Maltese businessmen had expected that charges for bank payments abroad would be reduced following Malta’s accession to the eurozone. Now, some of the main banks in Malta are preparing to actually increase the charges they make for bank transfers abroad.

What used to be a Lm5 charge will now rise to Lm12.87. And sending money abroad urgently will cost Lm17.17 rather than the Lm6 it used to cost, businessmen told this newspaper.

They were informed the new charges will be put in operation later on next week.

When some businessmen contacted the MFSA, they were told that money transfers through the Internet is cheaper and more effective but the businessmen still queried why banks are increasing charges if not to make up for lost revenue through exchange control.