In this article, you'll discover whether Revolut works in Malta, explore some potential drawbacks if it is available, and consider the possibilities it offers. Stay tuned for a comprehensive overview.
Does Revolut Work In Malta?
Revolut is available in Malta, offering a range of financial services to its users. These services include salary management, spending, savings, security, and investment options. Users in Malta can benefit from the app's functionalities, such as international money transfers, currency exchange, and the use of virtual and physical cards.
While the webpage does not provide specific details tailored to Malta, it can be inferred that the general services offered by Revolut are accessible to Maltese users. This includes features like earning points on purchases, creating virtual cards, and adding them to Apple or Google Wallet, as well as options for investing in stocks and commodities.
Fees and Charges for Using Revolut in Malta
Here are some general costs that users might encounter when using Revolut in Malta:
- Transaction Fees: Revolut typically offers free transactions within certain limits, but exceeding these limits may incur fees.
- Currency Conversion Fees: Revolut provides competitive exchange rates, but there may be a small markup on weekends or for less common currencies.
- Withdrawal Fees: Users can withdraw a certain amount of cash for free each month, but exceeding this limit will result in additional charges.
- Account Maintenance Fees: While basic accounts are free, premium and metal accounts come with monthly subscription fees that offer additional benefits.
- International Money Transfer Fees: Sending money abroad is generally free within certain limits, but fees may apply for larger amounts or specific currencies.
Is Revolut the Best Option in Malta?
Even though Revolut is available in Malta, it might not be the best option for users due to certain limitations and restrictions that could affect the overall user experience.
- Limited Customer Support: Users may experience delays in receiving assistance.
- Weekend Currency Markups: Higher fees for currency conversion during weekends.
- ATM Withdrawal Limits: Free withdrawals are capped, with fees for exceeding limits.
- Subscription Costs: Premium features require monthly fees, which may not be justifiable.
- Service Outages: Occasional disruptions can hinder access to funds and services.
Alternatives to Revolut in Malta
1) OneSafe
OneSafe is a leading alternative payment solution in Malta, offering ease of use, lower fees, and superior customer support. Key features include simple onboarding, global payments, and multi-currency support, making it a superior option for businesses seeking efficient and cost-effective financial services.
OneSafe Reviews
Users have praised OneSafe for its exceptional banking services, highlighting features such as ACH, Crypto, Wire deposits, and Virtual cards. The support for most businesses has been particularly appreciated, making it a preferred choice for many. Notable achievements include consistent positive feedback from users who find the platform reliable and efficient.
2) Wise
Wise offers a multi-currency account, low fees, and fast transfers, making it a viable payment solution in Malta. Users can hold and convert money in over 40 currencies, benefit from transparent pricing, and enjoy the security of FCA regulation. Its global reach and reliable service enhance its appeal.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 87 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval. Some users have had to stop using Wise due to government regulations in their country. Check out more Wise reviews here.
3) Paypal
PayPal is a versatile payment solution in Malta, offering secure transactions, flexible payment plans like "Pay in 4," and global money transfers. Users can benefit from cash back rewards, encrypted payments, and the ability to manage finances through savings accounts and cryptocurrency options, making it a reliable choice.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5. Users have reported high transaction fees, issues with customer support, and occasional account verification delays. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Malta
Is Revolut available for residents of Malta?
Yes, Revolut is available for residents of Malta, offering various financial services.
Can I use Revolut for international money transfers in Malta?
Yes, Revolut allows international money transfers with competitive exchange rates for Maltese users.
Are there any fees for using Revolut in Malta?
Basic accounts are free, but premium features and exceeding certain limits may incur fees.
Does Revolut support multiple currencies in Malta?
Yes, Revolut supports multiple currencies, allowing users to hold and exchange various currencies.
How is customer support for Revolut in Malta?
Customer support may experience delays, which can affect the overall user experience.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Malta is crucial for seamless financial management. While Revolut offers various services, alternatives like OneSafe provide superior features and support. Explore OneSafe for a more efficient and cost-effective experience. Ready to make the switch? Sign up to OneSafe today!
