Currency in Malta: EUR Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Malta with the Euro.
What's in this Malta currency guide?
What currency is used in Malta?
The official currency of Malta (country code: MT) is the Euro, with symbol € and currency code EUR.
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Frequently Asked Questions
What currency should I use in Malta?
The domestic currency in Malta is the Euro.
What is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR — symbol is €.
What doe the Euro look like?
Here is an example Euro banknote:
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia and Spain.
Is the Euro a closed currency?
No, the Euro is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and EUR?
Here are some popular conversion amounts for USD to EUR (US dollar to Euro)*.
*Converted at the current USDEUR interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
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.
Travel money for Malta
Using Wise for Euro travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Euro otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Euro cash before departure, you can save money by ordering online. You generally get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Malta: Travel Guide
Traveling to Malta requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
USD/EUR Market Data
The below interactive chart displays the USD/EUR change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Malta - Best Rates
To get a good (and fair) exchange rate when sending money to Malta you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Malta
When sending money to Malta it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Malta.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in 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.
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 money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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.
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.
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.
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.
We have put together some key points to help 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.