Currency And Banks In Malta
Banks in Malta
The Malta Banking System is regulated by the Malta Financial Services (MFSA), and laws and regulations are in line with EU directives.
Larger banks in Malta provide online banking services as well as conventional telephone support services. In general, banking personnel in Malta follow disciplined and market oriented service charters. Banks in Malta can also offer you advice and services on the property and rental market, mortgages and purchases. Prices, services and conditions vary from bank to bank; therefore it is advised that you shop around to make sure you get the best deal.
From the 1st of February 2008, the Euro was implemented as the only legal tender in Malta.
Banks in Malta are open Monday-Thursday from 8.30am until 2.00pm and on Fridays from 8.30am until 3.30pm. On Saturdays banks are open from 8.30am until 12.00pm, however some are open longer and hours can vary between winter/summer.
ATM Machines, Exchange Services, Travellers Cheques
Tourism is an important industry in Malta, therefore there are many money exchange services and ATM’s around the island. Some establishments also accept foreign currencies.
Money can be exchanged in banks, bureaux de change (which are open 24 hours a day), some hotels and larger shops and restaurants. There are also automated foreign exchange machines available at various locations around Malta. As well as exchanging foreign currencies, many hotels and restaurants allow you to pay in foreign currencies which is handy if you are only in Malta for a short period of time. If you have traveller’s cheques, these can be exchanged in normal authorised institutions.
American Express, Diner’s Club, Mastercard and Visa are accepted everywhere on the island. If you do not wish to open a Maltese bank account, you can use your foreign bank card in Malta. All ATM's in Malta that belong to HSBC Malta and the Bank of Valletta are linked to both Visa/Electron/Plus and Mastercard/Cirrus/Solo/Maestro. If one of these logos appear on your card, you will be able to withdraw money. Similarly, if the logo appears in a shop window, you can use your card to purchase goods there. Some shops however do not accept cards displaying the Electron/Solo logo.
Debit cards are also accepted at ATM's in Malta, providing your bank has authorised the card for international use on the Visa plus or Mastercard cirrus systems. Banks issue various cards on these systems therefore it is best to check with your bank before travelling to Malta, if your card is authorised there.