Maldives Internet Banking ® FAQ
What is Maldives Internet Banking® ?
Maldives Internet Banking is a secure, convenient and easy-to-use service offered by Bank of Maldives Plc to all its customers to access account information and conduct various financial transactions without having to wait in queues or face limited banking hours. It gives access to your bank accounts with a computer connected to the Internet through our website www.bankofmaldives.com.mv from anywhere in the world, 24 hours a day.
What are the services available through Maldives Internet Banking® ?
You can make similar transactions to those available at a Branch through Maldives Internet Banking. You can currently:
- View your account balances and transactions.
- View your account and credit card history of the past twelve months.
- View status of cheques issued and request for a stop payment of a cheque that is not yet paid.
- Transfer funds between your accounts.
- Make payments to your loans.
- Make payments to your credit cards.
- Make payments to other Bank of Maldives customers.
- Pay bills using BillPAY®.
- Make payments to accounts held at other banks in Maldives.
- Make payments to accounts held at overseas banks.
- Request a cheque book.
- Request your last statement.
- Upload a payroll file (for organizations processing salary through the Bank).
- Send and receive messages from Maldives Internet Banking Support.
- Activate your new debit and credit card.
- Report your lost or stolen debit card or credit card.
- Print or save a receipt of every transaction.
What are the requirements to use Maldives Internet Banking® ?
You can register for Maldives Internet Banking services if you already have an account with any Branch of Bank of Maldives Plc. Once you are registered, you will be provided with Access Codes that will enable you to log into Maldives Internet Banking. You are required to review the Terms and Conditions for using the services of Maldives Internet Banking, and your use of Maldives Internet Banking will be considered as your acceptance of those Terms and Conditions.
How do I register for Maldives Internet Banking® ?
To register for Maldives Internet Banking, complete a Maldives Internet Banking Access Authority form and submit it to us. Forms are available from our Branches and Bank of Maldives Card Centre. You can also download this form through our website www.bankofmaldives.com.mv
What are Access Codes?
Access Codes comprises of the following codes which are required to log into Maldives Internet banking:
- User ID: a unique code assigned to the Account Holder or Nominee by Bank of Maldives which is used for identification when logging into Maldives Internet Banking;
- Password: a confidential alphanumeric code provided by the Bank, which may subsequently be changed by the user;
- Security Code: for Standard Plan users, the Security Code is a confidential alphanumeric code provided by the Bank of Maldives, which may subsequently be changed by the user. For Premium Plan users, the Security Code consists of two parts. The first part is the Token Code and the second part is the Token Pin, which together comprise the Security Code for Premium users;
- Token Code: a random and unpredictable alphanumeric code generated by the Security Token for every log into Maldives Internet Banking, which is to be used in conjunction with the Token PIN;
- Token PIN: a confidential 4 digit numeric provided by the Bank of Maldives, which may subsequently be changed by the user. The Token PIN is to be used in conjunction with the Token Code.
What is a Security Token?
Security Token also known as authentication token is provided to Premium Plan users of Maldives Internet Banking® for added security. It is a physical device small enough to be carried in a pocket or purse and designed to be attached to the user’s key chain. It generates a single-use unique code valid for 30 seconds. To log into Maldives Internet Banking, a user simply has to press a button on the token to generate the next code; then enter that one-time code along with the Token PIN, in addition to the Maldives Internet Banking User ID and Password.
What is the difference between Standard Plan and Premium Plan?
The Standard Plan is without a Security Token or third party payments, and with a maximum daily limit of Rf. 10,000/- for different transaction types. The Premium Plan is with Security Token(s) and third party payments, and with the option of setting higher daily limits. The annual fee for Standard Plan is Rf. 180/- and the annual fee for Premium Plan is Rf. 1,800/-.
Which Plan is suitable for me?
For individual use the Standard Plan is an excellent choice. If you are a business or need to make third party payments then the Premium Plan is the ideal choice.
Can I change the Plan after registration?
The Plan cannot be changed after registration. You will have to cancel your existing Plan and apply for the new Plan under a new User ID.
What additional features are there for Businesses?
Businesses and organizations can create multiple users with different access levels and limits as required.
Are there fees for Maldives Internet Banking?
You will be charged an annual access fee of Rf. 180/- for Standard Plan or Rf. 1,800/- for Premium Plan, on the day of registration (for the remaining months or part thereof) and 2nd working day of each calendar year. When you are registered for Maldives Internet Banking, there are many free services you can enjoy, which includes own account information, own account transfers, third party payments within Bank of Maldives Accounts, BillPAY etc. For payments to Other Bank Accounts, International Payments, Stop Orders, Standing Orders etc., you pay the usual charges according to the Bank’s Schedule of Charges, but no additional charges for conducting the transaction through Maldives Internet Banking.
How current is my Account Information?
Maldives Internet Banking offers you the most recent balance and transaction information available. Most account information will be shown immediately as transactions are processed through out the day.
