If you are an international student in Malta, or you are about to become one, we tell you everything you need to know about how to do 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 ones:
Person-to-person transfer
A very frequent option among foreigners is to make transfers with other people. In Facebook groups is recurrent to see this type of requests, for example, you can say that you have X amount of euros and 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 through bank transfers, this varies according to 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. Here are the most used and reliable ones:
WorldRemit
This is an application that works globally in which you can make transactions to different countries using different currencies. It has more than 5 million users and has the respective regulations to keep your money and personal data safe. Finally, its interface is extremely intuitive so you can send or receive money easily and quickly.
Ways to send/receive money in WorldRemit
Currently the application has the following options to make your transactions:
- Bank transferWire transfer: This is 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 transaction 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 along with the transfer number at the nearest correspondent.
- Mobile moneyMobile Money: This is an electronic wallet service available in many countries that allows users to store, send and receive money using your cell phone. With mobile money you will be able to make electronic payments such as paying bills, buying items among others.
Waiting times
In this case, the waiting time for the transfer to be reflected is one to two business days, but this may vary depending on the country.
Western Union
This is another well-known application that allows you to make international transfers 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 shipping
- Shipping by app
- Shipment in person, in a correspondent
When sending money you will have to pay a fee that varies depending on the destination, total amount and speed with which 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 will also be able to mark your favorite recipients to send them money regularly and quickly.
Remitly
Remitly is another digital remittance service application used by migrants around the world. This has a large global network with allied banks and money withdrawal points, its value promise is focused on punctuality, so if your money transfer takes longer than agreed, you will receive a refund, Additionally, Remitly has a customer service area for you to resolve your doubts quickly.
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. These are the steps to do it:
- Start a transaction in the application 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 commission 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 you want to open a bank account you should be aware that this is a long and patient process as bank agents are rigorous with the procedures and requirements.
Some documents that you must present are:
- Your Maltese ID
- Letter of reference from your employer
- Lease agreement
- Contract of employment
Do you want to live in Malta?
If your dream is to study in Europe, we are with you! We want to see you fulfill your dreams abroad, in Boom Studies we will guide and accompany you at all times to make your exchange in Malta an unforgettable experience. Take the plunge
