominal fee or commission for currency conversion.
  • Resorts and Hotels: Many resorts and hotels in the Maldives provide currency exchange services for their guests. However, exchange rates at resorts may be less favorable compared to banks, and guests should inquire about applicable fees or surcharges before exchanging money.
  • ATMs: Automated Teller Machines (ATMs) are widely available in Malé, the capital city, and popular tourist areas. ATMs allow travelers to withdraw Maldivian Rufiyaa using major international credit or debit cards. However, it’s advisable to check with your bank regarding international transaction fees and notify them of your travel plans to prevent card issues.

Credit Cards and Payment Methods:

  • Credit and debit cards, particularly Visa and Mastercard, are widely accepted at hotels, resorts, restaurants, and larger establishments in the Maldives. However, smaller shops, local markets, and guesthouses may prefer cash payments in Maldivian Rufiyaa.
  • Travelers should inform their banks of their travel plans to avoid card blocks or fraud alerts while using cards abroad. Additionally, it’s wise to carry some cash for transactions in remote or less touristy areas where card acceptance may be limited.

Tips for Handling Money in the Maldives:

  • Currency Conversion: Familiarize yourself with the current exchange rates to ensure fair and accurate currency conversion during transactions.
  • Carry Sufficient Cash: While credit cards are widely accepted, having a sufficient amount of Maldivian Rufiyaa for small purchases, tips, and transactions in local markets can be convenient.
  • Security Measures: Exercise caution when carrying cash and valuables, particularly in crowded or touristy areas. Use hotel safes or secure lockers to store important documents and excess currency.
  • Budgeting: Plan your expenses in advance and budget accordingly to avoid overspending and unnecessary currency exchange fees.