If you are an international student in Malta, or are about to become one, here's everything you need to know to make the most of your time in Malta. international transfers successfully during your stay on the island.
Ways to conduct an international transaction
There are many options for international money transfers from your home country to Malta or vice versa. These are the most common:
Person-to-person transfer
A very common option for foreigners is to make transfers with other people. In Facebook groups it is common to see this type of request, for example, you can say that you have X amount of euros and that you need an exchange to Colombian pesos according to the exchange rate of the day.
It is common for these exchanges between users to be in cash or by bank transfer, depending on the agreement you reach with the other party.
To make sure you join a good group to avoid scams, we recommend you to join our group. here
Transfer applications
You can make use of different applications and platforms that facilitate international money transfers. We tell you about the most used and reliable ones:
WorldRemit
This is an application that works globally where you can make transactions to different countries using different currencies. It has more than 5 million users and has the respective regulations so that your money and personal data are safe. Finally, its interface is extremely intuitive so you can send or receive money quickly and easily.
Ways to send/receive money on WorldRemit
Currently the application has the following options to make your transactions:
- Bank transferBank transfer: An electronic payment that allows you to send money directly from your bank account to another bank account. Bank transfers can be instantaneous or take one to two business days depending on your country. Please note that the fee for this movement also depends on your location.
- Cash pickupThis is a cash withdrawal transfer. The payment can be picked up by the recipient in physical cash at a compatible location within the WorldRemit local partner network. You will be able to withdraw your money immediately by presenting your ID document together with the transfer number at the nearest correspondent.
- Mobile moneyMobile money: This is an e-wallet service available in many countries that allows users to store, send and receive money using your mobile phone. With mobile money you can make electronic payments such as paying bills, buying items and more.
Waiting times
In this case, the waiting time for the transfer to be reflected is one to two working days, but this may vary depending on the country.
Western Union
This is another well-known application that allows international transfers to be made easily, quickly and securely, allowing real-time tracking. Western Union has a presence in more than 200 countries and has a strong encryption system to protect its users against fraud and threats.
The options for sending money offered by Western Union are:
- Online delivery
- Shipping by app
- Delivery in person, in a correspondent
When sending money, you will pay a fee that varies depending on the destination, total amount and how quickly you wish to receive the balance.
On the other hand, the options for receiving money are:
- Bank transfer: You will be able to receive your funds directly into your bank account.
- Cash pickup: You will be able to claim your cash at a Western Union correspondent.
In the application you can also mark your favourite recipients to send them money regularly and quickly.
Remitly
Remitly is another digital remittance service app used by migrants around the world. It has a large global network of allied banks and pick-up points, and its value promise focuses on timeliness, so if your remittance takes longer than agreed, you will receive a refund. In addition, Remitly has a customer service area for quick answers to your questions.
Commissions and delivery times
In the application you will be able to see the different exchange rates, the delivery rate and the commission to be paid. Here are the steps to do this:
- Start a transaction on the app or on Remitly.com.
- Insert the information of the person receiving the money
- Choose the delivery method and decide your payment method
- In the Transfer Summary, Remitly will show you the cost and exchange rate for you to review.
- If the cost and fee are within your expectations, choose "Send money" for the transaction to proceed.
Do you want to open a bank account in Malta?
If you are an international student and want to open a bank account you should be aware that this is a lengthy and patient process as bank agents are rigorous with the procedures and requirements.
Some of the documents you need to submit are:
- Your Maltese ID
- Letter of reference from your employer
- Rental agreement
- Employment contract
Do you want to live in Malta?
If your dream is to study in Europe, we are with you! We want to see you fulfil your dreams abroad, at Boom Studies we will guide you and accompany you at all times to make your exchange in Malta an unforgettable experience. Take the plunge
