Payer review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Payer suits businesses and travellers who want everyday money handled from a phone. The Swedish licensed provider is digital only, pays out to bank and wallet, protects deposits through EU DGS up to EUR 100,000, and takes an overall score of 8.
Key facts
- Best for
- A fee free digital account for businesses and travellers in the Maldives.
- Monthly fee
- MVR 0↗
- Licence type
- Payment institution↗
- Deposit protection
- EU DGS up to EUR 100,000↗
- Currency conversion fee
- 0%↗
- Transfer fee
- No fee on wallet deposits made by bank transfer from Bank of Maldives or Favara↗
- Legal entity
- Payer Financial Services AB↗
- Headquarters
- Sweden↗
- Founded
- 2018↗
- Support channels
- Email, Help-centre, Community↗
- Audience
- Business, Travelers
- Pricing model
- No monthly fee
- Features
- Digital-only
- Official website
- payer.mv
Money transfer
- Delivery time
- Instant for wallet deposits and most bills; up to 30 minutes for Ooredoo bills↗
- Payout methods
- Bank, Wallet↗
- Fee to send 1,000
- MVR 0↗
Facts checked September 26, 2026, 6 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
- Elsewhere
- LinkedInXcommunity.payer.mv
Pros and cons
Pros
- Deposits sit under the EU deposit guarantee scheme with EU DGS up to EUR 100,000.
- A currency conversion fee of 0% puts Payer at the top of the currency conversion fee ranking out of 312 brands.
- Wallet deposits and most bills are instant, and wallet deposits by bank transfer from Bank of Maldives or Favara carry no fee.
- Payouts reach bank and wallet, bank and wallet, and the stated audience is businesses and travellers, business and travelers.
Cons
- Support runs on email, help centre and community only.
- The service is digital only, so there is no branch or counter service.
- Payouts run through bank and wallet only, so cash and card payouts are outside that list.
Who it suits
- Businesses in the Maldives paying bills and receiving payouts who want instant wallet deposits.
- Travellers who want one account for everyday spending with a currency conversion fee of 0%.
- Readers who weigh the EU deposit guarantee cover of EU DGS up to EUR 100,000 more highly than a branch relationship.
Who should look elsewhere
- If you need a phone line or a counter, AXI Card and XTB are worth a look, since Payer is digital only and support runs on email, help centre and community only.
- If you need cash or card payouts beyond bank and wallet, look at Skrill and AXI Card instead.
How Payer compares
9.0 vs 8.7
9.0 vs 8.6
9.0 vs 8.0
9.0 vs 8.9
9.0 vs 9.1
9.0 vs 9.2
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 9.0A monthly fee of €0 too, while Payer holds deposits under EU DGS up to EUR 100,000 of EU deposit guarantee cover.
9.0 vs 8.7
9.0 vs 9.5
9.0 vs 9.4
9.0 vs 9.3
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.1
9.0 vs 9.0
9.0 vs 9.0
9.0 vs 8.9
9.0 vs 8.9- 9.0 vs 8.9
9.0 vs 8.7
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.4
9.0 vs 8.3
9.0 vs 8.2
9.0 vs 8.1- 9.0 vs 8.1
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 9.1
Where Payer is available
- Available
- Maldives, Sweden
- Licence in Maldives
- Maldives Monetary Authority, checked September 26, 2026
- Licence in Sweden
- SE_FINA (PSD_PI SE_FINA!45511), checked September 26, 2026, also valid in Austria, Belgium, Bulgaria, Cyprus, Czechia, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Croatia, Hungary, Ireland, Iceland, Italy, Liechtenstein, Lithuania, Luxembourg, Latvia, Malta, Netherlands, Norway, Poland, Portugal, Romania, Sweden, Slovenia, Slovakia
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep a Payer account?+
The monthly fee is MVR 0 and Payer runs on a no monthly fee model, so keeping the account costs you nothing each month. Wallet deposits sent by bank transfer from Bank of Maldives or Favara carry no fee.
How much does changing currency cost?+
The currency conversion fee is 0%, which is why Payer sits at the top of the currency conversion fee ranking out of 312 brands compared here. For an account aimed at businesses and travellers, a free conversion is the number worth checking against alternatives.
Is my money protected?+
Yes. Your balance sits under the EU deposit guarantee scheme with EU DGS up to EUR 100,000. Payer is a payment institution, payment institution, run by Payer Financial Services AB and authorised in Sweden by SE_FINA under licence PSD_PI SE_FINA!45511.
How do I pay money in and take it out?+
You can pay in by bank transfer or wallet, and payouts go to bank and wallet, bank and wallet. Wallet deposits and most bills are instant, while Ooredoo bills take longer. Wallet deposits by bank transfer from Bank of Maldives or Favara carry no fee, and the transfer fee is MVR 0.
Can I reach a person when something goes wrong?+
Support runs on email, help centre and community, so you have a help centre, email and a community to work with. Payer is digital only, which means account work happens in the app and online rather than over the counter.
Who is Payer built for?+
The stated audience is businesses and travellers, business and travelers, and that shapes the account towards everyday payments, bills and payouts. Payer Financial Services AB was founded in 2018 and is based in Sweden.
Is Payer a bank?+
It is not a bank. The licence type is a payment institution, payment institution, and payment institutions account for 33.3% of the brands here, against 27.5% for banks. That is the difference to weigh if you want a bank licence rather than payment services.
Where does Payer operate?+
Payer serves the Maldives, where the Maldives Monetary Authority appears in its licences, while the account itself comes from Payer Financial Services AB in Sweden. Travellers are part of the stated audience, business and travelers, so the service leans towards visitors and businesses in the country.
Sources
- euclid.eba.europa.eu/register/downloads/PSDMD/20260926/do... checked September 26, 2026
Backs: Deposit protection, Headquarters, Legal entity, Licence type, Licences
“EntityCode=SE_FINA!45511; EntityType=PSD_PI; ENT_NAM=Payer Financial Services AB”
- payer.mv checked September 26, 2026
Backs: Features, Monthly fee
“Pay bills, recharge, and pay in store or online, all instantly, from one app.”
- payer.mv/about checked September 26, 2026
Backs: Founded
“Payer is a payment service provider founded in 2018 to give people in the Maldives one convenient, trustworthy way to move money.”
- payer.mv/developers checked September 26, 2026
Backs: Support channels
“ask on the forum. ... Prefer email? Write to support@payer.mv”
- payer.mv/guides/how-to-deposit checked September 26, 2026
Backs: Transfer fee
“Deposits are made by bank transfer from Bank of Maldives or Favara, and there are no hidden fees.”
- payer.mv/help checked September 26, 2026
Backs: Delivery time, Currency conversion fee, Payout methods, Fee to send 1,000
“All bills are processed instantly, except Ooredoo bills, which can take up to 30 minutes.”
- payer.mv/products/esim checked September 26, 2026
Backs: Audience, Pricing model
“Buy a travel eSIM in the Payer app before you fly. Over 180 countries, paid in Rufiyaa from your Payer wallet”
Compiled from 7 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Currencies.
Related by the facts
Payer
A fee free digital account for businesses and travellers in the Maldives.