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How do you bank?

Sorry to ask but what are people doing regarding every day banking?
Have been in BOV, Banif and HSBC and been given a long list of required paperwork even including a police conduct report! And to be working. Other people who I have spoken with have taken months to sort out a Maltese bank account. I know it didn't used to be that hard opening a account but thing seem to be getting worse.
Has everyone got a Malta bank account? Or do you use another option?
Thanks

When we opened our Banif account we needed only Passport and evidence of address here (Lease agreement ).
We then took our eResidence cards in when we received them.

Believe it may be a little more difficult now and that was in Gozo 4 years ago.

Ray

The regulations regarding access to and opening bank accounts with basic features are scheduled to change within 10 days:

By 18 September 2016, EU Member States shall adopt and publish the laws, regulations and administrative provisions necessary to comply with DIRECTIVE 2014/92/EU on………..access to payment accounts with basic features.

Please see Article 16, entitled, ‘Right of access to a payment account with basic features’:

http://eur-lex.europa.eu/legal-content/ … 32014L0092

This took me some time and a lot of aggravation. Several Brits I have spoken to have been here many years and gave up even trying after their first sallies.
I moved my account to HSBC, knowing there was one in Bugibba Square, near to where I am ending up.
My major problem was the requirement to produce a utility bill for the month rental when none was available. I suspect my landlord is renting out on the fly as all I get is his verbal quote for charges incurred. As I had signed the primary contract to purchase, I had also paid a 1% tax down payment to the government through the notary. This in turn generated a government receipt, which the bank, after an hour of haggling, eventually accepted.
The anti money laundering rules led them to investigating where my money came from (I had brought the solicitors letter from the sale of my house in England, but in addition to this, they wanted a list of every house I had ever owned, when I bought and sold and for how much.
I was also required to show my rent agreement (they were not interest in the purchase contract, just the government receipt associated with it). It was just as well I had the cash available to fill the initial contracts, or else I could not have opened the bank account to move in to it the money I had paid to the currency exchange company before the exchange crash.
The whole exercise was something of a Catch 22 situation. If I already had an account over here, they would let me open another, but getting the first one up and running was a nightmare. Others seem to have had their own equally vexing stories and just gave up and rely on going back to the UK and bringing funds from there. The air fares must make a de facto exchange rate a bit steep.

I find no problem using foreign bank card here:) Don't think it's necessary to open a Maltese one.

ViolaLei :

I find no problem using foreign bank card here:) Don't think it's necessary to open a Maltese one.

Whilst this is true, there is usually a financial penalty when using a foreign card.
We will keep our UK account open when we move but to get our pension across at the best possible rate we would need an account in Malta. We currently use a prepaid card for currency transfer and get almost perfect exchange rate and no cash machine charges, that is up to 500 per month which is not sufficient, however, unlimited free transfers to local account.
I plan to "attempt" opening a bank account in December.

Ray

There are other banks like Lloyds international that will open offshore EUR accounts no matter where you are. And Lloyds has free worldwide transfers etc

volcane :

There are other banks like Lloyds international that will open offshore EUR accounts no matter where you are. And Lloyds has free worldwide transfers etc

I looked at these, HSBC, Lloyds etc which all sound great until I looked at how much money I needed to open an account.  I could only dream of these amounts. In fact, if I had that amount of money available I wouldn't be worrying about exchange rates.  ;)
Ray

ViolaLei :

I find no problem using foreign bank card here:) Don't think it's necessary to open a Maltese one.

If you work in Malta, you might find that employers will sometimes only transfer the salary onto a Maltese account (although it shouldn't make a difference within the EU...) So sometimes you do need a Maltese account. The other option, sometimes, is being paid by cheque... Works fine for me at the moment, I cashed mine in just yesterday :)

If you work in Malta with employment papers getting a bov account takes 30 minutes. Don't even need a ID card

Re those foreign accounts. HSBC needs loads yes. Lloyds not so much they have 2 tiers of account.

F0xgl0ve :

When we opened our Banif account we needed only Passport and evidence of address here (Lease agreement ).
We then took our eResidence cards in when we received them.

