Bank of Maldives (BML) has announced a new service that allows customers to open international accounts and receive money from overseas through its digital wallet, Swipe.

The service enables users to open an international account with their own International Bank Account Number (IBAN), making it easier to receive funds from foreign bank accounts.

BML said the international account will be available in US dollars, euros and pounds sterling. Funds transferred internationally will be credited instantly to customers' Swipe wallets, and peer-to-peer (P2P) transfers received through Swipe will be free of charge.

BML Chief Executive Officer and Managing Director Mohamed Shareef said the service would benefit freelancers, small business owners and businesses that work with overseas clients and partners.

He added that customers would be able to receive payments instantly, similar to local bank transfers in other countries, without having to open a bank account abroad. Shareef described the service as a significant step towards making Swipe a fully digital payments platform while supporting economic activity and innovation in the Maldives.

Launched earlier this year, Swipe now has more than 20,000 users and is accepted by over 3,300 merchants. BML said it is currently the country's fastest and most cost-effective digital payment settlement service.