How to Send Money from Malta to Other Countries

In this article, you’ll find out how to send money from Malta to countries such as the Philippines, the USA, Germany, and others.

Nothing written here should be considered as financial advice, nor a solicitation to invest. 

For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via advice@adamfayed.com 

It is usually better to “kill two birds with one stone” and invest as an expat, rather than send money home to buy shares or a house.

Introduction

The Republic of Malta, or Malta for short, is an archipelago composed of three islands located in the central Mediterranean Sea. It became a member of the EU on May 1, 2004. With sites rooted in years’ worth of history and culture, unique landscapes, and breathtaking beaches, the country has been favored by many tourists year in and year out. At the same time, it is home to over 500,000 people, with 20% of them being foreign nationals.

Citizens of countries outside the EU, EEA, or Switzerland can immigrate to Malta through the Malta Global Residence Programme. Financially capable individuals just need to buy or rent a property within the country to become eligible for this pathway. With a relatively affordable cost of living and a growing economy, it has become an attractive country for relocation.

When you are already in the country, there are different options for sending money internationally. Take a look at how to send money from Malta below.

How to Send Money from Malta

1. Wise

Wise offers a fast, affordable, and reliable way to transfer money from Malta online. There are three types of transfers, namely, fast, low cost, and easy. The available transfer type will depend on the amount to be sent, payment method, and the country of the recipient. 

For example, if you send 10,000 EUR from Malta to the USA, you can avail of the low cost transfer or fast transfer. With the low cost transfer, you can send money from your bank account for a transfer fee of 47.32 EUR. It is important to note that the transfer fee will be deducted from the amount to be sent. This means that only 9,952.68 EUR will be converted by Wise using the mid-market exchange rate. Given that 1 EUR = 1.06310 USD, the recipient will get 10,580.69 USD. 

The fast transfer comes with a higher fee of 87.96 EUR. However, this brings with it the advantage of being able to send money from your debit or credit card. And, as its name implies, the transaction will be completed faster. 

Use Wise to send money from Malta
Take into account the deducted fee when making a transfer using Wise.

In general, users of Wise will be charged a flat fee of 0.54 EUR plus a certain percentage of the amount that they send. The percentage ranges from 0.3% to 0.47%, with the lowest applied to transfers of more than 1,188,500 EUR and the highest applied to transfers of up to 118,850 EUR. As such, the more money that you send through Wise, the cheaper the fee will be. There is no minimum amount required to use Wise, but the maximum amount is 1,200,000 EUR. 

Money transfers can be paid for using a debit card, credit card, bank transfer, SOFORT, and Trustly. The recipient can expect the money in their bank account within minutes or within the day. In certain instances, it can take up to 2 business days. This will depend on the payment method, the receiving country, and the recipient’s bank.   

2.  WorldRemit

WorldRemit offers users the ability to send money online within minutes to individuals in more than 130 countries. There are different transfer types, which depend on the country from which the money will come. But the list of ways recipients can get the money includes mobile money, cash pickup, bank transfer, airtime top-up, and home delivery. On the other hand, money transfers with WorldRemit can be paid for by Visa or MasterCard cards, bank transfers, Poli, SOFORT, Apple Pay, Trustly, and mobile money.

For example, sending 7,000 EUR from Malta to the USA will be charged 3.99 EUR. This means that you will pay 7,003.99 EUR in total. With a foreign exchange rate of 1 EUR = 1.04971 USD, the recipient will get 7,347.99 USD in their bank account on the next working day.  

There is no minimum amount required to make use of WorldRemit. However, the total amount that you can pay should be less than 8,000.00 EUR. With this, the maximum amount that can be sent is 7,996.00 EUR.   

Recipients in the Philippines can pick up cash at partner institutions.

On the other hand, there are more receiving methods when you send money from Malta to the Philippines using WorldRemit. The recipient can get the money by cash pickup, bank transfer, mobile money, and airtime top-up. Each receiving method is coupled with its respective maximum amount. But the most that the recipient can get should be less than 100,000.01 PHP. This is often possible through cash pickup. 

3. Azimo 

Azimo offers users instant or one-hour money transfers to over 80 countries. At the same time, using their services costs 75% less than what you would pay for if you were to use a bank. Payment methods for international money transfers include bank transfers, credit or debit cards, Trustly, SOFORT, and iDEAL. The recipient can get the money through their bank account, SWIFT, mobile wallet, or cash pickup.

