Why should you deposit your money at the Bank when you have a mattress?

Picture this: You've been saving up some USD and depositing it at the Bank. Out comes the iPhone 12 Pro Max and your friend can get it for you from Dubai. When you head to the ATM, it replies: *beep* NOPE!

Undeterred, you went to the bank's cash counter to withdraw YOUR money. The reply? You can withdraw small amounts each day.

How can this be?

The money belongs to you!

Unlike what Donald Duck cartoons may suggest, there's no specific box for each person to store their money at the Bank which you may withdraw upon will (technically there is a product like that at some Banks but that's not the point).

Many factors come into play including the physical availability of notes and the banking regulations they need to abide by.

So, should you just tuck away your USD (heck, even your Rufiyaa) under your mattress?

Well, no.

Yes, you can technically do that. In fact, there are hundreds of people who store their money at home and avoid the banking system altogether. But, should you?

Disregarding the risk of burglary and mold ruining your life, you may be missing out on several benefits.

1. Safety

Sure, you may not be able to withdraw at will, but at least you don't have the risk of losing it! (unless the next season of Money Heist is based in the Maldives...)

Banks are well secured and protected from the IT infrastructure to the overall physical arrangements to ensure that your money remains safe.

2. Interest/Profit

If you hide MVR 10,000 at your home and twenty five years later when you open that cupboard, it would still be MVR 10,000 (assuming you don't become the centrepiece of a burglary article on a newspaper).

Not only did the amount remain the same but also inflation happened.

Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair - Sam Ewing

Rather than seeing your purchasing power go spiralling down, keeping it in a savings account or a fixed deposit will generate you interest/profit so your money grows overnight!

3. Convenience

When you need to make a payment, if it's not by cash, then there's your debit cards. Or internet transfers. Heck, even mobile pay. You name it. Sure, you're charged for the convenience but they're there to do business anyway.

Is there anything to look out for at Banks?

As with everything, there a few things to consider.

• Read up on the Fees & Charges (check out their website) to understand what fees can impact you to avoid any unnecessary charges

• When withdrawing in USD, they may give you smaller denominations eg USD 5 / USD 10 and so on. It makes sense to keep some cash on hand if you have it in larger notes so you can use it for travel