A business that makes its profit by selling currency at higher exchange rates than rates at which it buys these, foreign exchange bureaux have become important businesses for both individual and corporate clients. Locally located throughout the island, the more well-established ones tend to operate a number of branches both in Malta and in Gozo, while the majority are mainly prominent in travel hubs, where there is a wider market for this kind of service.

So whether you're planning a trip to a country that has its own currency or whether you'd like to send some money abroad, visit one of these money exchange businesses to get the job done.

Have a look at these 6 tips on handling business travel expenses.

The various services on offer

Local currency exchange companies do not stop at buying and selling foreign currency, although this is one of the most sought after services. From swift money transfers to investments services, customers can benefit from a series of other amenities. The majority provide their services online making it easier for you to send or receive money, while some even have an app, simplifying the process even further. Below, we delve into each service in further detail.

Travel Money

Although travelling across Europe and spending money in other EU member states has become straightforward due to the adoption of the Euro, if you're planning to visit some far-off country then you must plan in advance and get hold of some money before your departure. Many companies have numerous currencies available and offer them at competitive exchange rates, at times, better than those found at banks, whereas most do not charge any commission, leaving you with more money in your pocket to spend. What's more, some companies may also accept unused currency notes and exchange them at the original rate they were bought within a stipulated amount of time once you return from your holiday. Make sure that you keep all original receipts and that any notes are in good condition.

The exchange rates are usually displayed at the company's offices or even online on their website. But are you wondering how to read a currency exchange board? Currency rates change on a daily basis which means that the digital board displays these in real time. Each currency is symbolised by the country flag, as well as the currency acronyms, however, you may have noticed that there are two more columns displayed, one denoted ‘buy' and the other ‘sell'.

If you've stepped foot in a local bureau and you would like to change some of your Euros to another currency, you'll need to ‘buy' the foreign currency, but for the currency exchange, this is a process of selling. In this case, you need to look under the ‘sell' column to get the rate that applies to you. In contrast, if you didn't get the chance to exchange money before your departure and you'd like to do so at your destination, then the process is reversed and you're the one doing the ‘selling' this time, in which case.

With their customers' busy life in mind, the majority of exchange bureaux offer their services online, whereby you can order your preferred currency via their website any time, any place, after which you will receive a confirmation email. Once the money has been prepared for you, you'll be notified to go and collect it from the selected branch. However, when it comes to selling unused currency, you must visit the premises in person.

Currency exchange

Another popular service, customers can convert a number of currencies into Euros or vice versa, with the benefit of enjoying highly competitive exchange rates normally better than those of banks. In addition, conversions are instant, which means that you'll get your cash immediately.

Cash for cheques

Whether you have a pension cheque or a dividend cheque, you might need to cash these. Some bureaux accept specific currency denominated cheques, typically US dollars or Pound Sterling, whereas others may welcome numerous foreign currency cheques, with the requirement that these must be issued by leading local banks or financial institutions. Ensure you select a company that take no commissions and one that offers competitive exchange rates.

SWIFT transfers

Do you need to send some funds to your loved ones abroad? Do you have international invoices you need to pay? Whether you're a business or an individual, transferring money abroad has become the norm and sending money via the SWIFT international payment network has become a popular option. Typically, transfers may take up to two working days from the date of the customer's request, however, you may also arrange earlier dates for urgent transfers. In addition, companies that collaborate with a number of foreign financial intermediaries may also be able to receive funds from anywhere across the world.

Investment services and fund administration

With the desire to offer more value to their customers, some companies have accumulated years of knowledge and expertise to be able to offer investment services. These include financial advice, portfolio management, purchasing and selling both local and foreign bonds and equities and capital growth investment amongst others. Furthermore, some are authorised as fund administrators by the Malta Financial Services Authority (MFSA) to provide a series of alternative amenities such as fund administration services, compliance and corporate, administration of managed accounts and crypto fund services, to name a few.

Depending on the company, some may also buy or sell gold coins, certified gold bars and gold items, whereas others may purchase foreign draft in all major currencies. Some may also accept payments of water and electricity bills and even mobile top-ups.