Believe it may be a little more difficult now and that was in Gozo 4 years ago.

Ray

I will be looking to BOV or Banif.  How do you find Banif  Ray?

Ray

volcane :

If you work in Malta with employment papers getting a bov account takes 30 minutes. Don't even need a ID card

Re those foreign accounts. HSBC needs loads yes. Lloyds not so much they have 2 tiers of account.

I may have a problem opening an account in December then as I don't actually work and will be retiring there, but not till March, when I get my UK pension.

I might add that NatWest have no problem with me living in Malta for both current account and credit cards.

Ray.  should really go to bed but missus watching paralypics.

volcane :

If you work in Malta with employment papers getting a bov account takes 30 minutes. Don't even need a ID card

..."with employment papers"   might sometimes be a problem :)   
Especially as the employer might ask for a bank account before he's willing to employ you...

Hey, it's Malta!

Fionn :

The regulations regarding access to and opening bank accounts with basic features are scheduled to change within 10 days:

By 18 September 2016, EU Member States shall adopt and publish the laws, regulations and administrative provisions necessary to comply with DIRECTIVE 2014/92/EU on………..access to payment accounts with basic features.

Please see Article 16, entitled, ‘Right of access to a payment account with basic features’:

http://eur-lex.europa.eu/legal-content/ … 32014L0092

And absolutely no notice at all will be taken of EU legislation in Malta!

Ray

RayAucote :
F0xgl0ve :

When we opened our Banif account we needed only Passport and evidence of address here (Lease agreement ).
We then took our eResidence cards in when we received them.

Believe it may be a little more difficult now and that was in Gozo 4 years ago.

Ray

I will be looking to BOV or Banif.  How do you find Banif  Ray?

Ray

We only have a straight forward current account with a debit card and have had no problems whatsoever with Banif.
We walked in to the Victoria branch in Gozo with no appointment and 30 minutes later the account was set up with the debit cards arriving about 10 days later. We had to deposit €100 to open the account but were allowed to withdraw it straight away if we wanted to.

We now use 'Transferwise' to move our funds across and get a better rate than banks or prepaid cards.

Ray

We have a BOV bank account, there asked for a reference from our uk bank, proof of address (used rental contract) and proof of id which was our passport. Then once received reference they opened our account. When we got our e-residency cards went in they update the a/c. We have since opened two deposit a/c in separate names as here if anything happens to one person the a/c is frozen.
We tend to transfer money once a year either via our uk a/c or using "currency direct", whichever is giving the best rate.
Also here in Malta its seems to be the branch which seem to decide if you can have an a/c!!

F0xgl0ve :
RayAucote :
F0xgl0ve :

When we opened our Banif account we needed only Passport and evidence of address here (Lease agreement ).
We then took our eResidence cards in when we received them.

Believe it may be a little more difficult now and that was in Gozo 4 years ago.

Ray

I will be looking to BOV or Banif.  How do you find Banif  Ray?

Ray

We only have a straight forward current account with a debit card and have had no problems whatsoever with Banif.
We walked in to the Victoria branch in Gozo with no appointment and 30 minutes later the account was set up with the debit cards arriving about 10 days later. We had to deposit €100 to open the account but were allowed to withdraw it straight away if we wanted to.

We now use 'Transferwise' to move our funds across and get a better rate than banks or prepaid cards.

Ray

oops, forgot to write reply..

Thanks Ray,
I'll take a look at `Transferwise`.
What was necessary on the income side?
Ray

F0xgl0ve :
Fionn :

The regulations regarding access to and opening bank accounts with basic features are scheduled to change within 10 days:

By 18 September 2016, EU Member States shall adopt and publish the laws, regulations and administrative provisions necessary to comply with DIRECTIVE 2014/92/EU on………..access to payment accounts with basic features.

Please see Article 16, entitled, ‘Right of access to a payment account with basic features’:

http://eur-lex.europa.eu/legal-content/ … 32014L0092

And absolutely no notice at all will be taken of EU legislation in Malta!

Ray

Maybe.

