Remittances continued to be a major feature of the Maldivian financial landscape in 2024, with the Maldives Monetary Authority reporting that banks and payment service providers processed over USD 13.2 billion in cross-border transfers. Outward flows amounted to USD 7.4 billion, while inward remittances reached USD 5.8 billion. These totals reflect all transactions, including those linked to business, family support, and overseas services.
Running parallel to this large figure is the story of expatriate workers. Through licensed non-bank money transfer operators, foreign workers sent USD 143.5 million abroad in 2024, a 59 percent increase from the previous year. Bangladeshi nationals accounted for the lion’s share, sending more than USD 110 million, or nearly 77 percent of the total. Workers from Nepal, Egypt, the Philippines, and India followed at smaller but still significant levels.
By contrast, Maldivians remitted just USD 11.9 million through these same providers, highlighting how worker-driven flows are concentrated among expatriates. The growth in formal transfers has been linked to joint efforts by the governments of Maldives and Bangladesh to reduce the use of informal money channels.
Inward remittances tell a different story. Maldivians working overseas or with family abroad received around USD 2.3 million via non-bank providers, with the United Arab Emirates, the United Kingdom, and Thailand listed among the top sources.
Taken together, the data shows two layers of remittances in the Maldives: the multi-billion-dollar flows processed by the banking system, and the much smaller but socially significant transfers by foreign workers who form the backbone of sectors such as construction, services, and tourism.
