Send money to Malta using an international money transfer service and you could beat the bank’s rates.
When you need to get money to a loved one overseas, the last thing you want to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Malta doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the best deal.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Malta is easy. But do your research and shop around for the best available deal.
World First International Money Transfers
Most Convenient money transfers with excellent customer service. Send to 140+ currencies in 45 countries.
Special $0 fee offer for finder.com readers:
Because World First is a trusted partner of finder.com, you can send your money transfer overseas for free.
- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
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?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Malta. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.Back to top
Banks versus money transfer companies
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.Back to top
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. He will also get the money to his parents more quickly.Back to top
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?
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-time orders?
- 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?
- Customer service. What sort of customer support is offered and during what hours can you receive assistance?
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
What are my options for sending money to Malta from the U.S.?
- Bank transfers. Most major U.S. banks offer wire transfers to Malta.
- Money transfer providers. Online providers like TransferWise and WorldRemit can help you transfer money quickly and easily. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of $0 in fees.
- Transfer companies with cash pickup. Providers like Western Union and MoneyGram offer this service — your recipient can sometimes pick up the cast within minutes.
- PayPal. You can send money abroad using your PayPal account.
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 that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
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.Back to top