Can I send money abroad using Favara?
No! this is only for domestic transfers
Is account number the only option to send and receive money?
You can also create an alias as a favara ID using the email address, phone number or ID card number. Please note that these details much match with your information given to the bank.
What is a favara ID?
An account alias is used to easily recognize you on favara. You can create an favara ID using your email address, mobile number, or ID card number that you have provided to the bank. You can use this ID to identify customers during favara request and ...
Are there any transactions limits on favara?
For favara transfer you can send up to MVR 50,000. Favara request is limited to MVR 5,000 These limits may change
How do I know that money is going to the correct account?
Once you enter the account number or favara ID, the name of the account will be visible. Please make sure all details match before sending the request.
What is Favara?
Favara is a system managed by the Central bank of Maldives, The Maldives Monetary Authority to allow its users to transfer funds instantly within the participating local banks.