How to send money to Malta using a money transfer service or foreign exchange broker to a Maltese account.
Transferring Money to Malta
Table of Contents
When transferring money to Malta, either to acquire a holiday home or relocate. There are a handful of ways to help your odds of getting an affordable euro currency exchange rate. Vastly improved offering and ensure you send money to Malta securely.
Ways to Send Money to Malta
- Debit Card – when buying items on Maltese internet sites or using a web vendor, you could be offered the ability to pay with a global debit card. The internet site is not likely to provide affordable foreign exchange rates when transferring money to Malta or buying items on a foreign debit card. You are likely to be billed an admin cost from your bank to make the payment and likewise a fee from the seller’s bank. Those requiring to transfer cash to Malta to obtain a vacation residence or pay an attorney invoice could be obliged to transfer some money to Malta. Therefore, they will need to transfer Euros via their bank or preferably an fx broker. Various foreign exchange brokers authorise debit cards as ways of settlement. Offering you convenience, whilst remaining free from fees, in addition to acquiring a much better euro currency exchange rate.
- Credit Card – Ideal for renting a holiday property before arriving in Malta. Bank credit cards provide ease and financial recourse from your card company if all isn’t as it shows up. Nonetheless, please comprehend Bank card’s function using uncompetitive currency exchange rates and will probably bill for this convenience. Sometimes this can be countered by air miles or factors elements.
- Bank Transfer – Many will select to transfer money to Malta straight from their bank account. Usually, the foreign exchange rate to transfer money to Malta will not be as attractive as the one a forex broker will supply. You could be required to visit your neighbourhood bank branch to move a considerable amount to Malta. When sending money to Malta using a retail bank, you might need to pay a transfer fee or charge of around ₤ 10-30 or money equivalent.
- Swift/SEPA – Swift payments pertain to money transfers to or from outside the EU. Within the EU, SEPA payments are applicable when moving money to Malta from Europe. Therefore, euro currency transfers are faster in addition to being much less pricey when being sent to Malta.
Required Bank Details to Transfer Money
Identification – When you send money to Malta utilising a bank. You will be asked to provide 1-2 examples of a photo ID along with having your bank card on your person. Transfers to Malta typically will need to be made in your neighbourhood bank branch. Suppose you have the alternative to send out cash to Malta using your online bank account. In that case, you will probably require your debit card reader to hand in addition to the relevant logins, etc., to access the account.
When choosing to use a Foreign exchange provider, your ID records will all have been kept when you opened up the account. Your currency account manager will ask you a handful of straightforward questions to verify the account over the phone. Their internet systems look like those of retail banks, just with better online euro currency exchange rates.
IBAN – A Maltese IBAN will begin with the letters MT and be followed by about 29 further digits. You’ll require the name of the specific or Maltese firm you send out the money to finish a transfer to a Maltese account.
Time Needed to Transfer Money to Malta
- Typical time – For a foreign exchange broker to obtain your cash, transform it to Euro, and send your cash transfer to a Maltese account or recipient. You need to allow between 1-2 trading days. Often the recipient’s banks might take a while to assign funds sent from abroad. If using a retail bank to move funds to Malta, you must allow 1-2 days more as their handling is usually slower.
- Same-day transfer – If funds are already in your foreign exchange transfer account. You have a great chance of moving your Euros to Malta and getting there the same day. It could take the receiver account one day or even more to allot funds. Banks will take much longer, typically 2-4 working days.
Cost of Making a Money Transfer Malta
- Commission – financial institutions take FX commission which varies from one institution to the next. Nevertheless, one typical scenario is they continue to be uncompetitive when compared to currency brokers. An FX broker will typically have the ability to save their customers around 1-4% when sending money to Malta and various other areas of Europe.
- Transfer Fees – An international bank will usually charge anywhere between ₤ 10 -₤ 40, or local currency equivalent to transfer your money to Malta. Many foreign exchange brokers do not charge transfer fees. None included on Foreign exchange Live do.
- Exchange Rate – A bank will generally set a ‘day FX rate’, which will be determined when the branch opens up in the morning. To lessen any FX market variations, and impact profit in the Euro rate, a margin or spread will be added to cover any euro currency volatility. Foreign exchange brokers operate differently using real-time market euro currency exchange rates. Permitting you to make the most of currency appreciation in addition to obtaining guidance if the euro rate weakens.
