How to send money to Malta using a money transfer service orÂ foreign exchange brokerÂ to a Maltese bank account.
Transferring Money to Malta
When transferring money to Malta either to acquire a holiday home there or relocate there are a handful of ways to help your odds of getting an affordable euro currency exchange rate, improved offering and ensure you send money to Malta securely.Â
Ways to Send Money to Malta
- Debit Card â€“ 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 cash 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 the convenience, whilst remaining free from fees, in addition to acquiring a much better euro currency exchange rate.
- Credit Card â€“ Ideal for renting a holiday property before getting to 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 cards 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 â€“ 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 â‚¤ 10-30 or money equivalent.
- Swift/SEPA â€“ 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 â€“ when you send out money overseas utilising a bank you will be asked to give 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. If you have the alternative to send out cash to Malta using your online bank account, 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 broker, 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 â€“ 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 are sending out the money to finish a transfer to a Maltese account.
Time taken to send money to Malta
- Typical time â€“ for a foreign exchange broker to obtain your cash, transform 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 â€“ if funds are already in your foreign exchange transfer account you have a great chance of moving your Euros to Malta and them getting there the very same day. It could take the receiver checking account 1 day or even more to allot funds. Banks will take much longer, typically 2-4 working days.
Cost to Transfer Money to Malta
- Commission â€“ Fx commission is taken by financial institutions varies from one organisation to the next. Nevertheless, one typical scenario is they continue to be uncompetitive when compared to fx brokers. An Fx broker will typically have the ability to save their customers around 1-4% when sending money to Malta along with various other areas of Europe
- Transfer Fees â€“ An international bank will usually charge anywhere between â‚¤ 10 -â‚¤ 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 â€“ A bank will generally set a ‘day FX rate’ which will be determined when the branch opens up in the morning. To lessen any kind of FX market variations, and impact profit in Euro rate, a margin or spread will be added to cover any kind of sort of 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 are sending money from Europe you are not likely to be charged an intermediary cost or transfer fee. If a cost is taken, this is collected by your Maltese bank account, you can normally settle this with them directly, it is nonetheless extremely 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 if a transfer goes beyond â‚¤ 500,000+ or currency equivalent your international money broker can ask for a copy of a financial statement to verify your ability to meet the currency transfer agreement, they could, likewise 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 helping you transfer funds to a brand-new Maltese account. Just be sure any kind of paperwork, as well as your Maltese account information, is to hand, your financial institution or broker can then help with your bank deposit transfer and send your currency to Malta.
Maltese financial institutions will insist on your credit your account immediately with a minimum or EUR50, however, many Maltese financial institutions will anticipate you to credit at least EUR500 a year to maintain the account.
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 furthermore cross-check sceptical beneficiaries utilising their systems to flag any sort of suspicious transfers.
- FCA â€“ Always verify your foreign exchange broker is financial conduct authority (FCA) identified. A reputable forex broker needs to 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 â€“ Whilst a Foreign exchange broker 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 can redeem the funds right from the tier 1 bank.
- Protection â€“ Reputable foreign exchange brokers solutions comply with anti-money laundering process to assure they are only dealing with the transfers of reputable customers and businesses. This 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 additionally make use of high degrees of web safety to prevent the possibility of their customer’s information being taken.
- Fraud â€“ 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 broker. make sure interaction with your broker is from a company e-mail address. If you are telephoned suddenly by an unknown member of the broker’s team or new currency account manager organise to call them back to guarantee they are a worker of the money exchange broker you deal with.
Reasons to send money to Malta
- Bills â€“ 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 broker will certainly be happy to arrange transfers to cover your Maltese account as well as look after any type of kind of type of Adhoc currency transfers to Malta.
- Loans â€“ 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. Also, if you have a home loan on your Maltese vacation home and the euro rate remains in your favour you might wish to think about sending out money to Malta to pay off part of your holiday residence euro home loan.
- Family â€“ 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 â€“ When the Euro currency exchange rate jumps in your favour, you may wish to capitalise and make some property improvements.
- Inheritance â€“ Sadly many experience family members passing away overseas. if you are unfortunate enough for this to be the situation you could need to move inheritance proceeds back to Malta. A broker can sensitively manage the procedure
- Car â€“ If moving to Malta you might choose to rent or buy a car or truck to commute or discover the Maltese countryside.
- Holiday â€“ 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 â€“ When buying oversea goods or items you can obtain advice on services from a foreign exchange broker to minimise FX risk connected with investing in products from vendors that market in euros.
Foreign Exchange Brokers
Considering the services of a credible foreign exchange broker is the best way of guaranteeing to save money when sending money abroad. Savings between 1-4% are feasible which will be significant on regular transfers and Dutch property purchase money transfers. They can also provide you with several 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 â€“ always ensure the foreign exchange broker you use is regulated, in Malta, for example, brokers must be authorised by the FCA (financial conduct authority)
- Length of time in business â€“ 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 dealt with many different scenarios.
- Transfer fee or no transfer fee â€“ 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 â€“ 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 broker 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 Canada
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 â€“ 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 â€“ All top foreign exchange brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines, we strongly advise to check with your broker on the exact details.
- No Expensive Fees Or Charges â€“ Depending on the bank, for each transaction, it could cost anywhere from Â£10 to Â£4o or local currency equivalent. A foreign exchange broker will process your transfer to Malta with no transfer fees and narrow margin (or spread).
