How to Open a Bank Account in Malta as an Expat

Malta is an attractive destination for expatriates and travelers alike. For those considering an extended stay or investment in the country, understanding the banking system is a crucial aspect of settling in.

Here’s a detailed guide to address common questions about how to open a bank account in Malta as an expat.

Can Expats Open a Bank Account in Malta?

In recent years, the process of opening a bank account as an expatriate in Malta has undergone significant changes. Conversations with recent movers to the country suggest that establishing banking arrangements has become increasingly challenging.

For expatriates considering their banking options in Malta, it’s worth noting that relying solely on Revolut could be a viable solution. While some companies might hesitate to transfer wages to Revolut accounts, the majority are likely to accommodate this preference.

With Revolut, individuals can swiftly set up a free account within minutes, complete with a proper IBAN and account number. The platform offers a user-friendly mobile app, far surpassing traditional banking apps available in Malta.

For those seeking enhanced functionalities, Revolut offers paid subscription options, providing quicker service, reduced fees, and supplementary benefits. Expatriates contemplating banking solutions in Malta can explore the advantages of using Revolut for their financial needs.

How to Open A Bank Account in Malta as a Foreigner

• Maltese ID or Passport: Make sure you have either a Maltese ID card or a passport. It’s better to use the ID card if you have one because it makes things easier. You’ll need one of these to live in Malta anyway. So, it’s a good idea to wait until you have your ID card sorted before you try to open your bank account. Here’s more information on type of visas and residency programmes in Malta.
• Get a Reference: If you have an ID card, you can get a reference from various places like your employer, a bank, or a lawyer. The easiest option is usually your employer. They can provide a reference on their official company letterhead.
• Fill Out a Form: You’ll need to complete a form from the bank. They’ll send it to you by mail. This form will ask for details like your name, address, and salary. If you don’t have an ID card, you’ll also need a reference from your bank. If you can’t provide one, the bank will contact your bank directly. Be aware that this process might take some time.

An Overview of the Available Banks in Malta

Let’s have a look at the available banks in Malta, and an overview about each bank.

Important Note: It's important to know that banks in Malta don't open full-time. Usually, they're open from 8:00 AM to 1:00 PM.

1. BOV (Bank of Valletta)

For individuals employed in the gaming industry, Bank of Valletta (BOV) is a commonly chosen banking option due to its prevalence among gaming companies on the island. This affiliation often results in quicker wage processing, making it advantageous for those working in this sector.

2. HSBC

It’s important to be aware that HSBC in Malta maintains a strict stance against gaming-related businesses. Despite being an international brand, they have limitations regarding accounts associated with gaming companies. If you own a gaming company, HSBC will not allow you to open or maintain an account with them.

For individual customers, particularly those employed by gaming companies, there typically aren’t any issues. However, on a corporate level, HSBC’s policies are stringent in this regard.

If you already hold an HSBC account in another country, transferring your details to HSBC Malta is relatively straightforward. Although previous reports have highlighted challenges and delays in this process, recent updates suggest that it has been streamlined. Simply inform your bank of your intention to transfer to Malta, and they should handle the process smoothly.

3. Banif Bank

If you are thinking to open a bank account at Banif, it’s important to note that Banif doesn’t mandate a reference letter for opening a basic bank account. However, they also do not provide references, complicating matters for individuals planning to switch accounts in the future. This lack of reference could potentially hinder the transition process for customers seeking to relocate their banking services elsewhere.

4. APS Bank

APS is often referred to as a ‘church bank,’ which may initially raise some concerns. However, the lack of widespread usage among acquaintances and personal unfamiliarity with the institution might contribute to scepticism. 

On a contrasting note, APS emerges as a favourable option for foreigners seeking loans in Malta. While Bank of Valletta (BOV) typically exhibits reluctance in extending credit to non-natives, regardless of residency duration or income level, APS surprisingly demonstrates greater openness in this regard.

Moreover, APS offers some of the most favourable loan terms available on the island, making it a noteworthy consideration for individuals in need of financial assistance.

Other Details About ATMs in Malta

Limited Availability: There is a noticeable shortage of ATM cash machines across Malta. Typically, you’ll find them located outside of banks, mainly in popular areas. However, it’s important to note that you may not always have easy access to an ATM within walking distance. It’s advisable to plan ahead and ensure you have enough cash on hand at all times.

Cash Preference: Malta still relies heavily on cash transactions, lagging behind in the adoption of card payments. It’s common for establishments, including restaurants, not to accept cards, which may come as a surprise when it’s time to settle the bill. Additionally, many places enforce a minimum card spend ranging between €10 to €20.

Limited Contactless Options: Despite advancements in payment technology elsewhere, contactless payment methods are not widely available in Malta. Therefore, don’t rely on contactless payment options during your stay.

Do You Need Help with Relocating in Malta?

At Expatax Malta, we collaborate with top-tier experts to assist expatriates relocating to Malta for opening a bank account, visa and residency purposes, purchasing their new homes, tax consultation, and more. If you require any of these services, don’t hesitate to reach out. We’re here to support you. Get in touch today!