Fees for Receive Money in Malta
Malta belongs to the SEPA settlements system. If you send money from Europe, you are not likely to be charged an intermediary cost or transfer fee. If a charge is taken, this is collected by your Maltese bank account; you can typically settle this with them directly. It is nonetheless highly uncommon.
Limits on Money Transfers to Malta
You should not be limited on how much money you can transfer to Malta on the proviso you or your company can justify the euro money transfer. If your foreign exchange broker accepts the money transfer, there is no written restriction on just how much you can trade.
Typically, suppose a transfer goes beyond ₤ 500,000+ or currency equivalent. In that case, your international money broker can ask for a copy of a financial statement to verify your ability to meet the currency transfer agreement. Likewise, they could request paperwork to reveal the reason for the transfer (e.g., Maltese home purchase).
Transfer a Deposit to Open a Maltese Bank Account
A financial institution or currency broker will be happy to help you transfer funds to a brand-new Maltese account. Just be sure any paperwork and your Maltese account information are to hand. Your financial institution or broker can help with your bank deposit transfer and send your currency to Malta.
Maltese financial institutions will insist on your credit to your account immediately with a minimum of EUR50. However, many Maltese financial institutions will anticipate you to credit at least EUR500 a year to maintain the account.
Do Foreign Exchange Brokers Transfer Money to all Maltese Banks?
Providing the Maltese bank is regulated and not blacklisted, there will be no issue transferring to your Maltese bank. All you will need is the Maltese bank details, and your bank or currency broker can transfer money to the Maltese bank.
Safely Send Money to Malta
When transferring cash to Malta, you are right to be sensible and take a look at the best and securest money transfer services. Thankfully, foreign exchange brokers and money transfer companies are incredibly mindful of cash transfer scams. Together with being diligent in your place, they will cross-check sceptical beneficiaries utilising their systems to flag any suspicious transfers.
- FCA – Always verify your foreign exchange broker is financial conduct authority (FCA) identified. A reputable forex broker needs never hesitate to share their FCA enrolment number or an internet link to its approval on the FCA’s register. They have to similarly promote information about their regulation status on their internet site.
- Guarantees – Whilst a Foreign exchange provider, will have no way to supply warranties or guarantees, their client accounts are held with tier 1 organisations. All customer funds moved to these segregated accounts are maintained separately from their working funding and capital. If something was to occur to the currency broker, you could redeem the funds right from the tier 1 bank.
- Protection – Reputable foreign exchange brokers solutions comply with the anti-money laundering process to assure they are only dealing with the transfers of reputable customers and businesses. This diligence is continued when they trade currency and transfer funds to Malta. To ensure criteria remains high, currency exchange brokers could request further details on transfers whose recipients look suspect. Currency exchange broker’s FX trading systems are electronically shielded. They also use high degrees of web safety to prevent the possibility of their customer’s information being taken.
- Fraud – Despite these preventative protocols, dubious transfers can happen within the international money transfers’ sector. You can, however, take measures to reduce the possibility of winding up being a transfer scams target. Never send your password and or security logins over email or be pressurised to make a money transfer by a foreign exchange provider. Make sure interaction with your broker is from a company email address. Suppose you are telephoned suddenly by an unknown member of the broker’s team or a new currency account manager. Suggest you call them back to guarantee they are a worker of the money exchange broker you deal with.
Reasons to send money to Malta
- Bills – Your Maltese holiday home or business will, without a doubt, have reoccurring costs. These can consist of local state real estate tax, restoration costs, or energy costs. A foreign exchange provider, will undoubtedly be happy to arrange transfers to cover your Maltese account. Looking after any Ad-hoc currency transfers to Malta.
- Loans – If you have been lent money from a relative or pal in Malta, you may desire to clear the debt if euro rates move in your favour. Suppose you have a home loan on your Maltese vacation home, and the euro rate remains in your favour. In that case, you might wish to think about sending out money to Malta to pay off part of your holiday residence euro home loan.
- Family – Birthday party events, along with family gatherings, are never far. Your foreign exchange brokerage account can be a straightforward way to send out monetary presents to relatives in Malta.
- Property – When the Euro currency exchange rate jumps in your favour, you may wish to capitalise and make some property improvements.
