Sending money from Malta to another country is something a significant portion of the island's population does regularly — Malta has one of the EU's highest proportions of foreign residents (approximately 20% of the population), most of whom send some earnings home. The cost of this varies enormously depending on the method used: bank transfers from BOV or HSBC can cost €15–€30 per transfer plus unfavourable exchange rates, while Wise charges a fraction of this. Understanding the options properly saves meaningful money over time.
Quick answer: For sending money abroad from Malta in 2026, Wise is the gold standard for most currencies — low fees (~0.3–1.5% depending on currency), real exchange rates, and reliable delivery. Revolut is competitive for same-currency EU transfers. Bank wire transfers (BOV, HSBC) are typically the worst value available.
Cost Comparison: Sending €1,000 from Malta
| Method | Fee (typical) | Exchange Rate | Total Cost* | Speed |
|---|---|---|---|---|
| Wise | €3–€15 | Mid-market rate | ~€5–€20 | 1–2 business days |
| Revolut (standard) | €0 (limits apply) | Near mid-market | €0–€5 | Instant–1 day |
| Revolut (weekend) | 0.5% surcharge | Small spread | ~€8–€15 | Instant |
| BOV wire transfer | €15–€25 fee | Bank rate (1–3% spread) | €25–€55 | 2–5 business days |
| HSBC wire transfer | €10–€30 fee | Bank rate (1–3% spread) | €20–€60 | 2–5 business days |
| Western Union / MoneyGram | €5–€15 fee | Significant spread | €20–€50 | Minutes–1 day |
| PayPal (international) | ~3.4–5% total cost | PayPal rate (poor) | €34–€50 | Instant |
*Total cost = fee + exchange rate spread on €1,000. Actual amounts vary by currency corridor and timing.
Wise: Why It Leads
Wise (formerly TransferWise) uses the mid-market exchange rate — the rate you see on Google — and charges a transparent percentage fee (approximately 0.3–1.5% depending on the currency corridor). For sending euros to GBP, USD, Turkish lira, Philippine peso, or virtually any other major currency, Wise's total cost is consistently 3–10x lower than a bank wire transfer from BOV or HSBC. The Wise multi-currency account also lets you hold balances in multiple currencies, which is useful for anyone receiving payments internationally or managing expenses in multiple countries.
Revolut: Best for EU Transfers
For transfers within the EU/EEA (euros to euros, or SEPA transfers), Revolut is free and instant. For non-EU currencies, Revolut is competitive Monday–Friday with near mid-market rates, but applies a 0.5% weekend surcharge. If you transfer large amounts regularly on weekends, either use Wise or schedule transfers for weekday mornings. Revolut's free tier has monthly limits on fee-free currency exchange (currently €1,000/month for free users) — above this limit, a 0.5% fee applies. Revolut Premium or Metal subscriptions increase limits significantly.
Western Union and Cash Services: When They Make Sense
Western Union and MoneyGram serve specific corridors well — primarily cash pickup in countries where bank accounts are less universal. If your recipient needs cash in hand in a country with limited banking infrastructure, WU/MG are the practical option despite their higher cost. For bank-to-bank transfers to countries with good banking systems, Wise or Revolut are almost always cheaper. Malta Post locations and several exchange offices offer WU/MG services.
Important: Reporting Large Transfers
Under Malta's AML regulations, transfers above certain thresholds may trigger reporting obligations on the sending bank's side. If your employer makes a large wire transfer on your behalf or you move significant savings internationally, the bank may request documentation of source of funds. This is standard compliance, not personal targeting. Keep documentation of salary sources, employment contracts, and account statements to support any such requests.
