Opening a Bank account in Malta being in Australia. Possible?


Is it possible to get an account opened in Malta whilst still residing in Australia?

Big thanks to any response

Most banks here will need to see you face to face and will need a reference from your current bank. I use BOV and it was very easy.

Hey Mikesage,

Thank you for the response. From reading on other threads I thought as much. As far as banks go you've been happy with the service and products BOV are able to offer? I have read some threads which state it can take sometime to open even a basic account?

If you have the HSBC Bank in Australia it might be advantageous to open a Premier account with them. (see note at bottom of post)
Once the account is up and running you can then ask them to set up any required accounts you want for Malta.
This worked for my wife and I prior to our move from the UK to Malta, also you can order credit cards/debit card for those new accounts prior to leaving for Malta, so on arrival in Malta your accounts and cards are already in your possession, this system works like a charm with HSBC,s internet banking service and you can then transfer directly from Aussie to Malta accounts with ease, I also use a Internet PNP banking service between my accounts in the UK and Malta which I use to exchange sterling into euro,s with which I get what I consider the best exchange private individuals can get and the charge for that is negligible.

a/       e.g. todays sterling to euro exchange rate = £1 equals 1.11962 euro,s
           so obviously £1000  equals 1,119.50 euro,s

b/       using my internet service banking service I am quoted an exchange rate of
           £1 equals 1.1138 euro,s (a charge is levied on the transaction of 3 euros,should     
           you exchange say £10000 the levied charge is still only 3 euros, saving you even
           more money on your exchange)
           so again obviously £1000  equals 1,113.8 euro,s then remove the charge levy of
           3 euro,s and you are left with 1.110.8 euro,s
I,ve no idea what that bank exchange rate cost are today on £1000 but it would probably be somewhere between £30 to £50 for the transaction reducing the initial
£1000 to £960 (split the difference to £40) therefore in this example you actually only receive 960x1.11962 = 1074.31 euros making a difference to your pocket in this example
of just over 36 euros.

I have used this system for 5 years since moving to Malta and it has worked flawlessly
normal transactions with the actual transfer take up to 48hrs to process before reaching you Maltese accounts, some only 24hrs, if immediate exchange is required you pay a slightly higher levy charge.

The one proviso I can pass on to you is this, I am a HSBC Premier customer which means I have to have a min. amount of money deposited with HSBC, which also gives me the added bonus of free banking. (I have not paid any banking charges since I left the UK)
I don,t know if HSBC will allow you these facilities if you have any different type of account.

I hope that this has been of some interest to you and that it has made sense.

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