How does instant transfers work?

How does instant transfers work?

You can send and receive payments instantly to and from your MIB account to other local bank accounts. The payment will be deposited to the beneficiary account instantly.

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    • 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.

    • What are the Key features of Favara?

      There are three main features of this service, which are: Instant Transfers to Participating Banks Request to Pay Request to Recall the payment.

    • Can I send money abroad using Favara?

      No! this is only for domestic transfers

    • 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