However, should that prove to be the case, the European Commission is very likely to take an active interest in the matter.

Fionn :
F0xgl0ve :
Fionn :

The regulations regarding access to and opening bank accounts with basic features are scheduled to change within 10 days:

By 18 September 2016, EU Member States shall adopt and publish the laws, regulations and administrative provisions necessary to comply with DIRECTIVE 2014/92/EU on………..access to payment accounts with basic features.

Please see Article 16, entitled, ‘Right of access to a payment account with basic features’:

http://eur-lex.europa.eu/legal-content/ … 32014L0092

And absolutely no notice at all will be taken of EU legislation in Malta!

Ray

Maybe.

However, should that prove to be the case, the European Commission is very likely to take an active interest in the matter.

And in 10 to 15 years they may do something about it but Malta will probably ignore it as they do with everything else, such as killing birds despite EU rulings!

Ray

RayAucote :

oops, forgot to write reply..

Thanks Ray,
I'll take a look at `Transferwise`.
What was necessary on the income side?
Ray

Transferwise are simply a company that convert one currency for another and transfer it to any account of your choice. You set up your account which is simple and then log on to make a transfer which you pay for by debit card or direct bank transfer.
I transferred just £50 to test them out and since have transferred in excess of £20,000 through them.
Fees are 0.005% with a minimum fee of £2.00

Ray

F0xgl0ve :
Fionn :
F0xgl0ve :


And absolutely no notice at all will be taken of EU legislation in Malta!

Ray

Maybe.

However, should that prove to be the case, the European Commission is very likely to take an active interest in the matter.

And in 10 to 15 years they may do something about it but Malta will probably ignore it as they do with everything else, such as killing birds despite EU rulings!

Ray

On the contrary, Ray.

F0xgl0ve :
RayAucote :

oops, forgot to write reply..

Thanks Ray,
I'll take a look at `Transferwise`.
What was necessary on the income side?
Ray

Transferwise are simply a company that convert one currency for another and transfer it to any account of your choice. You set up your account which is simple and then log on to make a transfer which you pay for by debit card or direct bank transfer.
I transferred just £50 to test them out and since have transferred in excess of £20,000 through them.
Fees are 0.005% with a minimum fee of £2.00

Ray

I have taken a look at their site.

I do get a slightly better exchange rate with my card with no fees but I am limited to £5,000 in transactions a month, after which a 0.5% fee will be charged.  I am unlikely to achieve this...

When I say income side it was for the bank account.

Ray

There was no specific income requirement. We simply told them how much our pensions were, which we have paid in to UK banks and the approximate amount we were likely to transfer each month.
We only transfer as little as we need per month and things like air tickets or hotels we pay direct from UK accounts, this keeps our tax liability in Malta around the same as our tax allowances here.

Ray

Hello
I have recently moved to Malta and have started working I will get paid monthly by cheque, the problem is I do not have a Maltese bank account but I do have a Lloyds uk account what are my options of paying in monthly cheques and how do I do it. I will be applying for my ID card and insurance number Tuesday and I will be working full time.

Any information will be helpful thank you
Zoe

Soon as you have the ETC registration and a home lease to show you can open a bank account here. Not sure about cheques tbh with foreign banks

F0xgl0ve :

There was no specific income requirement. We simply told them how much our pensions were, which we have paid in to UK banks and the approximate amount we were likely to transfer each month.
We only transfer as little as we need per month and things like air tickets or hotels we pay direct from UK accounts, this keeps our tax liability in Malta around the same as our tax allowances here.

Ray

Thanks Ray.

That's pretty much how we plan to do it.

Perhaps see you in Gharb.

Ray

The post office offer a travel card which allows cash withdrawals at ATMs abroad. Apply for a card and you can have a limit of five thousand pounds in the account at any given time. No more than twenty thousand in any given twelve months. You can top up to the 5K anytime, online or by phone. The charge for withdrawals are minimal. This is the route I shall be going down when I move over, and until I get a bank account up and running.

alftupper :

The post office offer a travel card which allows cash withdrawals at ATMs abroad. Apply for a card and you can have a limit of five thousand pounds in the account at any given time. No more than twenty thousand in any given twelve months. You can top up to the 5K anytime, online or by phone. The charge for withdrawals are minimal. This is the route I shall be going down when I move over, and until I get a bank account up and running.

