Send money to Malta using an international money transfer service and you could beat the bank’s rates.
Converting your dollars to euros doesn’t have to be difficult. When you’re sending money to Malta, you don’t have to rely on the bank’s rates. Our guide will show you your other options, helping you make the best decision for you when you need to make an international money transfer from the US to Malta.
XE Money Transfer
XE specializes in a wide range of foreign currency solutions and offers an affordable solution when you need to send money overseas.
- Send money to 170+ countries.
- Competitive exchange rates that are often better than banks.
- Transfer up to $500,000 online.
- See exchange rates in real-time.
Compare money transfer services to Malta
Select your currency and transfer amount, and compare the fees, rates and transfer times of different providers.
How do international money transfers work?
When you need to send money to a recipient overseas, an international money transfer will allow you to convert your funds to the appropriate currency and have it deposited in your recipient’s bank account or leave it available to be picked up as cash.
Money transfer companies generally charge a small fee for their services. You’ll be able to complete most transfers in a variety of ways: over the phone, online or in-person.
Banks versus money transfer companies
Although banks are useful for a large variety of financial needs, they usually aren’t the best choice for international money transfers. This is because their fees are much higher than that of a money transfer company, and they generally won’t have an optimal exchange rate for customers.
Case Study: Antonio sends money to Malta
Antonio’s parents have decided to move back to their native Malta after 35 years in Arizona. They still own their house in La Vallette, but they’ll need help with a few renovations once resettled. Antonio will be sending money to his parents regularly, so he needs to find a cheap, effective transfer service. He compares the rates for sending $1,000.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||1 USD = 0.925 EUR||1 USD = 0.934 EUR|
|Transfer time||2 business day||1 business day|
|Transfer options||Online, phone||Online|
|Amount received less the transfer fee||925 EUR||932 EUR|
Although the first transfer company doesn’t charge a fee, Antonio will save money by going with the second company because of its better exchange rate.
How do I compare transfer companies when sending money to Malta?
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- Customer service. What sort of customer support is offered and during what hours can you and your recipient get assistance?
- Transfer options. Does the company give you the option to lock in your exchange rate now or take advantage of changing market conditions? Will you be able to schedule reoccurring payments?
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfer?
- Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
Foreign exchange rates explained
An exchange rate determines the value of one currency when it is exchanged for the currency in another country. The exact rate will fluctuate from day to day depending on the global economy. For instance, the US dollar was worth about .80 euro cents in March 2017. This is because the euro is stronger than the US dollar, meaning it will yield less when converted.
What are my options for sending money to Malta from the US?
- Bank transfers. Most major US banks offer wire transfers to Malta.
- Money transfer providers. Online providers like TransferWise and WorldRemit can help you transfer money quickly and easily.
- Transfer companies with cash pickup. Providers like Western Union and MoneyGram allow your recipient to pick up cash at one of their many global locations.
- PayPal. If you don’t need your money converted, transferring money to your recipient’s PayPal is a quick and painless process.
Are money transfers safe?
When processed through a reputable provider, your funds are safely tracked until in the hands of your recipient. When sending money internationally, federal protections are in place to protect you from being scammed.
How to send money to Malta
The process of sending money to Malta is relatively simple. Once you choose a money transfer company that works for you, you’ll likely have to complete these steps:
- Register with the provider
- Enter your information
- Enter your recipient’s information
- Pay for you transfer
- Save the tracking number
- Confirm the transfer has been completed
Tips for picking up cash in Malta
Whether you’re picking up cash in Malta or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect funds is also a good idea.