Sending money from Malta to Spain?

As long as it is an Euro transfer there shall not be any charges...I suppose  you have no Maltese bank account here...but you have got an account in uk, right?
It is quite complicated...I would go to Spain and withdraw the cash  with your Uk credit card and pay out the invoice/bill with cash...
I would not suggest to wire by Western Union because I am afraid the Spanish build would disagree...

If you have an account with HSBC then you should be able to transfer the funds on line, you will need the builders account number to do this.

Terry

In the end I've done it via online with HSBC, I thought you couldn;t send money overseas but you can, it just costed 9 pounds.

MaltaCommando wrote:

In the end I've done it via online with HSBC, I thought you couldn;t send money overseas but you can, it just costed 9 pounds.

From HSBC Bank UK or from HSBC Bank Malta?

"I do have a HSBC account, but it is a english account. Could I send all the same the money through there without those huge charges?"


He has a UK account so it must be from the UK.
Terry

it set you back nine quid!!!!...pretty expensive...btw happy you managed to solve the issue...

Yes it is a english account.It seems ridiculous that is imposible to make a payment online  euros to euros with things like xoom ,xendpay and others.

If I haden't a  HSBC account the transfer would had arrived to late.

9 pounds is not bad for what I was expecting (I suppose western union is damm expensive).But perhaps ther is a cheaper method.

thanks to all.

There's no understanding banks, we have a GBP account with HSBC Malta, if I transfer GBP into it they charge me but if I transfer Euro's they don't!

Terry

tearnet wrote:

There's no understanding banks, we have a GBP account with HSBC Malta, if I transfer GBP into it they charge me but if I transfer Euro's they don't!

Terry

its seems the wrong way round - but then  who can really understand the robbing bankers.

Lusco wrote:

tearnet wrote:

There's no understanding banks, we have a GBP account with HSBC Malta, if I transfer GBP into it they charge me but if I transfer Euro's they don't!

Terry

Do you have an account in EUR and/or in GBP in HSBC Malta?

tearnet wrote:

There's no understanding banks, we have a GBP account with HSBC Malta, if I transfer GBP into it they charge me but if I transfer Euro's they don't!

You say you have a GBP account in HSBC but, do you have also a EUR account?

You mean you transfer Euros to your EUR account -not to your GBP account since they would probably refuse the money or convert it-, don't you? If so that's is more common that you might think. Usually foreign currency accounts has much more unattractive conditions than "normal" accounts.

MikeInPoulton wrote:

Lusco wrote:

tearnet wrote:

There's no understanding banks, we have a GBP account with HSBC Malta, if I transfer GBP into it they charge me but if I transfer Euro's they don't!

Terry

Do you have an account in EUR and/or in GBP in HSBC Malta?

We have both a Euro and a GBP account in Malta.

Terry

Lusco wrote:

tearnet wrote:

There's no understanding banks, we have a GBP account with HSBC Malta, if I transfer GBP into it they charge me but if I transfer Euro's they don't!

You say you have a GBP account in HSBC but, do you have also a EUR account?

You mean you transfer Euros to your EUR account -not to your GBP account since they would probably refuse the money or convert it-, don't you? If so that's is more common that you might think. Usually foreign currency accounts has much more unattractive conditions than "normal" accounts.

No, I mean exactly what I said, I transfer from the UK GBP to my Maltese GBP account and they charge me. If I transfer Euro into my GBP they do not.

Terry

MikeInPoulton wrote:

Lusco wrote:

tearnet wrote:

There's no understanding banks, we have a GBP account with HSBC Malta, if I transfer GBP into it they charge me but if I transfer Euro's they don't!

Terry

Do you have an account in EUR and/or in GBP in HSBC Malta?

I knew that they have a GBP account, the question makes more sense that might looks. Terry did not specified in that post that they also have an account in EUR. So I was basically asking in that post if they only have a GBP account or EUR + GBP accounts.

tearnet wrote:

I transfer from the UK GBP to my Maltese GBP account and they charge me. If I transfer Euro into my GBP they do not.

So they automatically convert the Euros to GBP? If so, have you looked to the exchange rates? That's probably how they charge you (with a commission in the exchange rates or just with unfavorable exchange rates for you)

"So they automatically convert the Euros to GBP? If so, have you looked to the exchange rates? That's probably how they charge you (with a commission in the exchange rates or just with unfavorable exchange rates for you)"




I am transfering GBP from the UK into my GBP account in Malta, why would they change it to Euros?

Terry

tearnet wrote:

I am transfering GBP from the UK into my GBP account in Malta, why would they change it to Euros?

Terry

I said the other case; when you make the transfer in Euros to a GBP account. At least that is what I understood from this comment:

tearnet wrote:

I transfer from the UK GBP to my Maltese GBP account and they charge me. If I transfer Euro into my GBP they do not.

If you transfer Euro to a GBP account, they can "only" convert it to GBP or refuse the money. If they convert the money to GBP they will use some exchange rate. The exchange rate can include a commission or some fix cost or they can simply use an unfavorable exchange rate for you. So in that case it usually look like they are not charging you anything but they are.

tearnet wrote:

"So they automatically convert the Euros to GBP? If so, have you looked to the exchange rates? That's probably how they charge you (with a commission in the exchange rates or just with unfavorable exchange rates for you)"




I am transfering GBP from the UK into my GBP account in Malta, why would they change it to Euros?

