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    Currency in Malta

    A practical currency and money guide to travel, living and doing business in Malta and the Euro (EUR).

     

    What currency is used in Malta?

    The official currency of Malta (country code: MT) is the euro, with symbol and currency code EUR.

    Things to know about the euro

    The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.

    The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.

    Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.

    Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.

    There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.

    The euro banknotes and coins

    The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.

    The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.

    An example euro banknote

     

    Travel Ideas and Money Tips for Malta

    Malta is a small island nation in the Mediterranean Sea. It is a popular tourist destination for its sunny weather, beautiful beaches, and historic sites. Malta is also a popular destination for expats, especially those from the UK, due to its close proximity to home and its English-speaking environment.

    Best things to do and see in Malta

    1. Visit the Old city of Mdina

    2. Walk around Valletta

    3. Go to the Blue Grotto

    4. Visit the Tarxien Temples

    5. Go to Marsaxlokk Market

    6. Visit the Ggantija Temples

    7. See the Hypogeum

    8. Visit St. John's Co-Cathedral

    9. Go to the Malta National Aquarium

    10. Visit Popeye Village

    Top Travel tips for Malta

    There are a few things to keep in mind when travelling to Malta:

    1. Malta is a very popular destination, so book your accommodation and flights well in advance.

    2. The island is very small, so it is easy to get around by public transport or on foot.

    3. Malta is a very safe destination, but be aware of your belongings and keep an eye on your personal belongings when in busy areas.

    4. The local currency is the Euro. ATM's are widely available and credit cards are widely accepted.

    5. The climate in Malta is very mild, with average temperatures around 20-25 degrees Celsius.

    Is it safe in Malta?

    Yes, it is considered safe to travel to Malta.

    What is the cost of living in Malta?

    There is no definitive answer to this question since the cost of living can vary greatly depending on lifestyle and personal preferences. However, according to Numbeo.com, the cost of living in Malta is generally considered to be moderate when compared to other Western European countries.

     

     

    Expat Money & Business Guide to Malta

    Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.

    By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Malta.

    How is the expat life in Malta?

    The expat life in Malta is comfortable and safe. Malta is a small island and most places are easily accessible by bus or taxi. There is a strong expat community in Malta, which makes it easy to meet new friends and get involved in social activities.

    Any laws in Malta that foreigners should be aware of?

    There are no general laws in Malta that foreigners should be aware of. However, it is important to note that Maltese law requires all businesses to obtain a licence from the Malta Financial Services Authority in order to operate.

    What is doing business like in Malta?

    Business in Malta is generally positive, with a strong economy and plenty of opportunities for investment and growth. The country's membership in the European Union provides stability and access to a large market, while its English-speaking population makes it an attractive destination for foreign businesses. The government offers a number of incentives for businesses operating in Malta, including tax breaks and subsidies. The cost of living is relatively low, and the quality of life is high, making Malta an attractive place to do business.

    How is the economy in Malta?

    The economy of Malta is a service-based economy with tourism, manufacturing, and information technology being the most important sectors. Malta has a highly educated workforce and is a popular tourist destination, with over 10 million tourists per year. The country has a diversified economy and a low unemployment rate.

    Managing your finances in Malta

    Here we list some key points for expats and businesses to consider when managing financial dealings in Malta:

    1. Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.

    2. Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Malta. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.

    3. Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Malta. This can help you avoid legal issues and ensure that you are complying with local requirements.

    4. Consider the tax implications: It is important to understand the tax implications of living or doing business in Malta. This can help you plan your finances and ensure that you are paying the correct amount of tax.

    5. Seek financial advice: If you are unsure of how to manage your finances in Malta, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.

     

    EUR/USD – Market Data

    The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.

    1 EUR = 1.0835 USD
    Sell EUR  →  Buy USD
    EUR to USD at 1.0836 is just 1.0% above its 3-month average of 1.0731, having fluctuated within a 4.4% range of 1.0522-1.0989
    |
      1 USD = 0.9230 EUR
     
    EURUSD :
    30-DAYHIGH
    1-DAY+0.8%1d
     

    Based on recent FX analyst forecasts and the 3-month price data, the outlook for USD to EUR appears to be influenced by several key drivers. The impressive US Jobs Report in February saw the US dollar soar against major currencies, while global GDPs demonstrated sluggish or flat growth amid inflation concerns. Another factor impacting the market was China's improved economy after relaxing its strict COVID-zero policy and predictions of its economic reopening. Lastly, the historic acquisition of Credit Suisse by UBS has a significant bearing on the global financial markets. The Euro experienced a downturn following the US Jobs report and ECB's dovish message. Despite the economy showing slight growth despite the uncertainty, the EUR/USD broke above 1.10 on February 1st for the first time since April 2022, but then began a month-long descent. This downturn could be attributed to the US dollar's strength rather than the Euro's weakness. Analysts suggest that a move to 1.10 in the coming weeks remains a tangible possibility, but re-testing 1.0900 would already be a positive indication for EUR/USD bullish investors. For the USD to EUR, the market will closely monitor key indicators, such as the German Ifo reading and the Eurozone's CPI flash estimates. Additionally, the economic health of the Eurozone and any developments with US regional banks will impact the outlook of the currency pair. With many factors involved, it is crucial for individuals and businesses to stay updated on these developments when considering international transactions involving USD to EUR.
    DateEUR/USDChangePeriod
    15 Mar 2023
    1.0582
    2.5% 2 Week
    29 Dec 2022
    1.0661
    1.7% 3 Month
    29 Mar 2022
    1.1092
    2.2% 1 Year
    30 Mar 2018
    1.2330
    12.1% 5 Year
    31 Mar 2013
    1.2815
    15.4% 10 Year
    03 Apr 2003
    1.0730
    1.1% 20 Year
    EUR/USD historic rates & change to 29-Mar-2023

     

    Compare Euro Exchange Rates & Fees

    The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Malta or planning a trip or maybe living there, so will need to exchange and spend Euro.

    Loading comparison rates...

    ProviderAmountsRateTotal Cost
       
       
       
       
     

    It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.

     

    The Euro is also the domestic currency in 33 other countries.

     

     

     

     

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