Bank of Maldives (BML) has brought changes to its incoming credit process to USD accounts, from online overseas money transfer platforms.

In a statement, BML said that it will not allow incoming credit to its USD accounts through Visa Direct, Mastercard Send or other similar platforms, from Wednesday.

Following this, withdrawals from foreign digital wallets or any peer-to-peer transfers through these platforms will only be allowed into MVR accounts, said the national bank.

Visa Direct and such platforms are often used by individuals to receive funds or to make withdrawals from online trading platforms and digital wallets to USD accounts

Further noting that “withdrawals can continue to be made” despite the change, the bank said that this will only be to MVR accounts.