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Loading ...MALTA CURRENCY AND BANKING
In case you are considering a holiday in Malta, here is the current situation on Malta’s currency and some details of its banking facilities.
The Maltese Lira was replaced by the Euro as its official currency on 1 January 2008 at a fixed exchange rate of 0.42930 Lira to 1 Euro. Maltese coins and banknotes remained as legal tender for cash transactions until 31 January 2008.
Maltese Euro coins, produced by a French company have the following denominations and designs. As is normal EU practice there is a common design on one side for all EU countries with national designs on the other side.
The Maltese designs for each denomination of coin are as follows:
1, 2 and 5 cents – Mnajdra Temple Altar
10, 20 and 50 cents – Maltese Coat of Arms
1.00 and 2.00 Euros – Maltese Cross
Malta will not be producing its own banknotes and these will be supplied by stock from European Central banks.
Currently, the major banks in Malta are HSBC, Bank of Valetta, Lombard Bank and APS, together with a Barclays Bank Representative Office. Banking hours are normally 8.30 – 12.30 Mon-Fri and until 12.30 on Saturdays. There are many ATM’s dispensing Euros and some foreign exchange, automated, ATM machines. ATM’s tend to have cash limits unlike exchanges in the banks themselves. In addition there are numerous foreign exchange shops. It is wise to check the rate offered in these establishments.
In our experience, ATM’s offer some frustration at times due to what appear to be vagaries of communication and one’s transactions are sometimes not completed. On occasions we have simply had to find another ATM. Banks with limited hours can be very busy and tend to have long queues in mid-morning.
Finally, a word of warning. Although Exchange Regulations have been largely relaxed around the world, Authorities are increasingly aware of potential money laundering activities and in the case of Malta you must declare any cash in excess of $10,000 to Customs, when entering or leaving the Island.
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