The Malta Financial Services Authority (MFSA) has today published a new leaflet containing a comparative table of local financial institutions’ fees and charges relating to cross-border payments in foreign currency. The leaflet contains useful information about the rights and obligations of financial institutions (namely banks and exchange bureaux) and consumers when sending and receiving money to/from other countries, and should be a useful tool for consumers and businesses.

The MFSA has also just updated four other comparative tables relating to local banks’ fees and charges related to bank accounts.

The MFSA’s leaflets and comparative tables provide consumers with the necessary background to help them shop around for products and services available on the market. Consumers will be able to identify the differences and, where possible, shortlist or select a particular product or service. The MFSA’s publications also contain information to help consumers understand how the service or product is provided.

In all, the publications (available in Maltese and English) are aimed to show fees, charges and other information related to debit and credit cards, savings and current bank accounts, paying and receiving money by cheque, local bank account transfers and money transfers in foreign currency to other countries.

The MFSA’s initiative is in line with the Authority’s function to promote the general interests and legitimate expectations of consumers of financial services, and to promote fair competition practices and consumer choice in financial services in terms of Section 4 of the MFSA Act.

These leaflets and tables can be downloaded from the MFSA’s consumer website www.mfsa.mt/consumer.

For more information, consumers may contact the MFSA’s consumer helpline 80074924 (Freephone) during office hours or send an email to [email protected] .