- Better Exchange Rates â€“ 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 â€“ Arranging a transfer and agreeing on a rate and sending the money to Malta shortly after.
- Forward contracts â€“ fix today’s exchange rate for payment up to 2 years in the future. guaranteeing the cost of your purchase and avoiding foreign exchange volatility.
- Stop-loss â€“ If your currency pair is trending lower a stop-loss protects your currency from depreciating too much, the currency is traded automatically when it hits the agreed level
- Firm order â€“ 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 â€“ as with the forward contract but also having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.
- Regular international transfers â€“ 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 3 months old)
List of Foreign Exchange Brokers
- Boutique brokerages such and Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their clients’ FX risk.
- Midsize brokerages such as Rational FX operate both corporate and private client operations with a focus being on key markets such as France and Spain.
- Large multi Geographic operations such as Moneycorp operate in multiple jurisdictions and have many local offices to best serve their global clientele.
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 as well as the 1994 Banking Act. The Malta Financial Services Authority (MFSA) is the country’s single regulator that is in charge of providing licenses as well as monitoring credit and also banking institutions.
Opening a bank account in Malta
Opening a bank account in Malta does not rely on your residency situation. Both locals and also non-residents as well as EU or non-EU nationals have access to banking solutions in Malta. You will have to supply the documentation below and could get asked for further details subject to which Maltese bank you choose.
- A valid form of photo ID (passport and eResidence card)
- Proof of address ( eResidence card or ID card etc)
- A minimum of â‚¬50 to credit the account
Non-EU citizens might find themselves subject to extra onboarding scrutiny than EU nationals, meaning it can be more difficult to open a Maltese bank account without a reference by your current or previous financial institution.
Maltese bank details
A Maltese IBAN consists of 31 characters
- 2 letter country code – MT
- 2 digit bank check number – 84
- 4 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 its 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 just 80km’s from Italy. Its estimated that 10,000 Brits now call Malta home with 8000 of these believed to be retired. Many English speakers find the transition to Malta easy with the prominent language being English and surroundings be extremely familiar. Driving takes place on the left and much of the architecture and major 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 head quarter for the British naval fleet. The British parliament passed an independence act in 1964 with Queen Elizabeth II being made head of state.
What is the best place for you to purchase?
The Maltese property market enjoys a fairly buoyant property market with a diverse selection of properties available. These range from modest and manageable apartments to vast country homes outside of the cities and towns. One of the benefits of living on an island with area of just over 300km’s is that everything is accessible.
Popular with Expats
- SliemaÂ is a mix of suburban residential property and business areas. It boasts a long promenade facing the Marsamxett Harbour and the Valletta skyline.
- St Julian’sÂ which Is situated between Sliema and Paceville with all being considered some of the most urban of the villages in Malta. All three villages are connected via the promenade and offer good levels of nightlife and entertainment.
- The villages are very popular with students and tourists and have good bus transport links including, buses, water taxi’s and car taxis. Paceville also enjoys a small man-made sandy beach.
- Other popular expat locations includeÂ St. Paul’s Bay, Qawra and Mellieha.Â Situated in the north of the island the villages offer expansive beaches. They prove popular amongst holiday makers, retirees and younger families. Many might be put off by the increased summer populations and quite low seasons when many shops shut.
- ValettaÂ the capital is for the most part pedestrianised and is littered with bars, restaurants, cinema’s museums and galleries. The city can be very quiet at night and very few expat families opt to live in the capital.
Property prices in Malta
Property prices in Malta are seeing a sharp rise with prices in Q1 2019 increasing by 10.83%. Price rises over the last five years have largely been supported by low interest rates, increasing numbers of foreign workers and disposable income.
First time buyers are also exempt from the 3.5% stamp duty which has seen many take the plunge and get on the property ladder.
Typical property prices per square meter range from â‚¬2,210 to â‚¬3,497 for property outside and inside the capital. Comparing well toÂ property pricesÂ on other locations.
Rentals compared to many European areas remain reasonable with 3 bed apartments typically ranging from â‚¬1,170 to â‚¬1,551. If you elect to rent a property you may wish to send money to Malta to secure a rental property or set up a regular international transfer to pay the rent.
Arranging for your belongings to be sent to Malta
If you are renting a home in Malta you will probably find that it will come fully furnished. If this isn’t the case and you are renting a modest apartment the costs of sending belongings to Malta could outweigh the costs of furnishing the apartment simply. However, if you are buying a number of companies run removal truck to Malta and can offer a packing and unboxing services if required.
Before committing to a company its worth ensuring they have the appropriate insurances and vehicles.
Health insurance is a requirement
Those relocating from outside the European Union will need to invest in health insurance if they are wishing to live in Malta. If they move to the island with their family they will also have to be covered by the policy. Those who are applying for residence via the Maltese golden visa will need to purchase insurance as part of their application. Your foreign exchange broker can help send money to Malta to cover the policy cost, they are very happy to assist with small payments
Enjoy the expatriate community
Whether your mother tongue is English or Italian making friends will be easy as the island enjoys a huge expat social scene. The community is by and large extremely friendly and can help with any of the unforeseen issues you could encounter in the first few months of life in Malta.