Currency in Maldives

This article will tell you everything about currency in Maldives: not only what the local currency is (the Maldivian Rufiyaa) but also what money to bring, where to exchange it, and whether cards are accepted. Packed with useful tips, it will save you time, money, and possibly some frustration too.

It will be difficult for you to plan your dream trip to Maldives without these websites

Currency in Maldives: Key Facts

Here’s the essential information, summarized:

• The official currency is the Maldivian Rufiyaa (often just called “Rufiyaa”).
• 1 Rufiyaa (MVR) is divided into 100 laari (not to be confused with Georgian lari). Laari are similar to cents.
• Coins: 1 and 2 Rufiyaa. Rarely, you might encounter 50 laari coins as change.
• Banknotes: 5, 10, 20, 50, 100, 500, and 1,000 Rufiyaa.
• Currency code: MVR.

Interesting fact:

Maldivian banknotes are frequently rated among the most beautiful in the world, and rightfully so. Even the smaller denominations are stunning.

For more historical or financial details about the Maldivian currency system, Wikipedia is a good source if you’re curious.

Another interesting fact regarding money not only in the Maldives but also in the entire Asian region, especially in countries with high humidity such as Malaysia and the Maldives, is that Maldivian banknotes are made of durable plastic, making them waterproof and tear-resistant—an excellent choice for the humid climate. They feel like sturdy vinyl to the touch.

And in case you weren’t aware, the Maldives is part of Asia and bordered by the Laccadive Sea, not just the Indian Ocean. Check out our article “The Maldives on the World Map,” for more fascinating details.

What Money Should You Bring to the Maldives?

The short answer: bring only US dollars, preferably in cash. Neither chinese yuan nor euros are practical options here. While you might manage to exchange euros, the rates will be unfavorable.

Important:

The Maldives only accepts US dollars as foreign currency. In some places, you can even pay directly in dollars. Other currencies aren’t accepted.

Here’s what you need to know about using dollars in the Maldives:

• New Dollars Only: Bring US dollars printed after 2009 (with a bluish tint). Older bills (2006 or earlier) might be rejected or exchanged at a poor rate.
• All Denominations Accepted: Unlike in many Asian countries, where small bills are exchanged at less favorable rates, the exchange rate in the Maldives is uniform for $5 and $100 bills alike.
• Bring Small Denominations: Carry $1, $5, $10, $20, and $50 bills. Small bills are handy for minor expenses, like a $1–$4 taxi ride in Malé. If you hand over $5, your change will likely be given in rufiyaa, often at an unfavorable rate—or not at all.

Good to know:

$1, $5, $10, $20, and $50 bills are accepted regardless of their year of issue, even if printed before 2009. $100 bills, however, should ideally be new (post-2009) to avoid potential issues.

Where to Exchange Currency in Maldives: Best Rates

The Maldivian economy is strong, with low inflation (less than 2% annually in recent years). This ensures a stable exchange rate that rarely fluctuates.

You can exchange currency in several places, with varying levels of convenience and rates:

• Banks. The most common bank, available on nearly all local islands, is the Bank of Maldives. While reliable, banks generally offer one of the least favorable exchange rates.
  • Always save the receipt if you exchange currency at a bank. Without it, you won’t be able to exchange any leftover rufiyaa back into dollars. Private exchangers don’t provide receipts.
• Hotels and Guesthouses are often willing to exchange dollars for rufiyaa. Interestingly, their rates can sometimes be better than those offered by banks. The larger the amount you exchange, the better the rate you might get.
• On Local Islands you can exchange dollars in stores, dive centers, souvenir shops, and even with tour operators.
• Airport Private Money Changers: Exchanging dollars with private money changers at the airport can be very advantageous. They usually offer the best rates. To find them, stand near one of the two exchange counters at the airport, and a private exchanger will likely approach you.

However, it’s easiest to exchange currency in a bank in Malé or in your hotel or guesthouse.

It is important to know:

Bringing cash dollars and exchanging them outside of banks is completely safe in the Maldives. Crime rates are virtually zero. Locals often say, “Nobody steals, robs, or cheats here,” and it’s true. You can leave your belongings on the beach and go snorkeling for hours without worrying. Here’s everything you need to know about safety in the Maldives and what to be afraid of.

Exchange Rates in 2025:

• Official Rate (National Bank): Around 15.5 rufiyaa per $1.
• Best Rates:
  • Private exchangers at the airport: approximately 16.5 rufiyaa per $1, depending on the amount.
  • Banks in Malé (not at the airport): 16–17 rufiyaa per $1.
  • Thoddoo: Offers 17–17.5 rufiyaa per $1 in 2025, the best rates among local islands.
• Dhigurah: Offers a lower rate of 15 rufiyaa per $1.
• Worst Rates: The official airport exchange counter (located to the left as you exit the arrivals area) offers the country’s worst rate: 15 rufiyaa per $1. All about the airport, duty-free, where to find the ferry, and much more.

How to Pay in the Maldives: Cash or Card, Rufiyaa or Dollars

The Maldives is still catching up when it comes to cashless payments. While ATMs are available on all local islands, card payments are far from universal. Compared to many other countries, the Maldives is about 15 years behind in this area.

