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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 Kingdom 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.
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
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 UK 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
Antonio’s parents have decided to move back to their native Malta after 35 years in Grimsby. 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 £500.
|UK bank||Money transfer service|
|Exchange rate||£1 = €1.2445||£1 = €1.3061|
|Amount received for £500||€622.25||€653.05|
|Transfer time||1-12 days||One day|
|Transfer options||Bank account||Bank account|
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
The 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 pound was worth approximately 26 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.
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.
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
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