BML’s gift: Tourists can now make payments with own currency

Bank of Maldives has launched dynamic currency conversion (DCC) services which will allow tourists who visit Maldives to settle bills in their own currency rather than having to use US dollars.

The service was launched by Director of Business of BML, Kuldip Paliwal in a ceremony held at Meeru Island Resort and Spa this Monday afternoon.

In his speech after launching the service, Paliwal said that having to use US dollars to settle bills had been a huge inconvenience to a large number of tourists, but that tourists who belong to specific nationalities who frequent Maldives will now be able to settle bills using their own currency.

“Before, the foreigners didn’t know how much the bill was in their own currency. All bills had to be settled using US dollars. But now, they will know the amount in their bills in their own currency,” said Paliwal.

He said that DCC services were immensely popular, globally. And it helped insure transparency of international transactions.

BML reports DCC services will be available for master and visa cardholders.

It said local currencies of about 15 countries from where tourists frequent Maldives can now be used to settle bills; and that the range of currencies accepted will be expanded based on demand.

Though the payment will be made in the local currency of the foreigner using DCC, the payment received by the business will be in pre-agreed upon currency.