The 60-second version
Maldivian bank exit needs NOC from bank, MVR SWIFT to NRE, and written closure before permit lapse blocks outbound wire.
Wire MVR before visa cancel — thin-market banks may need USD conversion first
Bank of Maldives / MIB serve South Asia expats — obtain account closure NOC after final salary and utility debits stop.
MVR repatriation to NRE needs Indian AD bank Form A2; retain SWIFT copy for Schedule FA.
Tax lane: Maldivian tax guide for residency exit.
Maldivian bank wind-down
| Bank | Currency | Document |
|---|---|---|
| Bank of Maldives | MVR | Written closure |
| MIB | MVR | Zero balance NOC |
| NRE | INR/USD | SWIFT FIRC |
| Schedule FA | Last FY | Foreign account |
Closure
Stop debits
Cancel SI and cards.
Final credit
Wait for last salary.
MVR SWIFT
Wire to NRE.
NOC letter
Bank closure cert.
Schedule FA
Last FY disclosure.
Flow
Maldivian bank kit
- Passport copy.
- Account stmt.
- Closure NOC.
- SWIFT copy.
- Permit cancel proof.
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Thin currency
MVR may need USD conversion at bank before SWIFT — confirm FX desk hours early in exit week.
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FBAR?
US person — FinCEN 114 if aggregate > USD 10K.
Schedule FA?
Declare account in last FY you held foreign bank balance.
DTAA?
Form 67 for foreign tax credit on interest withholding.
Joint account?
Both holders sign closure — NOC names all parties.
NRE vs NRO?
Inbound repatriation typically credits NRE for eligible remittance.
Retention?
Keep closure NOC and SWIFT 7 years Indian + 10 years US/UK if applicable.
Your NRE account redesignation has a deadline.
Banks don't remind you. You need the right account stack before salary, rent, and EMIs start moving. Get the exact sequence.