Euro adoption - Retailing with the euro
As the euro changeover process draws into its final stages, both the retailing and banking community are actively seeking a seamless transition from the Maltese lira to the euro. Following the experience gained from our Slovenian counterparts, there...
As the euro changeover process draws into its final stages, both the retailing and banking community are actively seeking a seamless transition from the Maltese lira to the euro. Following the experience gained from our Slovenian counterparts, there are a number of recommendations that the banking community would like to highlight.
Deposit of surplus funds: At this stage of the changeover process, it is recommended that surplus Maltese lira notes and coins be deposited into the banking system with immediate effect. In this manner, one would be avoiding the need to go to the bank to exchange surplus cash during the changeover period.
Utilisation of cards: In order to facilitate the changeover process, merchants should encourage their customers to use their debit and credit cards. This would facilitate the cash management process whilst decreasing the need for retailers to visit their bank to deposit Maltese lira notes and coins into their accounts. It is also recommended that retailers ensure that they have debit cards, such as Cashlink, to enable them withdraw and deposit cash through the ATM network this avoiding the need to queue up at banks to carry-out their banking transaction.
Cheques: It is recommended that all Maltese lira cheques are deposited into the banking system prior to e-Day.
Electronic Point of Sales (EPOS) machines: It is very important that retailers are aware how their EPOS machines will be automatically converted. BOV will be publishing a special edition of BOV Accept explaining what will happen on e-Day.
Cash requirements: Retailers should calculate the amount of cash they will need in terms of retail starter packs with a value of €131 and five euro notes that will be available from bank branches from the December 1, 2007.
Further information may be obtained from your branch manager. If your business needs a substantial amount of cash seek advice from your branch manager about sub front loading arrangements.
Counterfeits: We recommend that retailers become familiar with the security features of both the Maltese lira and the euro. Brochures covering the security features are available in bank branches or by logging onto http//:www.bov.com/euro.
Meanwhile, on October 18, Bank of Valletta is to hold an information seminar on practical aspects related to the euro changeover process at the Hilton Malta at 2.30 p.m. For more information and booking please call BOV Customer Services Centre on 2131 2020.
• The author is the executive head responsible for the euro changeover programme at Bank of Valletta.
Deposit of surplus funds: At this stage of the changeover process, it is recommended that surplus Maltese lira notes and coins be deposited into the banking system with immediate effect. In this manner, one would be avoiding the need to go to the bank to exchange surplus cash during the changeover period.
Utilisation of cards: In order to facilitate the changeover process, merchants should encourage their customers to use their debit and credit cards. This would facilitate the cash management process whilst decreasing the need for retailers to visit their bank to deposit Maltese lira notes and coins into their accounts. It is also recommended that retailers ensure that they have debit cards, such as Cashlink, to enable them withdraw and deposit cash through the ATM network this avoiding the need to queue up at banks to carry-out their banking transaction.
Cheques: It is recommended that all Maltese lira cheques are deposited into the banking system prior to e-Day.
Electronic Point of Sales (EPOS) machines: It is very important that retailers are aware how their EPOS machines will be automatically converted. BOV will be publishing a special edition of BOV Accept explaining what will happen on e-Day.
Cash requirements: Retailers should calculate the amount of cash they will need in terms of retail starter packs with a value of €131 and five euro notes that will be available from bank branches from the December 1, 2007.
Further information may be obtained from your branch manager. If your business needs a substantial amount of cash seek advice from your branch manager about sub front loading arrangements.
Counterfeits: We recommend that retailers become familiar with the security features of both the Maltese lira and the euro. Brochures covering the security features are available in bank branches or by logging onto http//:www.bov.com/euro.
Meanwhile, on October 18, Bank of Valletta is to hold an information seminar on practical aspects related to the euro changeover process at the Hilton Malta at 2.30 p.m. For more information and booking please call BOV Customer Services Centre on 2131 2020.
• The author is the executive head responsible for the euro changeover programme at Bank of Valletta.