What is the currency in Malta? Where can one exchange money in Malta? What is the exchange rate? How can I save money in Malta? Here is the Ultimate Guide to Malta’s Currency!
As most of the European countries, Malta uses Euro as its currency. Malta adopted Euro in 2008 after joining European Union in 2004. You’ll see the Euro represented by both the symbol – € – and the initials : EUR.
Maltese Euro Coins
There are eight denominations of euro coins. The coins differ in size, weight, material, colour and thickness.
- 1 Cents – copper
- 2 Cents – copper
- 5 Cents – copper
- 10 Cents – gold
- 20 Cents – gold
- 50 Cents – gold
- 1 Euro – silver, gold
- 2 Euro – gold, silver
The issue of euro coins is a national competence. In Malta coins are issued by the Central Bank of Malta on behalf of the Maltese Government.
Maltese Euro banknotes
There are seven denominations of euro banknotes:
- 5 Euro
- 10 Euro
- 20 Euro
- 50 Euro
- 100 Euro
- 200 Euro
- 500 Euro
Each denomination has a different size and colour. These banknotes are a legal tender throughout the whole euro zone. The design of the banknotes depict architectural styles from different periods in European history.
Here to help you with the exchange rate:
Currency Exchange in Malta
While the major hotels are accepting the foreign major currency, most businesses are operating only in Euro. Foreign currency can be easily exchanged to Euro at bank branches and also at financial services providers.
Major Currency Exchange Locations in Malta:
At the Malta International Airport (MLA) there are two banks – the Bank of Valleta and HSBC Malta; the last one is located inside the Arrivals’ Hall as you exit the luggage collection.
Address: Il-Belt Valletta
Address: 58 Triq Il-Merkanti, Il-Belt Valletta
Address: 144 Triq It – Torri, Tas-Sliema
Address:55 Triq Ix – Xatt, Tas-Sliema SLM 1022 Triq Ix – Xatt, Tas-Sliema SLM 1022
Address: Triq San Gorg, San Ġiljan
Address: 53 Dawret Il-Gzejjer, San Pawl il-Baħar
Address: 5 Dawret Il-Gzejjer, San Pawl il-Baħar
Credit cards in Malta
Credit cards in Malta are widely accepted, however, American Express will sometimes be refused because of the relatively high fees they impose on retailers.
- VISA Debit and credit cards
- MasterCard credit cards
- Maestro debit cards
- American Express credit cards
- Diner’s Club credit cards
Our suggestion is to always have some cash with you because Malta still has some local places that operate only in cash.
Money tips for those visiting Malta
- Avoid exchanging your cash in airports and hotels if you can. If you can, exchange only a small amount and then seek a better deal elsewhere.
- Buy Alcohol in at the Malta International Airport upon arrival next to Nothing to Declare passage in the airport. Even if in Malta the alcohol is selling in every shop, consider that in Duty Free you can get a better deal.
- Get the app Deal Today, this is where you can get really good food, drinks, spas and more deals.
- Look for local places. If you are in a hunt for a nice evening, ask local people about the local pubs, bars or band clubs. Beside experiencing a traditional Maltese vibe, these places sell much cheaper food and alcohol while being very characteristic.
Tax Free Shopping in Malta
If you are Non-EU resident, you can easily get TAX free of your purchases over 50 Euro per individual receipt. This covers goods that are not food and drinks. More info here.
Make sure to ask for the tax free receipt when shopping. Upon return, in the Airport you can ask for the tax free office and any member of staff will assist. Get the tax free form and get it approved.
VAT in Malta is currently 18%.
What are the signs on Maltese Euro Banknotes
Unlike euro coins, banknotes do not have a national side. The designs on the banknotes revolve around the theme “Ages and Styles of Europe”, and depict architectural styles from different periods in European history. Windows and gateways are featured on the front of the banknotes, whereas bridges are shown on the back. The architectural elements shown on the banknotes are all stylised illustrations and do not depict real constructions.
The history of the Maltese money
Maltese money has history that goes back to more than 2000 years. From Greeks to Romans, after the fall of the Roman Empire, Malta was ruled in turn by the Byzantines, the Arabs, the Normans, the Swabians, Angevins, the Aragonese and Castilians. The coinage of these rulers was current in the Maltese Islands.
In 1530, Emperor Charles V of Spain donated the Maltese Islands in fief to the Order of St John of Jerusalem. From Mint to Zecchini, from Franks to Crown and Sterlings will bring only on the 20th Century to the new money of Malta.
Only when Malta gained back its freedom from Britain at last, the Malta Pound was created, in 1972. Malta Pound was renamed to the Maltese Lira (Lm). Initially, eight coins were issued in the following denominations: 2 mils, 3 mils, 5 mils, 1 cent, 2 cents, 5 cents, 10 cents, 50 cents. On 13 December 1974, Malta was proclaimed a Republic within the Commonwealth. To commemorate this event, a 25 cents coin in nickel brass was issued in June 1975.
At the Central Bank of Malta exists a Currency Museum open to the public at no charge during the Bank’s office hours.