Funds to a Malta bank account

alftupper wrote:

Any advice on transferring funds on a  quarterly basis from a uk bank account to a Maltese one? Which banks do you consider the best,and what charges can I expect to incur. Any experiences or advice would be appreciated. Many thanks

The subject of banks has been covered extensively on this forum, just check previous posts.

As to transferring money we find it better to use a specialist such as 'Transferwise' or 'UK Forex' for a better rate than banks and lower charges.  ( The charges are shown on their respective websites )

Ray

Thanks. Am just a bit nervous of on line banking. So I can use one of these for transferring money between the two accounts and all I pay is the one fee. The banks take nothing?.

alftupper wrote:

Thanks. Am just a bit nervous of on line banking. So I can use one of these for transferring money between the two accounts and all I pay is the one fee. The banks take nothing?.

Not sure of UK Forex charges but we use Transferwise on a regular basis.
Their charges for GBP  to Euros from a UK account into the bank of your choice in Malta are £2.00 for amounts below £400 to .05% above £400. I think there may be lower rates above £3000. There fee is taken from the amount you transfer and there exchange rate is better than most banks to start with. I did a transfer today and it took 5 hours, normally it is in our Maltese account at opening time on the next business day.

You need a bank set up at this end and need to know the iban etc.(we use Banif as it was the easiest to set up an account with for us) and simply log in to your Transferwise account, input the amount to transfer and the account to transfer to (Receiving bank details can be saved if you wish), then all you have to do is pay for the money being converted either by bank transfer within the UK (so no charges) or debit card (quickest and still no charges if Visa or Mastercard) or Credit card (extra charge).
You can also check back at the end of the year and print of a statement to see exactly how much you have transferred to help fill in your Tax return here in Malta.

Ray

Simply go onto the transfer com

Thanks ray. The money I have in England are savings, plus I will also have a small pension income paid monthly. As these sums are taxed at source in the uk, am I still liable to tax in Malta. I thought they would be exempt.

alftupper wrote:

Thanks ray. The money I have in England are savings, plus I will also have a small pension income paid monthly. As these sums are taxed at source in the uk, am I still liable to tax in Malta. I thought they would be exempt.

You are taxed on monies remitted to Malta but not if it is from capital, just when income becomes capital is difficult to define. There is a double taxation agreement between the two countries so tax already paid can be offset. Allowances are not so generous in Malta and are around €9000 - €9500 pa for a single person but then the basic  rate of tax is only 15%.

If you have any doubts consult an accountant here, I do my own tax return but I am sure someone can recommend one.

My wife and I informed HMRC that we had retired here permanently and we actually had a letter from them saying we were no longer liable for tax in the UK!

Ray

What are the pro's and cons of  putting the whole shbang paid into a Malta bank account.after all interest rates are next to nothing. So why go through the hassle of transferring funds? Just a thought. Thanks anyway

hi Ray....my wife and i retired over here two years ago...each month i ring my bank in the uk and transfer money to my BOV account under "Housekeeping"  this takes around 24 hours...as usual i pay tax on our pensions in the UK....i see that you told HMRC that you have moved permanantly over here and you pay no UK tax no...does that mean your pensions are paid into a Maltese Bank and then you have to fill in a tax return form each year over here and pay tax on what you receive as a lump sum....or are they still paid into your UK account and you still transfer money over as and when yoy need it ?? ....thanks

David