Opening a bank account in Malta

6POSTS

9 years ago

Hi, I know this topic has already been discussed, but I do have some specific questions and any help would be much appreciated.
We are due to be moving to Malta at the end of this month and we need to know exactly what documents would be required by the banks in Malta to open a new bank account. It has been mentioned that a recommendation letter from the UK bank would be needed, but what will need to be said in this letter, what should I ask our bank to write on this letter? We are currently banking with Lloyd's TBS in the UK and will be keeping the accounts active here.
Also I'll be working as self employed by a UK company who will need to pay me in an account in Malta, so I would need the account opened fairly quick.
Are there any banks in particular which you would recommend us going to first? We will be living in Marsascala.

Thank you in advance,
Georgi

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Michellegreen Member

18POSTS

9 years ago

Going to look into the post pay and save account tomorrow https://www.maltapost.com/postapayandsave

1 member reacted to this post

RayAucote Serial expat

260POSTS

9 years ago

I asked Natwest last week about a reference, to take with us at the end of the month, and was told that it was best if the Bank in Malta wrote to them asking for the reference so will follow their advice to save having to pay £15 twice.
Ray

GozoMo Malta Expert

2218POSTS

9 years ago

When we opened our account with Banif they did not ask for references, all we needed was our passports and a copy of our lease.

1 member reacted to this post

Topo Georgi New member

6POSTS

9 years ago

Thank you all for your replies and advice, we may do the same and wait until we're there, see what the bank in Malta will require from us.

expat1973 Guest

0POSTS

9 years ago

With Maltese ID should be no problem, suppose you want to claim residence in Malta

Topo Georgi New member

6POSTS

9 years ago

Yes we will once we get there and have a rental contract in place.

expat1973 Guest

0POSTS

9 years ago

So open account after you apply for maltese ID... only with application as it should be valid as an id already... this is the easiest way

Topo Georgi New member

6POSTS

9 years ago

#10

Thank you, will the id application take long as I will need the account set up quickly to receive my income

volcane ViP

1099POSTS

9 years ago

#11

Topo Georgi wrote:
Thank you, will the id application take long as I will need the account set up quickly to receive my income

you don't need a ID to get a bank account! Passport, proof of employment and ETC registration and you're done.

Even that's probably less now as you have a EU wide right to a basic account since 18 September, but from experience we had no problem opening BOV account without ID.

HSBC didnt need ID either but it took longer

1 member reacted to this post

charmender Member

24POSTS

9 years ago

#12

I've been to all banks since I moved here to figure out which one is the best.

Banif Bank wanted me to have a savings account in order to open a deposit account. They told me I would have add money to the savings account each month and it couldn't be touched for one year. So that was a no.

HSBC were actually fine and they don't want all the documents that some people say they want. I went to the branch in Sliema and they just want standard documents like rental agreement, passport, tax number etc. They do not want a reference from your bank abroad unlike what I read before I went there. The only problem is that if you want to open a bank account they told me you have to come between 8.30-12. So if you work its not the most convenient.

BoV accept applications at any time of the day but they want the reference from your bank abroad along with the other typical documents.

volcane ViP

1099POSTS

9 years ago

#13

You don't even need to be resident in Malta to get a bank account, since September EU has changed all this.

http://mymoneybox.mfsa.com.mt/info/paym … -directive

All that, active since mid September, by EU law, ratified by the MFSA

Topo Georgi New member

6POSTS

9 years ago

#14

OK, thank you. So how do I go about opening an account within a bank located in Marsascala from the UK?
Thanks again for the information, we have little time and this is very helpful.
Georgi

F0xgl0ve Malta Expert

1976POSTS

9 years ago

#15

volcane wrote:
You don't even need to be resident in Malta to get a bank account, since September EU has changed all this.

http://mymoneybox.mfsa.com.mt/info/paym … -directive

All that, active since mid September, by EU law, ratified by the MFSA

I bet if I go in to BOV tomorrow and say they have to let me open an account with them, because the EU said so, they will tell me to get lost.
Similarly if I go into my bank and say they have to assist me move my account to another bank I bet I would get the same answer!

Ray

volcane ViP

1099POSTS

9 years ago

#16

F0xgl0ve wrote:
I bet if I go in to BOV tomorrow and say they have to let me open an account with them, because the EU said so, they will tell me to get lost.
Similarly if I go into my bank and say they have to assist me move my account to another bank I bet I would get the same answer!

Ray

yet, when we did exactly that with no reference, no ID card just proof of address and passport they opened an account in 30 minutes? and that was before 18 september.

