You can have different reasons to send money to Malta. It can include: purchase property overseas or high value assets in Malta, do pension transfers, run your business in Malta, make mortgage payments, transfer wages home, regular payments, move to Malta…
Whatever reason you have, there are various options of sending money to Malta. Take a look at how to send money to Malta under the guide by DNBC’s experts.
More about Malta before sending money to Malta
The Republic of Malta (Malta for short) with 3 islands lies in the central Mediterranean Sea with the densely populated nation.
How to send money to Malta from other countries
Malta spans over 300 km² on land. It’s considered as one of the world’s smallest countries. English and Maltese are two official languages, in which Maltese is the main language.
With its long history and culture, breathtaking landscapes, and beaches, Malta has attracted many tourists every year. It is home to over 500,000 citizens, 20 percent of them are foreign. With a reasonable cost of living and growing economy, it became a perfect country for relocation.
The citizens in EU, EEA, or Switzerland can immigrate to Malta via the Malta Global Residence Program.
In 2019, Exports and imports of Malta are remarkable along with a number of countries and products. The total volume of exports reached 4,143 million and the total volume of imports reached 8,211 million. More than 1,800 products were exported to 179 countries and over 3,800 products were imported from 166 countries.
There is a huge demand for international transactions, especially in business sectors, so many ways of international transfer to and from Matla are available to meet the demands.
Here are some convenient and effective ways of sending money to Malta.
P/s: The Euro replaced the Lira as the official currency of Malta in 2008 after joining the European Union in 2004.
h2<>How to send money to Malta conveniently and securely?
There are multiple ways to send money to Malta, so it’s vital that you review your choice to find an optimal option to transfer money.
Send money via international bank transfers
Bank transfers are popular ways to transfer money to Malta, however they are often costly, unfavorable exchange rates and high transfer fees.
However, banks are a good choice if you send a large amount of money because it’s secure and saves fees if compared to small amounts of several times on monetary transfers.
Anyway, if you intend to send money to Malta, it’s better for you to have a Maltese bank account. You can get your account before heading towards Malta, and banks won’t have any difficulties setting up an account for foreigners. You can do research in advance and inform a bank if you’re planning on joining promptly.
When creating a bank account in Malta, you should prepare some documents: proof of address, ID and bank reference letter introduced by your current bank.
Sending money via an online money transfer provider
The service enables you to transfer money conveniently and securely online, where money can be sent from the comfort at home.
We have great news for expats in Malta to transfer money. They are guaranteed by freedom of capital under EU regulations and there are no particular restrictions in sending money, both outcoming and incoming transfers.
The act of sending money to Malta is quite simple, but it’s better to plan ahead. You should make sure to pick a suitable financial provider with a good service at reasonable rates.
Here are some online money transfer providers that can help you: DNBC Financial Group, XE, Western Union, WorldRemit, CurrencyFair, TransferGo, TransferWise OFX, Remitly…
At DNBC Financial Group, you can set a transaction limit of 500 000 EUR per day for a business account. They apply SWIFT and SEPA transfers to more than 170 countries, offering the customers with transfer alternatives at the best possible rate and shortening your waiting time.
The beneficiary can get the remitted money from one-three days. Especially in some cases, the recipient will get their money in minutes. It’s important when there is an emergency, and you need to get the money to Malta without taking so long.
In addition, you can pick other providers to satisfy your demand such as: WorldRemit Remitly, TransferWise, CurrencyFair or TransferGo or Western Union.
Some considerations of sending money to Malta
Added fees in opening a new bank account
Although bank accounts in Malta are quite simple to own, the process can involve administrative fees. Charges will depend on the country where you transfer from.
EEA Euro banks and Switzerland banks with SEPA transfer have the lowest processing charges.
It’s also worth doing research and picking the company offering the most reasonable fees.
Keep in mind that the fees in money transfer providers are different from bank processing fees, it means you can pay more for processing fees to both entities.
Repercussions of Eurozone crisis in Malta
The expats in Malta can reduce the risks by maintaining their money in another bank account in the Eurozone. When doing money transfers, you should do some research on the safety of banks where you intend to create a new account.
More information of DNBC Financial Group
DNBC Financial Group is boosting the best business account for international payments from Malta to anywhere in the world.
We supply online payment solutions, money transactions in more than 170 countries with multiple currencies, being obvious and quick speed of delivery. DNBC Financial Group’s mission is to support you 24/7 with comfortable and easy transactions.