When you send 10,000.00 EUR from Malta to the USA, you have to fund the transfer using your bank account. Then, it can be delivered to the recipient’s bank account or by SWIFT. Choosing the former delivery method will mean being charged a transfer fee of 2.99 EUR. With a foreign exchange rate of 1 EUR = 1.05060 USD, the recipient will get 10,506.00 USD within 1-3 working days.

The Azimo mobile app is available in the App Store and Google Play.

On the other hand, choosing SWIFT for the money transfer will cost you 11.99 EUR. With an exchange rate of 1 EUR = 1.04465 USD, the recipient will get 10,446.50 USD within 24 hours. The money transfer fees previously mentioned are fixed regardless of the amount sent. 

In general, the maximum amount that can be transferred will depend on the payment method, receiving country, and delivery method. Paying by a debit or credit card is often limited to 13,500.00 EUR per transfer. But paying by bank transfer can have limits as high as 250,000 GBP (295,775.00 EUR) per transfer.

4. TransferGo

With TransferGo, users can send money to more than 160 countries at an affordable rate and within a reasonable amount of time. International money transfers can be paid for by bank transfer, credit or debit card, Google Pay, or Apple Pay. Then, the money will be transferred to the bank account of the recipient. There are different options for when the money will be delivered, each with a corresponding fee.  

For example, if you send 10,000.00 EUR from Malta to the USA, it can be delivered within 2 days for a fee of 0.99 EUR. With an exchange rate of 1 EUR = 1.05970 USD, the recipient will get 10,597.00 USD. 

The transfer time will dictate the fees to be charged.

As mentioned above, users have the option of choosing the delivery time of the money transfer. A transfer that is completed within 30 minutes will be charged 2.99 EUR. It costs less (0.99 EUR) when you choose a delivery time within the day or by the next day. 

There are no limits implemented by TransferGo when a transaction is funded through a bank transfer. But the bank from which you’ll transfer money may have its own limits. At the same time, paying by card will have a limit of 10,000 GBP (11,834.30 EUR) per transaction. If you need to send more than that, you can conduct multiple transactions. This is because there is no limit on the number of transfer orders that you can initiate. 

5. XE 

XE offers a safe and secure way of sending 100 different currencies to more than 130 countries. Paying for a money transfer using XE can be done by direct debit, wire transfer, credit card, or debit card. The recipient will get the money through their bank account. Fees charged in relation to the money transfer will depend on the amount to be sent.

XE can help with transfers that involve amounts of over 400,000 EUR. 

When you send 10,000.00 EUR from Malta to the USA, you have the option of paying by debit card, credit card, or bank transfer. This transaction will not be charged a money transfer fee. With an exchange rate of 1 EUR = 1.0494 USD, the recipient will get 10,494.00 USD on the same day. On the other hand, smaller transactions involving up to 249.00 EUR will be charged a fee of 2.00 EUR. 

Users can send as much as 399,999.00 EUR through their mobile app. For money transfers that amount to more than 400,000.00 EUR, you can contact XE so that they can assist you in this situation. 

6. Skrill 

Skrill is a virtual wallet that allows users to perform money transfers and online payments. Through this platform, you can send money internationally by bank transfer, debit card, credit card, Paysafecash, or bank transfer through Klarna (SOFORT). 

Fees for the money transfer will depend on the payment method, but they range between 0% and 4.99%. At the same time, a mark-up fee that goes as high as 3.99% is applied to the wholesale exchange rate when the transaction requires conversion between currencies. The recipient can get the money through their bank account.

Paying by bank transfer or debit card is free of charge.

Sending 10,000 EUR from Malta to the USA through Skrill can be paid for by bank transfer, debit card, or credit card. Paying through a bank transfer or debit card is the cheapest option since there will be no fees charged. On the other hand, funding the money transfer by credit card costs 199.00 EUR. With an exchange rate of 1 EUR = 1.0293 USD, the recipient will get 10,292.77 USD in their bank account. The transaction will be completed within a day, but it can take up to 2–5 days if paid for via bank transfer.

Conclusion

With this, we have listed 6 different platforms for international money transfers. Though there may be more than what was mentioned, such as banks, providers of online remittance services often offer more competitive exchange rates, fees, and processing times. This can help you save money lost from low conversion rates and high transaction costs.

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Adam is an internationally recognised author on financial matters, with over 545.6 million answers views on Quora.com and a widely sold book on Amazon and a contributor on Forbes.

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