Bank charges in Malta are still low compared to the EU average, according to a new study published by the European Commission yesterday.

The report also says local banks are more transparent than their European counterparts, which have been generally found to overcharge their clients and to restrict information on their fees.

A normal current account in a Maltese bank, for instance, costs less than half the EU average, which stands at about €120 annually.

The report also highlights the attachment of the Maltese to the cheque book which has been largely discarded in Europe for the more convenient plastic money.

The use of cheques, in fact, is three times the EU average. Maltese banking customers issue an average of 22 cheques annually compared with just eight in Europe.

But Malta is not the only country with a high rate of cheque payments, which is also the norm in Cyprus, France, Ireland, Portugal and the UK.

However, credit card use, although popular, is still half the EU average. On the other hand, Automated Teller Machines (ATMs) have gained ground substantially with their use reaching the same levels as in the EU.