Sounds OK but all depends on the exchange rate you get and what the 'minimal' charge is for withdrawals!

Just checked and they charge €2 for every withdrawal, I used to use FairFX who had a slightly better rate and a €1.50 charge. When it came up for renewal I had to let it lapse as they will not allow you to have a card unless you are a UK resident and I no longer had an address in the UK I could use! Post Office may be the same.

Ray

F0xgl0ve :
alftupper :

The post office offer a travel card which allows cash withdrawals at ATMs abroad. Apply for a card and you can have a limit of five thousand pounds in the account at any given time. No more than twenty thousand in any given twelve months. You can top up to the 5K anytime, online or by phone. The charge for withdrawals are minimal. This is the route I shall be going down when I move over, and until I get a bank account up and running.

Sounds OK but all depends on the exchange rate you get and what the 'minimal' charge is for withdrawals!

Just checked and they charge €2 for every withdrawal, I used to use FairFX who had a slightly better rate and a €1.50 charge. When it came up for renewal I had to let it lapse as they will not allow you to have a card unless you are a UK resident and I no longer had an address in the UK I could use! Post Office may be the same.

Ray

OK, since we're talking cards, I have had a Revolut pre-pay card for just over a year now and they charge nothing for ATM withdrawals up to 650E per month, after which 2% applies, no fee's for topping up or interbank transfers up to £5000 per month for non UK transfers, no fees for UK bank transfers. Exchange rate is the best I have found.  It has cost me nothing since I've had it. And as it's a Mastercard I can use it anywhere just as a card. Only possible downside is that it won't do for car hire or pay at pump petrol stations.
Can be topped up with Credit card at 1% fee but counts as a normal card transaction on credit card, not cash transaction.  Account managed purely by Android or iphone app. So far I've not encountered any problems.
Ray

I have found that IMS FX to be the best company for transferring currency from a UK Bank with no fee and the best exchange rates I could find and I have tried quite a few including these mentioned on here

Have you tried 'Transferwise' ?

I have found them to be very good.

Ray

No but I will will look at them Ray. Another I came across was Smart Currency exchange.com

Transferwise look very good. But they rely on you already having a Maltese bank account. As this can often take  some time.  I'm sure many people will be interested in any other ways of transferring funds from the uk, until  a bank account is up and running.

We have had no problems we moved here in May and opened a bank account with BoV really easily with our lease, passport and work contract the bank wrote to our place of work to confirm we worked there and are registered for tax which took around a week the bank emailled me to say that they had a reply and we went back in to finalise all the paperwork all in all very straightforward.

alftupper :

Transferwise look very good. But they rely on you already having a Maltese bank account. As this can often take  some time.  I'm sure many people will be interested in any other ways of transferring funds from the uk, until  a bank account is up and running.

If you don't have an account then you would have to use something such as a pre-paid debit card,which is not a transfer to Malta as the card is not specific to here.
The point was all about the best was to transfer funds to the islands which rather assumes you have somewhere to transfer it to!

Ray

BOV is the most respected of the financial institutions and most recommended. A relative of mine had a lot of bad experience with Banif and took months to open an account and had trouble accessing all his funds when moving back to Ireland. Transferwise is quick and a deal cheaper than most I have used previously

Michelle Attard :

BOV is the most respected of the financial institutions and most recommended. A relative of mine had a lot of bad experience with Banif and took months to open an account and had trouble accessing all his funds when moving back to Ireland. Transferwise is quick and a deal cheaper than most I have used previously

I would not hesitate to recommend Transferwise and Banif. We have never had a problem with either of them.
Opening an account with Banif was simplicity itself and took 30 minutes and if I wanted to access my funds, I would withdraw all funds before leaving the country, you could even do it by Transferwise in reverse if you want to convert back to GBP in the case of Northern Ireland.

Ray

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