Opening a bank account in Malta provides a unique opportunity to engage with the dynamic financial landscape of this island nation. The process, while not without its complexities, offers a gateway to a banking system that balances robust regulation with forward-thinking policies designed to foster innovation and growth.
In Malta, you will find a comprehensive array of banking services, tailored to meet diverse needs ranging from personal banking to business operations. Whether you’re a student, a non-resident, a business entity, or simply seeking to diversify your banking options, Malta’s banking system offers an inviting environment with its strong adherence to EU regulations and commitment to customer service.
Notably, opening a bank account in Malta, in many cases, can be facilitated remotely, adding a layer of convenience to the process. While the difficulty may vary and certain documentation would be required, the promising advantages like stability, a variety of services, and adherence to international banking standards make it a worthy consideration.
| Remote opening |
Yes |
| Opening difficulty |
Medium |
| Currency |
Euro (€, EUR) |
| Minimum deposit |
Varies by bank and account type |
| Non-residents accepted? |
Yes |
Why choose a Bank in Malta?
Choosing to set up a bank account in Malta means entering into a system that combines robust regulation with dynamic growth. Malta’s banks are known for their resilience, customer service, and comprehensive offerings.
Advantages
Opening a bank account in Malta comes with several advantages.
- Robust regulatory framework
- Wide range of banking services
- Remote account opening in certain cases
- Accounts for non-residents available
- Adherence to EU banking norms
Disadvantages
Despite the advantages, there can be potential downsides to banking in Malta.
- Account opening can be complex and time-consuming
- Minimum deposit requirement might be high for certain account types
- Documentation requirements could be extensive for non-residents
Types of bank accounts in Malta
Personal bank account
In Malta, personal bank accounts provide a full range of services from simple savings and checking accounts to credit and debit card services, online banking, and more. Personal accounts can be opened by both residents and non-residents, subject to specific requirements.
Business bank account
Business accounts in Malta offer businesses a wide range of services, from day-to-day transaction handling to business loans and investment services. Depending on the bank, there can also be specialist services for sectors like shipping, iGaming, and financial services.
The banking sector in Malta
Malta’s banking sector is one characterized by resilience, diversity, and strong adherence to international banking norms. The sector comprises a mix of local and international banks, offering a comprehensive range of services from traditional banking to investment banking and wealth management services.
As a member of the European Union, Malta’s banking industry follows the EU’s stringent banking regulations, ensuring a secure and transparent environment for banking operations. The sector has a track record of resilience and has successfully weathered various economic shocks. Despite being a small island nation, Malta’s banking sector has successfully attracted international attention for its robust performance and customer-focused approach.
Commercial banks operating in Malta
There are a number of commercial banks offering services in Malta. Some of them include:
- Bank of Valletta
- HSBC Bank Malta
- Banca Giuratale
- Sparkasse Bank Malta
- MeDirect Bank
How to open a bank account in Malta
Eligibility
Eligibility to open a bank account in Malta is typically dependent on the individual’s or the business’s specific circumstances, such as their residency status, purpose of the account, and ability to meet the bank’s requirements.
- Proof of Identity
- Proof of Address
- Proof of Income or Business Activity
Required documents
The exact documents required can vary depending on the bank and the type of account, but typically include:
- Valid Passport
- Proof of Address
- Reference Letter from Current Bank
- Proof of Income (for personal accounts) or Proof of Business Activity (for business accounts)
Steps
The process for opening a bank account in Malta typically involves the following steps:
- Choose the bank and type of account
- Submit the application form and required documents
- Wait for the application to be processed and the account to be approved
- Deposit the minimum required amount
Frequently asked questions
Can a non-resident open a bank account in Malta?
Yes, non-residents can open a bank account in Malta. However, the process may be more complex than for residents. Non-residents must provide a valid passport, proof of their address outside Malta, and proof of income or the nature of their business activities. The banks will also conduct thorough checks to comply with anti-money laundering regulations. Some banks may also require a reference from your current bank.
How long does it take to register a bank account in Malta?