Are all transactions real-time?
All transfers and payments to Bank of Maldives accounts are processed immediately. However, Payments to Other Banks, International Payments, BillPAY, Standing Order and Stop Order depend on the cut off times, due to the additional verification required for processing these transactions.
Are there transaction limits for Maldives Internet Banking?
With Maldives Internet Banking you are restricted to certain daily limits. You are given separate limits for Transfers, BML Payments including BillPAY, and Payments to Other Banks including International Payments. If you are a Standard Plan user, the maximum limit that you can transact over Maldives Internet Banking in any one day for each of the above transaction types is Rf. 10,000/-. If you are a Premium Plan user, it is the limit you have registered with us for each individual Nominee.
If I make a transfer to the wrong beneficiary, can I cancel or stop it?
If you make an immediate payment, you may not be able to stop the payment. Scheduled payments may be cancelled before the processing date.
What proof do I receive for transactions made via Maldives Internet Banking?
For your security, all transactions require your confirmation before the instruction goes through. Upon clicking ‘OK’ or ‘Submit’ on the confirmation page, the instruction will be sent for processing. For each instruction you will be given the option to print or save a transaction receipt. The transaction number contained on this receipt is your proof that the instruction was accepted and processed.
Are all of my accounts included on the accounts list when I register for Maldives Internet Banking?
Only accounts that you have requested to add in Maldives Internet Banking Access Authority form, your Credit Card accounts and accounts linked to your existing Bank of Maldives Debit Cards will be displayed when you register for Maldives Internet Banking. You can include additional accounts in Maldives Internet Banking at any time by filling in a Maldives Internet Banking Access Authority form and sending it to us.
Can I make payments to other Bank of Maldives customers?
Premium Plan users can make payments to other Bank of Maldives customer accounts. After logging into Maldives Internet Banking, select the BML Accounts & BillPAY link on the left. By going into Create New Relationship you can add your new payee information. You can then make payments immediately or schedule future payments.
What is BillPAY?
BillPAY is a free service provided to all Maldives Internet Banking customers, which allows you to make payments 24hrs a day to Billers who have prior agreements with the Bank. Once you create a relationship with these Billers, you can also use our ATMs 24hrs a day to pay their bills. Using BillPAY saves you time, by not having to write cheques or wait in queues. It also saves you from paying late payment charges as you can now attend to your bill at any time convenient to you.
How do I get started with BillPAY?
After you log into Maldives Internet Banking, select the BML Accounts & BillPAY link on the left. You will first need to create a relationship by selecting a Biller from the Add BillPPAY Payee list. Our easy, step-by step instructions in BillPAY Help will guide you through this process. After creating a relationship you can make immediate payments or schedule future payments.
How can I ensure that the Bill Payment will be processed correctly?
Make sure that you enter your account number with the service provider (Biller) correctly in the relevant field and up date any changes to this account number.
Do I need to notify the Billers that I will be using your BillPAY service?
No. Once the relationship is setup and the payment is made, the Biller will receive the payment just as if you were paying directly to them.
Can I pay other people’s bills with BillPAY?
You can pay other people’s bills. Maldives Internet Banking does not verify the billing account information, and any payment to a valid account with a Biller will be processed. If a valid account number with the Biller is entered even by mistake, it will still be processed, as such it is very important that the billing account information is entered correctly.
Is there a limit on the number of bills I can pay with BillPAY?
There is no limit to the number of bills that you can pay with BillPAY as long as you do not exceed the daily limit.
How long does it take to realize payment to my account with the Biller?
Bill Payments made through Maldives Internet Banking will be processed to the Biller at certain cut off times every day. Details of these timings will be available on the Help screen.
Does Bank of Maldives offer a BillPAY guarantee?
Payments are guaranteed to be accurate and delivered by the due date as long as the available balance is sufficient, all payment information is entered correctly, and the payment is scheduled to be made on or before the preceding day of the due date.
What if I have a question about a bill payment?
If you have a question about a payment you made or you believe an error has occurred, log into Maldives Internet Banking, select BML Accounts & BillPAY, view BillPAY History, find the payment in question, and call our 24 hour Call Centre at 333 0200, seven days a week.
What if I forget my Access Codes?
Send an email or a letter to Bank of Maldives Card Centre, and we will provide you with your User ID or new Password, new Security Code or new Token PIN in a sealed mailer. You need to collect this mailer from us or request us to post the mailer to your mailing address given to us.
How do I store my Security Token?
Make sure you store your Security Token where it cannot be accessed by anyone else. Never store your Security Token and Access Codes together in the same place. Your Security Token is not waterproof and should not be allowed to come in contact with water.
What do I do if my Security Token is lost, stolen or my Access Codes are compromised?
It is an important condition that you tell us as soon as you become aware your Security Token has been lost, stolen or your Access Codes have been compromised. Call our 24-hours Call Centre at 333 0200 immediately.
Is Maldives Internet Banking secure?
