Banking
HSBC and Bank Of Valletta (BOV) are the two main banks found across the island. There are other banks on the island which are branches from other bigger foreign banks like Lombard, HSBC and so on.  There are a number of automated teller machines in most areas that will also accept foreign Credit Cards . If you would like to change your currency into the Maltese Lira, then there are currency converter machines that are situated in the main tourist areas.

For foreign visitors wishing to open bank accounts on the island, HSBC branch at Tower Road, Sliema has a very good range of international accounts and knowlegeable staff.

Exchanging money
You can exchange money at various places on the island, incluing ATMs, Banks, Hotels and Local tourist offices. Travellers Cheques are also welcomed.

Credit cards accepted on the island are VISA, Mastercard and limited American Express. Switch Maestro and Cirrus cards are valid in the main ATMs.

Currency
The currency in Malta is the Maltese Lira until January 2008, the currency in notes and in coins consits of  Lm1 = 100cents. The highest denomination is Lm50 and there are notes of Lm50, 20, 10, Lm5, Lm2, and Coins of LM 1, 50c, 25c, 10c 5c 2c 1c, which will only exist until the end of 2007, as in January 2008 Malta will be in the Euro zone.

As Malta is about to join the euro currency, remember to change any Maltese Lira coinage before you depart home and note that 1st Jan 2008 is the changeover day whereby the Lira will no longer be traded.

Exchange rates

1 MTL = 2.33 EUR 1 EUR = 0.43 MTL  until January 2008.

Purchasing

When buying goods in Euros in Malta be sure to watch out for the "FAIR" sign in the shop that will indicate that it is Fair in its prices (lm1 -> €2.33 to be exact)  and wont overcharge you for it.

VAT in Malta is 18%.

Approx. rates as of May 2007