If you are traveling from the US to the Maldives, you might be wondering about currency. Are US dollars accepted in the Maldives?
Yes, US dollars are accepted in the Maldives. You will not need to exchange US dollars for Maldivian rufiyaa. As with any vacation, be sure to be mindful of your money and make sure it is secure when in public.
The US State Department’s latest travel advisory for the Maldives issues the crime threat level for the Maldives as “moderate”, but does say that crime on the resort islands is rare (source). Many travelers prefer to use money belts, neck wallets, and anti-theft purses when traveling abroad to help reduce the chances of pick-pocketing and purse snatching.
What Is the Official Currency of the Maldives?
The Maldivian rufiyaa, the official currency of the Maldives, comes from the Sanskrit word “rupya,” which translates into “wrought silver.” RF represents the currency’s sign while MVR stands for the currency’s code. The coin denomination of the Maldivian rufiyaa is called the laari. People visiting the Maldives should know that one rufiyaa equals 100 laari.
In the Maldives, only one bank controls the currency – the Maldives Monetary Authority (MMA), which acts as the central bank. This central bank came into existence on July 1, 1981, under a mandate called the MMA Act. Located in the capital city of Malé, the MMA regulates the Maldivian rufiyaa, supervises the financial sector in the Maldives and advises the government on monetary matters related to banking.
Are US Dollars Accepted in the Maldives?
As we discussed earlier in the article, yes, US dollars are accepted in the Maldives. Businesses in the Maldives prefer that people use the US dollar when not paying for items or services with MVR.
However, travelers should bring small denominations like $1, $5 and $10 bills. Many merchants do not provide change in US dollars. They make change using the Maldivian rufiyaa or the coin denomination, the laari.
This just means that, because of change, you will end up with a blend of both currencies, which of course is not a big deal. Just use up as much of the MVR as possible before leaving and returning to the US.
Best Currency for the Maldives
Because the rufiyaa falls into the non-convertible category, visitors to the area cannot purchase this form of currency before traveling. If people do not exchange their currencies at the airport, they should know that the US dollar remains the most popular non-local currency, followed by the euro.
However, many tourists find they do not need to bring cash to the Maldives. Those that prefer to carry cash when traveling abroad should only bring small denominations. This rule applies to all accepted currencies like the euro and US dollar, along with the local currency MVR.
Since many people come to the Maldives to visit popular attractions, or to stay at world-famous hotels and resorts, many of these places prefer that their guests pay with credit or debit cards. In terms of tipping, staff members at the local hotels and resorts prefer to receive tips in small denominations.
On less-populated islands, travelers will need the local currency of the MVR to shop for services and items. Before traveling to the Maldives, research which populated islands prefer credit card payments and which uninhabited islands only accept payment with the local currency.
Exchanging Money in the Maldives
The Bank of Maldives Foreign Exchange (BMFB) counter, located at the Arrival Hall in the Velana International Airport in Malé, Maldives, remains the most popular place to obtain MVR. This location will only exchange major currencies.
My advice always is to contact your hotel ahead of time and ask them if they have any locations on site where money can be exchanged. If not, they should be able to give you advice on where to exchange money, and any other issues you might need to know beforehand.
Are Canadian Dollars Accepted in the Maldives?
No, Canadian dollars are not widely accepted in the Maldives. Canadian visitors to the Maldives will need to exchange Canadian dollars for rufiyaa, or rely solely on their credit and debit cards throughout the vacation.
Is the Euro an Accepted Form of Currency in the Maldives?
Yes, the Euro is accepted in the Maldives. After the US dollar, many locations throughout the Maldives consider the euro the second most popular major currency. Therefore, travelers from the European Union countries do not need to exchange the euro for the local currency.
Currency Tips for the Maldives
- Make sure to check with your credit card company or bank if you are using a debit card in order to ensure that there are no foreign transaction fees or something similar. This is also a way to confirm with your bank that there will be upcoming international transactions on your card so that you can be sure the transaction won’t be flagged and/or declined by your bank.
- Speak with your hotel staff and ask them if there have been any issues of petty theft around the area. Keep your hotel room locked at all times and do not leave bags unattended while in public.