Money transfers

How to transfer money in Malta and abroad

Money transfers

There are many ways in which you can transfer money in Malta or abroad. These methods are all convenient and safe, but you should check for the transfer fees implied as these can be quite significant.

Money transfers within Malta

Standing orders: If a regular payment is leaving your account (i.e. monthly rent) you can set up a standing order on your bank account. This automatically connects a recipient account with yours. The money is then transferred on the requested day. This can be on a weekly or monthly basis. However, bear in mind that transfers between different international bank accounts will require a transfer fee.

Direct debit payments: If you have recurring bills of varying amounts that you must send to the same account, direct debit payments are the most convenient method. This type of transfer works well for phone bills or electricity bills that you pay on a weekly/monthly basis but which vary in amount.

International money transfers

The Society of worldwide interbank financial telecommunication (SWIFT): By using this transfer service, the money is usually deposited into the recipient’s bank account within 24 hours. The transfer costs for this process vary depending on commission rates and exchange rates.

Money Exchange Companies: Companies such as Western Union or Moneygram provide a service through which money can be transferred and received within 10 minutes. You simply pay a sum of money into an office of one of these companies and within approximately ten minutes the recipient can enter any participating office anywhere in the world and pick up the transferred money providing they have identification. However, be aware that the fees for these services are extremely high!

Further reading

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