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Your bank sends a secure message via SWIFT to the recipient’s bank to transfer funds in the chosen currency. Typically, this takes 1 to 5 business days, depending on the banks and currencies involved and the fees incurred will depend on charges applied by the sending, intermediary, and receiving banks. You can also track SWIFT payments using the reference number provided by your bank
A SWIFT payment is an international bank transfer. It allows you to send or receive money to and from banks worldwide using the secure SWIFT network. Use SWIFT when you want to send money outside the SEPA zone or in a currency other than euros.
The SEPA Direct Debit (SDD) is the European standard for direct debit payments. It allows any client in the SEPA area to pay bills in euros automatically from their bank account. With SDD, you can pay your utility bills such as electricity & water, or mobile & home internet bills conveniently and hassle-free.
You authorise the provider to collect fixed or variable amounts on a one-off or recurring basis, and payments are deducted automatically from your bank account. With a Direct Debit, the payment date or amount may change according to your agreement with the service provider. The Bank will send you a notification one day before the payment is due; to help ensure you have enough funds in your account. Through our mobile app or online banking platform you can also check that each mandate matches what you agreed with the service provider and also check that the amounts being debited are correct. Direct Debit mandates generally remain valid until you choose to cancel them.
If you cancel a specific payment, that transaction will not be processed. However, your direct debit mandate will remain active, and any future payments under this mandate will still be processed. If you cancel the mandate, you will stop all future payments under this agreement. Be sure to inform the service provider. To set up payments in the future, you’ll need to set up a new mandate with the company.
The Bank has systems in place to minimise errors, but mistakes can still occur, for example, if a payment is taken after you cancel a contract or if an incorrect amount is charged. In such situations, you have the right to request a refund within 8 weeks. This applies to all direct debits, whether processed within Malta or across the EU. Refer to the Direct Debits T&Cs for more information or contact us directly for guidance.
As a MeDirect customer, you can pay for goods and services using either a physical or virtual MeDirect debit card. You can also make payments through SEPA, SEPA Instant, and SWIFT, as well as set up Direct Debits.
To make a transfer to another bank, you’ll first need to set up your beneficiary details. You can do this by selecting ‘Transfer’ on the MeDirect Mobile App or ‘Move Money’ in Internet Banking, then choosing ‘Add a new beneficiary.’ Once created, your beneficiary will appear in your ‘Latest Beneficiaries’ list, where you can easily view, edit, or delete their details at any time.
SEPA Instant Payments are Euro transfers between participating banks from accounts within the EU. Funds are made available in the beneficiary account within seconds (typically under 10 seconds) and are processed 24/7, including weekends and public holidays.
Yes, you can transfer money instantly to accounts held at banks that support SEPA Instant Payments. Instant Payments allow funds to be credited to the beneficiary account within seconds, 24 hours a day, seven days a week, including weekends and public holidays. You can make an instant transfer in Internet Banking using ‘Move Money’ or on the Mobile App using ‘Transfer’. If the beneficiary bank participates in the Instant Payments scheme, your payment will be processed immediately. If the bank does not support Instant Payments or if we encounter any system issues, you will be notified and you can opt to have the transfer sent as a standard SEPA transfer.
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We strive to ensure a streamlined account opening process, via a structured and clear set of requirements and personalised assistance during the initial communication stages. If you are interested in opening a corporate account with MeDirect, please complete an Account Opening Information Questionnaire and send it to corporate@medirect.com.mt.
For a comprehensive list of documentation required to open a corporate account please contact us by email at corporate@medirect.com.mt or by phone on (+356) 2557 4444.