Withdrawing money from Maltese bank from UK account

Have a chat with Martin Parker who is the Currencies Direct Business Development Consultant here in Malta. He maybe able to save you 3-5%, no bank charges either. Very good company and the service is excellent. His e-mail address is Martin.P@currenciesdirect.com and telephone number is 0035699393125

Hey Redmik

It was a pleasure to help

Doesn't nationwide have an account with no bank charges for withdrawing? I've been told that their exchange rate is very good too?

coxf0001 wrote:

Doesn't nationwide have an account with no bank charges for withdrawing? I've been told that their exchange rate is very good too?

Perfect exchange rate, but still charge for using ATM, as do a few others in the UK (incl the post office) but you need to be a UK resident to open the account

georgeingozo wrote:

coxf0001 wrote:

Doesn't nationwide have an account with no bank charges for withdrawing? I've been told that their exchange rate is very good too?

Perfect exchange rate, but still charge for using ATM, as do a few others in the UK (incl the post office) but you need to be a UK resident to open the account

what do you mean by perfect exchange rate?

interbank rate, no spread

georgeingozo wrote:

interbank rate, no spread

very good - shame about the ATM fee though.

I am still surprised how many people still withdraw cash from the ATMS using a UK debit card even though they live here PERMANENTLY and still dont have a local bank account.........

toonarmy9752 wrote:

georgeingozo wrote:

interbank rate, no spread

very good - shame about the ATM fee though.

no charges if buy something though

toonarmy9752 wrote:

I am still surprised how many people still withdraw cash from the ATMS using a UK debit card even though they live here PERMANENTLY and still dont have a local bank account.........

I can think of a few reasons

1. they think ATM withdrawal wont be declarable to the Malta tax man (not true)
2. dont trust Maltese banks
3. dont trust the euro/think pound will strengthen v euro
4. people have UK based income (eg pension)

I kept a UK account for a bit for buying over the internet but things have changed over the years and buying in euros online is excepted everywhere (or most places)

I CAN THINK OF OTHERS.....LOL   SSSHHHHHHHHHH

Hi GeorgeinGozo

Why wouldn't Maltese Banks be trusted? I mean we have two main banks here in Malta i.e. BOV and HSBC...don't think that most people can moan about them, maybe the service is not as fast however today with the internet banking usage everything is so simpler.

As for the rates of exchange, one has to see the live rates, which is changing continuously, at times it goes slightly in your favor and at time it goes slightly against you.  However that is the juggle of life

Yes people do have the UK pension.  Infact we have lots of clients who receive their UK penions directly in our UK account and we deposit the euro equivalent in their accounts.  Most keep their UK accounts for some extra cash

mari157 wrote:

Hi GeorgeinGozo

Why wouldn't Maltese Banks be trusted?

not so much Malta banks, but Malta - the fear if what happened in Cyprus happened in Malta, then risk of losing deposits

Hi GeorgeinGozo,

Unfortunately that's everyones fear, however at the moment we are not having such a feedback, but noone knows what will happen in the future