What are the Key features of Favara?

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.

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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 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

    • Where can I see request to pay from favara?

      You can check the requests you have received from 'Incoming favara request' section in the navigation menu.

    • Can I send money abroad using Favara?

      No! this is only for domestic transfers