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Top 3 Money Transfer Providers for UK to Malta

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp 11,526.22 £0.00 1.1526 1-3 days more...
Currencies Direct Currencies Direct 11,514.57 £0.00 1.1515 1-3 days more...
OFX (UK) OFX (UK) 11,537.86 £0.00 1.1538 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
MALTA
Malta became a member of the European Union in 2004 and entered the eurozone in 2008, adopting the euro (EUR, ) as its official currency Read More
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Malta Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Malta's money transfer regulations
  • Currency union
  • Malta's economic background
  • Malta's monetary and regulatory authority
  • Taxation
  • Currency
  • Summary

    Malta became a member of the European Union in 2004 and entered the eurozone in 2008, adopting the euro (EUR, ) as its official currency. In accordance with eurozone policies, Malta employs few foreign exchange controls and restrictions on cross border flows of capital. Sending money to Malta and sending money from Malta is not restricted.

    Malta's money transfer regulations

    A member of the European Union (EU) since 2004, Malta must comply with all EU regulations and directives regarding imports, customs duties, trade regulations, and agricultural agreements. As such, Malta places very few restrictions on overseas money transfers. Trade in Malta is also governed by the rules of World Trade Organization (WTO). Malta is open to and encourages foreign direct investment, offers tax incentives for investors in several sectors, including information and communications technology development, healthcare, manufacturing, audio visual and film, and waste treatment. Malta eliminated all exchange controls when it joined the EU, but negotiated certain restrictions regarding the acquisition of companies by nonresidents. For such operations, local authorities must authorize the transactions.

    Individual travellers may carry a maximum of 10,000, or its equivalent in foreign currency, in cash into or out of the European Union, in accordance with EU customs controls.

    Currency union

    Malta joined the European Union in 2004 and entered the eurozone in 2008, adopting the euro as its official currency. The euro replaced the Maltese lira (or pound) starting on January 1, 2008. Maltese coins were convertible at the Central Bank of Malta until February 1, 2010, and banknotes remain convertible until January 31, 2018. Malta complies with eurozone economic policy, which imposes few restrictions on foreign currency transfers.

    Malta's economic background

    Malta, a Southern European island nation in the Mediterranean Sea, is one of the world's smallest and most densely populated countries. Malta is one of 26 European countries that make up the Schengen area, and has established itself as a financial center, popular tourist destination, and a freight transhipment point, thanks to its strategic location in the Mediterranean. Due to its geographic location in the Mediterranean Sea, Malta has few domestic natural resources and has to import sources of energy, fresh water, and most of its food. Most of these imports come from France and Italy.

    It is the smallest economy in the eurozone depending mostly on manufacturing, financial services, and international trade. With well-trained labor force and low unemployment, Malta is attractive for foreign investments, and places few restrictions on foreign exchange transfers. Maltas main exports include transport equipment and machinery, which it sends to Asia, other EU countries, and the US. Malta closed 2013 with a GDP of US $9.64 billion, and led the eurozone that year with 3% growth.

    Malta's monetary and regulatory authority

    The Central Bank of Malta was first established in 1968, and became part of the European System of Central Banks (ESCB) in 2004. When Malta officially adopted the euro as its currency in 2008, the Central Bank of Malta joined the Eurosystem, becoming responsible for issuing the new currency and implementing EU monetary policy. The main objective of the Central Bank of Malta is to maintain price stability following European Union and European Central Bank (ECB) regulations and to oversee payment systems in Malta.

    Taxation

    In the case of individuals, residents are subject to income tax on their worldwide income, while non-residents are subject to taxes on income gained in Malta, but also on foreign income received in Malta. Malta has progressive income tax rates up to 35% and individuals are also subject to capital gains taxes, which are also progressive up to 35%. Other taxes include stamp duty and a value-added tax. Total tax revenue in Malta was equal to 35.2% of domestic income in 2015.

    Malta does not maintain a separate system for corporate taxes. Companies are charged income tax like individuals, but at a flat rate of 35%, which is the highest marginal tax rate for individuals. Companies residing in Malta are subject to tax on worldwide profits, while non-resident companies are required to pay taxes only on income sourced in Malta. Malta currently has double taxation treaties with 67 countries, which work to encourage international trade and the growth of the financial services sector.

    Currency

    The Central Bank of Malta has the exclusive right to issue banknotes and coins in Malta and is responsible for cash distribution across the country. Maltas monetary unit, the euro (EUR), consists of 100 cents. Euro banknotes are printed in denominations of 5, 10, 20, 50, 100, 200 and 500. Coins are available in values of 1, 2, 5, 10, 20 and 50 cents, and 1 and 2. The central bank of each EU member country issues its own banknotes and coins; the latter have national designs on one side and common designs on the other. All euro currency from any country is accepted within the currency zone.

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    Top 10 Money Transfer Providers

    Exchange Rates as of 21 October 2019, 16:19

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Bank Beating Rates

    TorFX

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    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.