The duration for registering a bank account in Malta can vary depending on the bank and the type of account, but typically it can take anywhere from a few days to a few weeks. This timeline can be extended if additional verification of documents is required, or if the applicant is a non-resident as further checks may be needed. It is always advisable to check with the bank to get a better idea of the timeline.
What are the best banks in Malta for expats?
Choosing the right bank as an expat in Malta can depend on various factors such as individual needs, services required, and the kind of account to be opened. Many expats tend to prefer banks that offer services in English and have a broad international network. Banks such as HSBC Malta and Bank of Valletta are often favored by expats due to their extensive range of services, English-speaking staff, and familiarity with handling international clients.
Can a student open a bank account in Malta?
Yes, students, including international students, can open a bank account in Malta. Most banks offer student accounts that come with low fees, internet banking, and debit cards. Requirements to open a student account often include proof of enrolment at a recognized educational institution, identification, and proof of address. It’s recommended to explore options and choose a bank that caters to the specific needs of students.
What is the interest rate for savings accounts in Maltese banks?
Interest rates for savings accounts in Maltese banks can vary widely depending on the specific type of savings account and the bank offering it. As of recent years, interest rates have been relatively low, reflecting trends across Europe. However, some types of savings accounts, such as fixed-term deposits, may offer higher rates. For the most accurate and up-to-date information, it’s best to check directly with the bank.
Are there any digital banks in Malta?
Yes, digital banking is a growing trend in Malta. A number of banks offer digital banking services, enabling customers to conduct transactions, manage their accounts, and access banking services online or through mobile applications. Some traditional banks offer comprehensive digital platforms alongside their regular services, while there are also banks that operate exclusively online.
How can I transfer money internationally from a Maltese bank?
Transferring money internationally from a Maltese bank can typically be done in a few ways. The traditional method is through wire transfer, where you can send money directly from your bank account to a foreign account. Fees for wire transfers can vary. Alternatively, many Maltese banks offer online and mobile banking services that include international transfers. Some banks also support international payment systems like SWIFT or SEPA, which can simplify the process and potentially reduce costs.
Do Maltese banks offer corporate accounts?
Yes, most banks in Malta offer a range of corporate banking services, including corporate bank accounts. These accounts are designed to meet the specific needs of businesses, offering services such as business loans, asset finance, treasury services, trade finance, and more. However, requirements for opening a corporate account can be more extensive than for personal accounts, and may include business registration documents, financial statements, and details of company directors and shareholders.
Do Maltese banks issue credit cards?
Yes, most Maltese banks issue credit cards to their customers. The type of credit card offered can depend on the individual’s credit history, income level and banking relationship. Cards may include features like reward programs, travel insurance, and other benefits. It’s recommended to understand all terms and conditions, including interest rates and fees, before applying for a credit card.
What type of savings accounts are available in Maltese banks?
Maltese banks offer a variety of savings accounts to suit different needs. This may include regular savings accounts, which often come with a passbook or ATM card, and offer a modest interest rate. Term deposit accounts, which lock your money for a certain period and offer a higher interest rate, are also common. Some banks may offer tiered savings accounts, where the interest rate increases as your balance reaches certain thresholds.
Can I deposit foreign currency in a Maltese bank account?
Yes, most Maltese banks accept deposits in major foreign currencies. Banks often offer foreign currency accounts which allow you to keep money in a major foreign currency, which can be useful for those who frequently travel or do business internationally. It’s worth noting that fees and exchange rates can apply when depositing and withdrawing foreign currency.
Is internet banking safe in Malta?
Internet banking in Malta is generally considered safe, as Maltese banks typically use secure systems and technologies to protect their customers. This often includes encryption, secure customer identification procedures, and other security measures. However, customers are also advised to take precautions, such as keeping their login information confidential, regularly updating their passwords, and avoiding suspicious emails or messages that ask for personal banking information.
Can I get a mortgage from a Maltese bank as a non-resident?
Getting a mortgage from a Maltese bank as a non-resident is possible, but it can be more complex than for residents. Non-residents are typically required to provide a larger down payment, and may face higher interest rates. Requirements may also include proof of income, a credit check, and potentially a local guarantor. It’s recommended to consult with a financial advisor or directly with the bank to understand all requirements and conditions.