Terry

Terry what advantages do is it give you having a GBP account here in HSBC Malta...can you actually withdraw sterling notes here?

toonarmy9752 wrote:

Terry what advantages do is it give you having a GBP account here in HSBC Malta...can you actually withdraw sterling notes here?

It allows me to time when to convert £ into euros, rather than taking the exchange rate on the day £ hits my Malta HSBC aacount

No advantage at all now, when we first opened the account we were told that there would be no charge for transfering GBP from the UK to our GBP  account in Malta. So we thought "great" we will have our pensions transfered and only draw out from it when the EURO / POUND was in our favour, this worked for over twelve months until they said there had been an error and that there was a charge. So now we have our pensions paid in to our Euro account for free and the UK government does the exchange prior to the transfer ( at normally a good bank rate ).

Terry

tearnet wrote:

So now we have our pensions paid in to our Euro account for free and the UK government does the exchange prior to the transfer ( at normally a good bank rate ).

Terry

Which is what we shall do, though I am getting a headache from trying to make sense of all the tax implications and what is best to limit our tax liability, whilst, at the same time, be ethical about it all. After all, when on Gozo we feel we should pay our taxes for there not UK, however, income from renting our property in UK has to be taxed in UK so it will stay in UK and not brought in to Malta
Why the headache? Because the UK Tax Office uses phrases like ‘usually' which, of course, is open to interpretation and then I have to look through their site and half the links to document are broken!
(Just trying to understand our position before we return to Gozo is what I'm trying to do.)

I guess John Huber and his associates are going to be my best friends And we do have until next July to sort it all out.

redmik wrote:

however, income from renting our property in UK has to be taxed in UK so it will stay in UK and not brought in to Malta

double taxation treaty comes into play

if you wish to minimise tax liability in Malta, bring in money in the following order

1. capital or capital gains
2. income that tax already paid on in a country with a double taxation treaty with Malta
3. income tax on already paid on

I have a good handle on tax law in Malta, but I still use John Huber's services.

georgeingozo wrote:

redmik wrote:

however, income from renting our property in UK has to be taxed in UK so it will stay in UK and not brought in to Malta

double taxation treaty comes into play

That's true George and another thing to consider = more headache

georgeingozo wrote:

if you wish to minimise tax liability in Malta, bring in money in the following order

1. capital or capital gains
2. income that tax already paid on in a country with a double taxation treaty with Malta
3. income tax on already paid on

I have a good handle on tax law in Malta, but I still use John Huber's services.

So, are you suggesting then that to have all our income taxed in UK and then claim relief under double taxation treaty? After all, personal allowances are higher in UK.
We will just have 3 Government pensions and income from property rental.

redmik wrote:

So, are you suggesting then that to have all our income taxed in UK and then claim relief under double taxation treaty?

no. double taxation treaty doesn't eliminate tax liability, but offsets it.

eg

UK income of XXXX has a tax bill of 5,000. Same income in Malta has a tax bill of 7,000. If you bring all the taxed income into Malta the tax bill in Malta is 7,000 minus 5,000, not zero

You have a tax free allowance in both UK and Malta - try to use both

ps typing error

if you wish to minimise tax liability in Malta, bring in money in the following order

1. capital or capital gains
2. income that tax already paid on in a country with a double taxation treaty with Malta
3. income tax on already paid on

should read

if you wish to minimise tax liability in Malta, bring in money in the following order

1. capital or capital gains
2. income that tax already paid on in a country with a double taxation treaty with Malta
3. income that tax not already paid on

I am finding out about point 1. capital or capital gains
It appears a bit tricky..if I am not mistaken any capitail gain produced "abroad" and remitted to Malta is not taxed at all...

georgeingozo wrote:

You have a tax free allowance in both UK and Malta - try to use both

I will, for sure.

Quarryman wrote:

.if I am not mistaken any capitail gain produced "abroad" and remitted to Malta is not taxed at all...

correct, as long as you are not a Maltese citizen.

the concept is simple, the application more complicated, hence why I use an accountant

Quarryman wrote:

I am finding out about point 1. capital or capital gains
It appears a bit tricky..if I am not mistaken any capitail gain produced "abroad" and remitted to Malta is not taxed at all...

"is not taxed at all..." "...in Malta". In your case you might have to pay 15% to Italy if those capital gains comes from Italy.

http://www.lowtax.net/lowtax/html/jma2tax.html#table

More recent updated info:
http://www.kpmg.com/MT/en/IssuesAndInsi … eaties.pdf

I am afraid I have to pay 20% if it comes from Italy
The gains are not supposed to come from Italy...so things getting more and more complicated...I have to investigate further with a tax expert...btw I think 20% is not that much as tax rate on capital gain....

What type of capital gains are you talking about? I usually wrongly consider dividends such as capital gains because that is how is taxed in Spain but in Malta capital gains and dividends I think they are taxed different. If I am not wrong in Malta dividends are taxed as personal income (or corporate tax for companies) while capital gains are not taxed. But as I said not being taxed in Malta does not mean that you do not have to pay any of those taxes in Italy.

Dividends are income (by definition). Capital gains are from selling something for more than you paid.

Yeah you're right...they are not dividends...they are simply derivatives...btw a company structure based in Malta is tremendous efficient for any tax planning purposes...

Yes but note that if you already have a business in Italy that you want to move to Malta or some assets that you want to move to Malta, you might have to pay an exit tax to Italy (which is usually very expensive).