Euro information

Are there any changes to charges when cashing foreign currency cheques into euro?
Generally speaking, there should not be. Banks have diverse business interests, and so there is no reason for foreign exchange administration charges to be increased at the moment. Exchange bureaux should be able to keep their charges as they were before.

Due to the elimination of revenue from the previous euro to Lm exchanges (and vice-versa), some bureaux may be tempted to increase other charges to make up for the loss of revenue - in such circumstances it is recommended to 'shop around', as one cannot assume, just because the charge has gone up in one bureau, that it would have gone up everywhere else!

Now that the dual circulation period is over and I am unable to spend the Lm I have left, am I stuck with it?
No. The Lm notes and coins cannot be used to purchase items and services, but the commercial bank branches will continue to exchange Lm for euro (at no charge) until the end of March. After March, the Central Bank of Malta will offer the same exchange facility (free of charge), for the exchange of Lm notes (for 10 years) and coins (for two years).

I am a retailer. When I went to the bank to exchange euro notes into euro coins, I was charged. I thought exchanges were free for the first three months of 2008?
The banks are offering a free service for the exchange of Lm to euro to pull the Lm out of circulation. Exchanging euro for euro is not part of the free service provision agreed with the banks, so they may charge for this service (as they would have done last year for Lm notes exchanged into Lm coins).

Melvyn Mangion, manager and public and media relations of the National Euro Changeover Committee.