- Inheritance – Sadly, many experience family members passing away overseas. Suppose you are unfortunate enough for this to be the situation. In that case, you could need to move inheritance proceeds back to Malta. A broker can sensitively manage the procedure.
- Car purchase – If moving to Malta, you might choose to rent or buy a car or truck to commute or discover the Maltese countryside.
- Holiday – If renting a home or apartment for a trip in Malta, your FX broker will supply a much better euro rate than your financial institution or debit card.
- International wholesalers – When buying overseas goods or items, you can get advice on a foreign exchange broker’s service. Helping to minimise FX risk connected with investing in products from vendors selling in euros.
Foreign Exchange Brokers
Considering the services of a credible foreign exchange provider, is the best way to save money when sending money to Malta. Savings between 1-4% are feasible, significant on regular transfers and Dutch property purchase money transfers. They can also provide you with several FX solutions to maximise the amount of currency you receive in Malta.
Finding a reputable Foreign Exchange Broker
Clients can compare the offerings of transfer services and foreign exchange brokers in many ways when they need to transfer money to Malta.
- Regulation – always ensure the foreign exchange provider, you use is regulated. In the UK, for example, brokers must be authorised by the FCA (financial conduct authority)
- Length of time in business – typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to Malta and deal with many different scenarios.
- Transfer fee or no transfer fee – especially worth considering when the payments being transferred to Malta are small. A transfer fee can typically outweigh the advantages of sending the money to Malta via a bank or broker, even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.
- Online transfer, telephone transfers or both – online Apps are great for small transfers to Malta. Recourse can be slow if the money goes astray. Customer service when dealing solely online can vary. Much of this service is via a chat/text box or email. An established foreign exchange provider, will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.
Find The Right Broker To Transfer Money To Malta
Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients all over the globe and saving them thousands of pounds in the process.
- Customer Service – Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments but don’t offer prompt customer support if an issue arises. Foreign exchange brokers offer a consistent service. All clients receive a personal account manager with a direct email address and phone number to enable easy contact and customer service if required.
- Safety and Security – All top foreign exchange providers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines. We strongly advise verifying with your broker the exact details.
- No Expensive Fees or Charges – Depending on the bank, it could cost anywhere from £10 to £4o or local currency equivalent for each transaction. A foreign exchange broker will process your transfer to Malta with no transfer fees and a narrow margin (or spread).
- Better Exchange Rates – A bank will, as a rule, be making a spread of between 2-6%, whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be provided with a deal notification showing clearly the base currency amount and the number of Euros purchased.
- Foreign Exchange Contracts
A foreign exchange broker offers several supplementary services not available in banks or on many money transfer apps. These include:
- Spot contracts – Arranging a spot transfer and agreeing on a rate, and sending the money to Malta shortly after.
- Forward contracts – fix today’s exchange rate for payment up to 2 years in the future. Forward contracts guarantee the cost of your purchase and avoiding foreign exchange volatility.
- Stop-loss – If your currency pair is trending lower, a stop-loss protects your currency from depreciating too much. The money is traded automatically when it drops to the agreed level.
- Firm order – target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased automatically day or night.
- Option contract – as with the forward contract and having the ability to opt for a better rate if the market rate improves. Typically for businesses rather than private clients.
- Regular international transfers – A payment plan to send money overseas regularly.
Documents needed for a foreign exchange broker account
The application to open your foreign exchange account can be completed within minutes. The first step is to apply online, giving personal details and a brief overview of transfer needs. Once complete, you will typically need to supply the following to get your account approved
- A valid form of photo ID
- Recent utility bill or address proof (less than three months old)
List of Foreign Exchange Brokers
- Boutique brokerages such as Newbridge FX offer tailored services. Catering to their client’s needs and work tirelessly to limit their FX risk.
- Midsize brokerages such as Rational FX operate both corporate and private client operations, focusing on key markets such as France and Spain.
- Large multi-Geographic brokerages such as Moneycorp operate in multiple jurisdictions. They have many local offices to best serve their global clientele.
Arranging a transfer to Malta
When you choose the currency exchange provider, you plan to use. The currency account is set up. You will have the ability to arrange a transfer either online or by telephone with the assistance of your currency exchange expert. Agree on a euro exchange rate to transfer to Malta. Once the euro exchange rate is agreed upon, your currency broker will request the Maltese beneficiary details and supply you with account details to pay your money. Once the euro funds arrive, your foreign exchange expert will exchange the funds and arrange the transfer to Malta.