Cash or Card?

• In 50% of cases, your card will not be accepted.
• Cash is preferred almost everywhere.

This is due to high bank fees. When paying with a card, expect an extra 3% to be added as a “processing fee,” even in stores. It’s always wise to carry cash because card terminals are often unavailable. Small shops, cafes on local islands, ferries, speedboat transfers, and fruit markets in Malé do not accept card payments at all. Cash is your only option in these situations.

Important Note:

Currency conversion rates when paying by card in the Maldives are notoriously bad. It’s unclear whether the issue lies with local banks or international ones, but the exchange rate is often extremely unfavorable.

What Currency Should You Use: Rufiyaa or Dollars? The short answer: it’s best to have both dollars and rufiyaa in your wallet—but only if you’re staying on a local island.

If you’re staying at a resort island with an all-inclusive package, there’s no need to exchange dollars for rufiyaa. You’ll be able to manage your entire vacation without ever needing the local currency. Excursions, airport transfers, and any additional expenses at resorts are typically priced in dollars, which are widely accepted.

On local islands, rufiyaa is more commonly used for:

• Small shops: Snacks, water, ice cream, and other essentials. Everything about stores, assortment, and business hours is in the article at the link.
• Restaurants: Most menus and bills are in rufiyaa, but dollars are often accepted too.
• Beachside vendors: Juices, snacks, and small services (though dollars are usually fine).
• Souvenirs: You can pay in rufiyaa or dollars, depending on the seller.

For prices in the Maldives for everything a tourist needs, read the extensive article.

Certain expenses are almost exclusively paid in dollars:

• Accommodation: Guesthouses and hotels typically only accept dollars. Be cautious about exchanging all your dollars for rufiyaa upon arrival, as some local islands might refuse to take rufiyaa for accommodation payments.
• Diving, snorkeling, and excursions: These services are generally priced in dollars. While some providers might accept rufiyaa, they may do so reluctantly or at a less favorable rate. Learn all about diving in the Maldives and the PADI certificate.
• Private speedboat and seaplane transfers: Payment is primarily in dollars, though rufiyaa is sometimes accepted. Government-operated ferries, however, only require rufiyaa.

ATMs and fees

The Maldives has recently launched a program to establish a large network of ATMs and bank branches on local islands. Each local island now has, or soon will have, 24/7 cash withdrawal points available.

If you’re staying at a resort island and find yourself needing cash, there’s often a nearby local island with an ATM. You can arrange a boat ride to access it.

What You Should Know About ATMs in the Maldives:

• 24/7 Availability: ATMs operate around the clock.
• Accessing Dollars: Withdrawing US dollars from an ATM is difficult, as very few machines are stocked with dollars—these are typically only available in Malé.
• Local Currency Withdrawals: Most ATMs dispense only Maldivian rufiyaa (MVR).

Good to know:

If you withdraw cash from a non-dollar card (e.g., in rubles, Canadian dollars, or Swiss francs), double conversion will likely occur. First, your home currency is converted to dollars, and then dollars are converted to rufiyaa. This process incurs significant losses due to unfavorable exchange rates.

Additionally, your bank might charge an extra fee for international withdrawals. Check with your bank in advance to understand any fees for cash withdrawals in the Maldives.

Travel tips

Here are the key tips for handling currency in Maldives:

• Bring US dollars in cash.
• Carry a mix of denominations, not just $100 bills, but also smaller ones.
• $100 bills should be printed after 2009.
• Best exchange rates: Available in Malé at major banks, private money changers at the airport, and guesthouses on islands like Thoddoo.
• Worst exchange rates: Found at airport exchange counters.
• Card acceptance is limited. Despite the increasing availability of payment terminals in restaurants, hotels, and larger stores, you’ll likely need to withdraw cash from an ATM on a local island.
• Currency conversion rates on cards are poor.
• Card payments often incur a 3% surcharge.
• Traveling with cash is safe in the Maldives, as the country is known for its low crime rates and absence of theft. Cash remains the most convenient and economical option.

In conclusion, the Maldivian rufiyaa is the country’s official currency and doubles as a beautiful keepsake. These notes feature intricate designs that capture scenes from local life, making them feel like works of art. The rufiyaa is a relatively stable currency, with its exchange rate remaining consistent over recent years.

Wishing you great exchange rates and low bank fees on your trip!

If you enjoyed the article and the content in this guide, you can buy me a coffee ^_^

Resources to help you plan your dream trip to the Maldives

• Flight tickets and the best deals
• Vacation packages (from budget to luxury): CheapOair
• Hotels and guesthouses on any island:
  • TripAdvisor compares prices among a dozen other services and platforms and offers to choose the best one.
  • Trip.com – the most popular service for booking accommodation.
• 12go is the largest Asian ferry and speedboat reservation service. It gathers all Maldivian carriers, even the small ones that operate between local islands.
• Tours and excursions: GetYourGuide and Viator – a limited selection of excursions, but convenient and reliable.
• Comprehensive insurance: EKTA
• eSIM at the same price as in telecom office in Male airport.