F0xgl0ve Malta Expert

1976POSTS

9 years ago

#17

volcane wrote:
F0xgl0ve wrote:
I bet if I go in to BOV tomorrow and say they have to let me open an account with them, because the EU said so, they will tell me to get lost.
Similarly if I go into my bank and say they have to assist me move my account to another bank I bet I would get the same answer!

Ray

yet, when we did exactly that with no reference, no ID card just proof of address and passport they opened an account in 30 minutes? and that was before 18 september.

That's all we used to open our Banif account 4 years ago and that only took 30 minutes as well.
The new legislation may filter through to branch level eventually, but I think they will still ignore applications from abroad and only deal face to face.
I believe HSBC Premier customers in the UK can get help to set up an account in advance.

Ray

rebusbalatti New member

7POSTS

9 years ago

#18

Moderated by Priscilla 9 years ago
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kateblank Active member

52POSTS

9 years ago

#19

The bank reference letter varies from bank to bank. Some Maltese banks require it, and some require it to be sent directly from your old bank to the Maltese bank directly.

As far as required documents, bring *everything*. Between this site, howtomalta, and facebook, people have reported being asked for everything from employment contract to their last grocery shopping list. Bring it all - it is highly satisfying watching the disappointment on their faces every time they say, "you'll need to go away and bring back Document X another day" and you reply, "Oh, I have that right here. Certified. In triplicate."

1 member reacted to this post

rebusbalatti New member

7POSTS

9 years ago

#20

ask to XXX for a proper advice

Moderated by Julien 9 years ago
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DP4 Contributor

143POSTS

9 years ago

#21

Is rebusbalatti drunk?? or just having a lay down or looking at life from a different angle

1 member reacted to this post

F0xgl0ve Malta Expert

1976POSTS

9 years ago

#22

DerekRP wrote:
Is rebusbalatti drunk?? or just having a lay down or looking at life from a different angle

Trying to promote his business and now had posts removed. His English would not fill me with confidence in any dealings as there would seem to be a very good chance of misunderstandings!

Ray

matm911 Serial expat

656POSTS

9 years ago

#23

Michellegreen wrote:
Going to look into the post pay and save account tomorrow https://www.maltapost.com/postapayandsave

Knowing some people working there, I would never give them my money

I'm fine with HSBC, made good experience even - or better to say especially - when abroad, would never change to Maltese banks with quite limited capabilities.
Same as Melita is fine for Malta (except their customer service), but once abroad you'd wish to have opted for Vodafone. International companies have better roaming conditions, especially when you go outside EU.

F0xgl0ve Malta Expert

1976POSTS

9 years ago

#24

matm911 wrote:
Michellegreen wrote:
Going to look into the post pay and save account tomorrow https://www.maltapost.com/postapayandsave

Knowing some people working there, I would never give them my money

I'm fine with HSBC, made good experience even - or better to say especially - when abroad, would never change to Maltese banks with quite limited capabilities.
Same as Melita is fine for Malta (except their customer service), but once abroad you'd wish to have opted for Vodafone. International companies have better roaming conditions, especially when you go outside EU.

HSBC here is a Maltese bank!

Ray

matm911 Serial expat

656POSTS

9 years ago

#25

F0xgl0ve wrote:
HSBC here is a Maltese bank!

Really ? At least as HSBC Advance customer I cannot complain about their service in Malta and abroad.
BOV from the beginning didn't even try to hide their mistrust

volcane ViP

1099POSTS

9 years ago

#26

F0xgl0ve wrote:
HSBC here is a Maltese bank!

Ray

They are wrt to regulation and so forth but the internet banking is the same as any other HSBC, the app is provided by HSBC international as a Premier customer they will open me accounts anywhere in the world I travel to etc etc and I get the same premier service as anywhere.

They give actual proper credit cards like you might have been used to in the UK without freezing money or anything like that - no hassles getting a mortgage even after not even close to 1 year in the country

Opening the account happened in one single sitting - they wanted a ton of documentation but opened it without bank references, ID card etc and that before the recent legislation about basic accounts

So in very significant ways they are quite different from other local banks - I have BOV too, you can't compare even remotely the 2, using BOV is like time traveling 20 years back.

matm911 Serial expat

656POSTS

9 years ago

#27

volcane wrote:
Opening the account happened in one single sitting - they wanted a ton of documentation but opened it without bank references, ID card etc and that before the recent legislation about basic accounts

Same happened to me 4 years ago, but other than BOV and Banif, HSBC only took a copy of my passport and house rental contract. no ID card, no bank references and not 3 payslips before being able to apply for a Visa Classic.