When trading online, the process will follow a similar theme. Rather than being guide by a broker, you’ll be prompted online rather than over the phone.
Large Money Transfer to Malta
If you’re making a large money transfer to Maltese, the timing of buying your euros will be essential. On a transfer of £1000 to Malta, if the exchange the rate moves by 3%, this represents a £30 difference. On a significant transfer of £100,000, this same 3% movement represents a difference of £3000. Meaning you could receive more or fewer euros in your Maltese account, depending on whether the timing is good or bad.
Instant Money Transfers to Malta
Several companies will offer instant money transfer services to Malta. The fees involved will be comparable to those charged by banks. The euro exchange rates offered will be uncompetitive compared to foreign exchange specialists. These services exchange rates could be compared to those found in airport and train station Bureaux de changes.
When should I use an Instant Money Transfer Service?
Instant money transfer services to Malta should only be considered once all other currency transfer means have been exhausted. If, as an example, a friend or family member has lost their money in Malta or been pickpocketed, these services could help get cash to them quickly.
Banks in Malta
Choosing a bank in Malta comes with a series of options, from smaller neighbourhood banks to global financial institutions such as HSBC. While the very best financial institution for you will depend on what benefits and services you need most, the following are some of one of the most prominent banks in Malta
- Bank of Valletta
- HSBC Bank Malta
- Sparkasse Bank
- IIG Bank
- Akbank TAS
Presently, there are 26 licensed financial institutions in Malta, consisting of 3 branches of foreign banks. Banks in Malta are controlled by the 2002 Reserve Bank of Malta Act and the 1994 Banking Act. The Malta Financial Services Authority (MFSA) is the country’s single regulator in charge of providing licenses and monitoring credit and banking institutions.
Opening a bank account in Malta
Opening a bank account in Malta does not rely on your residency situation. Both locals and non-residents and EU or non-EU nationals have access to banking solutions in Malta. You will have to supply the documentation below and get asked for further details about which Maltese bank you choose.
- A valid form of photo ID (passport and residence card)
- Proof of address (residence card or ID card etc.)
- A minimum of €50 to credit the account
Non-EU citizens might find themselves subject to extra onboarding scrutiny than EU nationals. It can be more challenging to open a Maltese bank account without a reference by your current or previous financial institution.
Can I Send Money from a Maltese Bank Account to the UK?
Providing you have the account details for the UK pound account, there will be no issue sending money from Malta to the UK. Explain to your broker your needs, and they will provide you with a euro account to receive the euros from Malta and convert to GBP. Then give the beneficiary account so that the money can be transferred to your UK account.
Can I Send Money from a Maltese Bank Account to a US Bank Account?
The process is similar to the above, except you’ll need to provide account details for a US account. You will, however, arrange a transfer for Euro to USD rather than Pound Sterling. Once the Euros from Malta are received, they can be converted to USD and placed in a US account. US bank details differ slightly, featuring a swift number. The transfer will also take longer than one outside of Europe.
Maltese bank details
A Maltese IBAN consists of 31 characters
- Two-letter country code – MT
- 2-digit bank check number – 84
- Four characters from the Maltese banks swift code – MALT
- Maltese bank Branch code – xxxxx
- 18-digit Maltese bank account number
Relocating to Malta
Once you’ve found your perfect island property in Malta, you’ll need to consider the best way to send money to Malta to complete your purchase. At this stage, it’s worth consulting with a foreign exchange broker to discuss ways to transfer money to Malta.
The idyllic island of Malta is nestled in the Mediterranean and just 80km’s from Italy. It is estimated that 10,000 Brits now call Malta home, with 8000 of them believed to retirees. Many English speakers find the transition to Malta easy, with the primary language being English and surroundings be highly familiar. Driving takes place on the left. Much of the architecture and significant towns will appear very familiar to anyone who has visited the UK, just with slightly more sun!
Malta became a British colony in 1813, providing a headquarter for the British naval fleet. The British parliament passed an independence act in 1964, with Queen Elizabeth II being made head of state.
Sending Bank Deposits to Malta
Banks and Foreign exchange specialists are commonly used to send bank deposits to Malta. All you will require is the Maltese bank details, including IBAN and account number, and your bank deposit can be sent to Malta within a few days.