Banking in Malta

So far, and I'm early stages...  I have found it to be a long winded process and rather frustrating.

I am currently dealing with BoV, Bank of Valletta.  We have completed the necessary paperwork however, due to not being Maltese and not having an ID card we have to get a letter of reference from our previous bank.  No problem, letter sent to them but so far still no reply. 

OK, so now I have my ID card but I still can't open the account without the letter as it is the wrong kind of ID card.  I also found out that they will only issue a 'cashpoint' card without and ID card.  If I wish for a card that I can use to pay for things with, eg. online purchases, I must have an ID card.

Still waiting for resolution.

I'm off down to HSBC tomorrow to see what they can do..

All overly complicated and frustrating.

lucyanya wrote:

All overly complicated and frustrating.

The banks make is deliberately overly complicated to protect themselves from crooks - Hold On! It's the Banks that are the crooks!

For the record I am with HSBC and though it did take longer than expected to get the account up and running, since then it's been a relatively good experience. If you are a Premier Cutomer you can set-up a Global View to see all your worldwide HSBC accounts and move money between them at no additional cost - that's a nice feature if you need it and can qualify for Premier status.

Tim

Might be worthwhile for those wanting a credit card as apposed to a debit card to google:
Ilene Springer - why you shouldn't get a credit card in Malta. Quite scary reading!

Well I'm British, and I imaging it's quite a bit easier for someone from Europe than someone from outside.

I spoke with APS who are the 'church bank' and they wanted a copy of my ID card, a copy of my passport AND a letter of recommendation from my previous bank.

BOV just wanted to see my ID card, but the one near me is always so busy I've never had a chance to actually open the account. Without an ID card they wanted Passport and letter of recommendation from a previous bank.

Banif just wanted to see my ID card, but I had to open the account with 150 and I've had nothing but problems. When I opened the account it took over a month for my card to arrive, I kept calling and was given various reasons (Christmas caused a delay, severe weather conditions caused a delay) and then eventually they emailed saying a card had never been ordered. The internet banking is not user friendly and updates very very late. So they were easy to open an account with but needed a large opening amount (150) and are not very well organised.

I've heard that BOV are the best, but can't base this on anything.

I'm EU and first went to open an account with HSBC before I had an ID card. They sent an e-mail to my German bank asking for a recommendation but , for data protection reasons, my long-term German bank did not want to send any details to HSBC in Malta without my approval -))) ' Who is HSBC Malta to ask us for your account details ?' -)))
In the meantime I had received my ID card so I went along to the Sliema HSBC branch and had my Quickcash account within minutes including internet banking.
It all works fine without problems so far and money transfers from Germany arrive within 2-3 days without charge!
So , if you already have your ID card, it is no problem to open the bank account with HSBC.
Can't say anything about credit cards though as I use the credit card I have from my German bank.

Regards
Ricky

@rooikat. Well I'm non-EU and there is no chance in hell I can get a debit card in Malta. The banks just absolutely refuse to give one to me. Apparently some unwritten policy (or maybe it is) not to make this facility available to foreigners...well non-EUs only probably.

Also I'm with BOV, tried to open an account with HSBC when I was quite young and just came to Malta and they wanted a reference letter from my previous bank even though I was very young and never even held a bank account before...but they wanted it and that's that, quite ridiculous and stubborn that was and bascially wtf. Although after a LOT of hassle they opened an account for me but I never deposited any money there and then I opened an account with BOV and I am quite happy with them.

I heard pretty much anyone can open an account with Banif, quite easy apparently.

I've had no problems or surprises (yet) with my HSBC Credit Card - been using it for over a year. Like lots of things in Malta, comparing it to another culture (US) really won't do anything other than get you frustrated - it is what it is (and may eventually change, but slowly)...read the Terms and Conditions beforehand to minimize unpleasant surprises and you should be OK.

Tim

I have a problem with my ID card in BoV.  Apparently, its not the correct type......
It has on the back for use in Malta only (not suitable for ID for EU travel), which is OK as I have a passport for that.

However, despite having a copy of my British passport, a copy of my recently acquired ID card, they still want a letter from my previous bank (who are taking soooooooooooo long about it).

What is the problem with my ID card?
I'm not asking for a credit card, just somewhere to have my wages paid into and a debit card to get them out or pay for stuff with..... jeez.

