Maldives Islamic Bank (MIB) has officially launched FaisaRemit, a new digital international remittance service designed to provide customers with a faster, seamlessly convenient way to send money abroad.
Accessible directly through MIB’s online portal, FaisaNet, the platform eliminates the need for customers to visit a physical branch to process overseas payments.
With FaisaRemit, users can transfer funds directly to supported bank accounts and eligible mobile wallets across 15 international destinations. Built to accommodate a variety of permitted international payments, the service allows customers to send between USD 50 and USD 5,000 per transaction, subject to applicable regulatory guidelines and limits.
Speed and upfront transparency are among the key highlights of the new service. Most transactions made via FaisaRemit are expected to be credited near-instantly or within the same day, though processing times may extend up to two days depending on the destination, receiving institution, and regulatory requirements. Additionally, the platform provides full cost visibility prior to confirmation, allowing senders to view applicable transaction fees, live exchange rates, the exact USD amount, and the final payout the beneficiary will receive before approving the transfer.
The service currently supports remittance corridors to Australia, Bangladesh, China, India, Indonesia, Malaysia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, the United Kingdom, the United States of America, and Vietnam. MIB noted that available destinations, local currencies, and payout methods will continue to reflect real-time operational availability, marking a significant milestone in MIB’s ongoing effort to expand its digital banking ecosystem.