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 Bank is a locally owned financial institution in Malta that offers a range of services tailored to expatriates, including current and savings accounts, personal loans, and home loans. Known for its favorable approach to lending, APS is particularly appealing to expatriates seeking loans, offering competitive terms for personal and home loans with interest rates starting as low as 4.9%. APS also provides attractive options like the Green Home Loan, which offers discounted rates for energy-efficient homes. While their smaller branch network may limit accessibility compared to larger banks, APS remains a solid choice for expats, particularly those planning a long-term stay in Malta and in need of financial assistance.
5. Moneybase
A newer and innovative addition to Malta’s banking scene, Moneybase is a digital financial platform that offers a comprehensive suite of services. With a Financial Institution license, Moneybase provides users with:
- Instant payments: Fast and secure transactions.
- Physical and virtual cards: Both Mastercard options are available for easy payments.
- Investment opportunities: Access to over 20,000 investment options, including stocks and ETFs.
- Multicurrency wallet: Allows users to hold and manage multiple currencies.
- Competitive currency rates: Beneficial for international transactions.
Moneybase is a great option for tech-savvy expats looking for a more digital-first banking experience. It also offers excellent customer support seven days a week and allows easy management of finances via its user-friendly app. However, as with any financial institution, it’s essential to verify the legitimacy of communications and ensure you’re dealing with the official platform to avoid potential scams.
Essential Tips & Checklist for Opening a Bank Account in Malta
| Step | What You Need | Additional Notes |
|---|---|---|
| 1. Gather Identification | Passport (or Maltese ID card if available) | Ensure your passport is valid for at least 6 months. |
| 2. Proof of Address | Utility Bill (e.g., water, electricity, internet) or Government Letter | Should be recent (within the last 3 months). |
| 3. Proof of Residency | Residence Permit or Visa Details | Needed for non-EU residents. |
| 4. Tax Identification | Tax ID Number (TIN) | Required for tax reporting and official documents. |
| 5. Bank Reference | Employer Letter or Reference from Previous Bank (if applicable) | Some banks may require it, especially for newcomers. |
| 6. Choose Your Bank | Options include BOV, HSBC, APS Bank, BNF Bank | Check if your chosen bank has special requirements. |
| 7. Visit the Bank | Go to the bank branch with your documents to fill out the required forms. | Most banks operate from 8:00 AM to 1:00 PM (weekdays). |
| 8. Consider Revolut | Revolut Account for quick setup if traditional banking is too time-consuming. | Confirm salary transfer possibilities with your employer. |
| 9. Ensure ATM Access | Make sure you have access to ATMs in your area; consider BNF’s Euronet ATM network. | Plan ahead, as ATMs are not always near. |
| 10. Cash or Card | Carry cash as many smaller shops and restaurants prefer cash payments. | Cards may have a minimum spend requirement (€10-€20). |
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!
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