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Banking in Malta

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If you have relocated to Malta, whether you are working or you have retired, you will probably want to open a bank account. This shouldn’t pose a problem as the country hosts many national and international banks.

In general, Maltese banks are very professional and provide fair treatment to individuals, professionals, companies, as well as residents and non-residents. All you have to do is choose the bank where you would prefer to open your account and gather necessary documents.

If you intend to work in Malta, you can check with your new employer about direct deposit payments to verify which bank is best. Certain industries tend to use certain banks, so it’s best to confirm before opening an account.

Banks in Malta

You will find a variety of options for your banking in Malta, for both personal and business accounts. For EU/EEA Nationals, opening a bank account is relatively straightforward and simple. Third Country Nationals should expect a longer delay in opening an account as local banks process applications and verify foreign information.

Cash machines are sorely lacking in Malta, with fees added if you withdraw from a machine other than your bank's. Keep this in mind and plan your cash accordingly.

Bank of Valletta (BOV) is quite popular, with cash points and branches more frequently around the islands. HSBC is also an option in Malta, as is Deutsche Bank, Banif, and many others.

Procedures for opening a bank account in Malta

The necessary documents to be produced to open a bank account will vary according to the type of bank account and the bank. However, you can follow these guidelines and then inquire at your bank and branch for further details.

Individuals are generally required to produce:

  • A letter from their primary bank stating that they are not indebted and that they are eligible for a bank credit;
  • a copy of their passport;
  • proof of address in Malta; and
  • a duly filled and signed application to open the appropriate type of account.

In case you are indebted and non-eligible for a bank credit, the bank may request you to become a Maltese resident for a certain period of time before allowing you to open a bank account.

Once the bank account has been opened, beneficiaries can manage it either by phone, online, or by mobile services. They will also receive a bank card, along with a password.

 Good to know:

If you are just moving to Malta, it may help expedite your new bank account if you bring an original letter from your bank at home indicating your status and history there.

If you do not bring this with you, the Maltese bank might need to contact your bank for confirmation, which could delay the opening of your account by several weeks.

 Useful links:

Malta Bankers’ Association
Central Bank Malta

We do our best to provide accurate and up to date information. However, if you have noticed any inaccuracies in this article, please let us know in the comments section below.
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