Bank of Maldives is committed to making Maldives Internet Banking safe and secure to provide you with peace of mind when you access your accounts. To ensure the security of your account information, Maldives Internet Banking uses 128-bit SSL encryption. To help protect your privacy while you are using the service, we will log you out of Maldives Internet Banking service after 5 minutes of inactivity.
What security measures does Maldives Internet Banking use?
Maldives Internet Banking uses several different methods to protect your information. All information within Maldives Internet Banking uses SSL protocol for transferring data. SSL is an encryption that creates a secure environment for the information being transferred between your browser and Bank of Maldives Plc.
At a high level, SSL uses public key cryptography to secure transmissions over the Internet. In practice, your browser will send a message via SSL to the Bank’s server. The Bank responds by sending a certificate,which contains the Bank’s public key. Your browser authenticates the certificate (agrees that the server is in fact Bank of Maldives’), then generates a random session key which is used to encrypt data travelling between your browser and the Bank’s server. This session key is encrypted using the Bank’s public key and sent back to the server. The Bank decrypts this message using its private key, and then uses the session key for the remainder of the communication.
SSL protects data in three key ways:
- Authentication ensures that you are communicating with the correct server. This prevents another computer from impersonating Bank of Maldives Plc.
- Encryption scrambles transferred data.
- Data integrity verifies that the information sent by you to Bank of Maldives was not altered during the transfer. The system detects if data was added or deleted after you sent the message. If any tampering has occurred, the connection is dropped.
Once inside the Maldives Internet Banking site, you are secure through our use of SSL technology.
What does SSL mean?
SSL stands for Secure Socket Layer. This technology allows users to establish sessions with Internet sites that are secure, meaning they have minimal risk of external violation.
What is encryption?
Encryption is the scrambling of information for transmission back and forth between two points. A key is required to decode the information. When you request information about your accounts, the request is sent encrypted to Bank of Maldives Plc. We then decode your request for information and send it back to you in an encrypted format. When you receive it, your information is decoded so that you can read it. Because your account information is being transmitted between you and Bank of Maldives Plc., encryption protects your account information so it cannot be intercepted and read by a third party.
What is 128-bit encryption?
There are basically two types of encryption: High and Standard. The difference between these types of encryption is the strength of capability. A High (128- bit) encryption is exponentially more powerful than a Standard (40 or 56-bit) encryption. High or 128-bit encryption means there are septillion (thousand trillion trillion) possible keys that could fit in to the lock that holds your account information, but only one that works for each time you bank online. Bank of Maldives Plc. uses the highest level of encryption (128-bit) to ensure that Maldives Internet Banking transmissions are secure.
What are the minimum requirements I need for my computer?
Along with a computer that has Internet access, all you need is an Internet browser that we support. The browser you use must have 128-bit encryption installed. We currently support the following Internet browsers:
- Internet Explorer – version 5.5 and above
- Mozilla/FireFox – version 1.0 and above
How can I increase my own security when using Maldives Internet Banking?
Some ways to increase your security are:
- Make your password alpha-numeric, change it periodically and keep it confidential. Do not share your User ID or Access Codes with anyone. And please know that Bank of Maldives will never request you to disclose your Access Codes to the Bank.
- Never click on a link in an email to go to your Internet Banking log into page. Phishing emails will tell you that you must use a link provided to verify or change your account in some way. Bank of Maldives will never send an email asking you to do this, or for personal or account information. Be aware that fake emails can look quite genuine; appearing as though they are from Bank of Maldives and often includes Bank of Maldives and/or Maldives Internet Banking logos.
- Always access Maldives Internet Banking by typing www.bankofmaldives.com.mv into your browser.
- Always make sure you have the latest anti-virus and firewall protection on your computer. This must be updated regularly. We recommend you do not use Maldives Internet Banking until you are sure that your anti-virus protection is up to date.
- Never share any personal information, especially account numbers, or log in information via email.
- Avoid using Maldives Internet Banking on shared computers (e.g. at an Internet cafe) as you may be unable to verify the existence of proper security measures.
- Before you log into Maldives Internet Banking, for security purposes, ensure all other Internet sessions, i.e. browser windows, are closed.
- Remember to close the browser window after you have logged out of Maldives Internet Banking session.
- Contact the 24 hour Fraud Monitoring Unit of Bank of Maldives Card Centre, at 333 0290 if you suspect a fraud has occurred.
- For further information on security advice and alerts, please visit our Security site, which can be accessed by clicking on the ‘Security’ button on the Bank of Maldives home page.
Where can I get help on Maldives Internet Banking and BillPAY?
There are lots of ways to get help. Within Maldives Internet Banking, there is a comprehensive Help function that provides detailed information on the options and that will guide you through the screens.
You can also send us a mail within Maldives Internet Banking. Just go to the Mail function under Customer Services. We’ll respond to your message within three business days.
You can always call our 24 hour Call Centere at 333 0200. Our Customer Services Representatives are always here to help you.