What do I need to check out before sending money to another bank?
Before sending money to an account in another bank (whether located in Malta or elsewhere), you should ask your bank to give you the following information in writing:
- the value date: day in which funds are to be credited to the account of the beneficiary’s institution once you order your bank to execute the transfer. The bank will be able to give you such an indication once all the information which you give to the bank is complete and correct (see below).
- the method of calculation of any fees and charges which you will be requested to pay. If possible, the bank may also be able to give you an indication of the fees charged by any correspondent and beneficiary’s banks if such fees are to be paid by you (“OUR”);
- the exchange rate used if you need to convert funds from one currency to another;
- details of any complaint procedures should the service fail to meet your expectations.