I really hate banks...ALL OF THEM

try on HSBC, just tell them that you have an id card and show it. Worked for me.

Well, I have my HSBC account now....  can I just reiterate how much I hate banks.... (bandits in suits).

I was able to open a savings account with my ID card however, I am unable to get an 'international' debit card unless I pay to have a 'higher' class account.  Not gonna happen, mainly because I do not want to be held to ransom.  I do not want a credit card, just the ability to have money paid in to my account and the ability to use said funds.  The bottom feeder account I have also insists I keep a minimum of 200 euros in it or I am charged 10 euros a quarter and I also have to pay 6 euros per year for internet banking.
(Banditos)

I am still chasing with BoV, will keep you up to date with titbits of info as I find out stuff if it helps.

If not, I'll stop whining...hehe

I can understand lucyanya's frustration with her opening of a/c with BOV. THis is beyond the Bank's autonomy however - the fully cater for their client according to their KYC and Anti money Laundering procedures they simply have to have a reference.  ( I am an ex UK banker, hence my inside knowledge) They do not know you or your reputation, so do you blame them? Once  your reference is received it is unlikely that  they will not give you a debit card, cheque book etc.Unfortunately it seems as you stated that your overseas bank is not being helpful.

I have accounts with both BOV and HSBC  , although I must admit I like BOV better. Frankly it's their internet banking service which is fantastic .

How about foreign banks- How about trying out Banif ? It's a strong Portuguese Bank. I have heard good comments from friends  who have used the local service.

Be wary of foreign banks though-I also had an account with a certain Volksbank  Malta since their office is practically  next door to our place in Sliema . Five years ago   when we moved here, their Austrian Manager told me that they would have internet banking within a year and even an ATM. A joke  really and pretty offputting and irresponsibile  since  this  statement came from their top man- to date five years later, there seems to be no internet  banking nor ATM. The staff turnover is incredible and the  lovely ladies  I recall when I opened my account have  have all since left. Their staff is now German.

So shop around.Hope this helps!

hehe  Hope you weren't insulted by my comments.  I also used to work in banking, which actually does nothing to endear me to them...

Do you know why BoV need the reference on top of everything else, yet HSBC doesn't?  This also confuses me.

cheers
Jules
x

Um , well it seems HSBC have only given you a Savings account which means that you can only withdraw via ATM or at the bank itself.  That means there is no possibility that you can have the account overdrawn.
Then again HSBC have also told you that to have an international debit card you have to  have a higher deposit ....Ouch!  Are they trying to sell you their Premier account?

BOV gave me a  Cashlink  Visa , which is a debit card , yet is accepted everywhere including withdrawals from ATM worldwid. This is their standard service and you do not need to be a premier client or pay extra (possibly there is a very minimum fee, I cannot recall)

My guess  is that BOV 's policy is to give their client  what they require once a satisfactory  reference is received. So be patient!

I am chasing my UK bank for the reference at the moment, although I seem to have sent them into a state of utter confusion.

HSBC will give me the other card, but would like me to transfer 70k over to do it.  Like I said, I hate being held to ransom so I politely told them 'I don't think so'.  hehe

I am learning extreme patience....  helped by my many lessons of dealing with Spanish authorities and banks...sigh.

lucyanya wrote:

I am learning extreme patience....  helped by my many lessons of dealing with Spanish authorities and banks...sigh.

That is good practice for dealing with most other aspects of living in Malta! Actually, I found the Banking part one of the easier things to do here!

Tim

Yes, looks like a Premier Account judging by the 70K requirement. Subtle way to sell , pretty cheeky too!

Good thing that you're putting pressure on your UK Bankers as some banks  seem to be quite irresponsibile  in not forwarding an immediate reply. But that's a banking issue, and their excuse is hiding under red tape!

Any feedback on the bank service level?

I'm using HSBC for personal, satisfied with the service, couple of hiccups but nothing unusual

BOV for corporate, service has been excellent. Although its serviced only in Valletta.

hi we are british premier account customers and we have a hsbc account in uk and malta with credit and debit cards all sorted pre-move.....no real problems and never had an issue with use or misuse of cards.internet banking and a premier account manager too...so all in all a good deal plus we get a preferential exchange rate with the global banking function - roughly saving 3-4% on exchanges - we dont pay the exchange charges - e.g if the rate is 1.15 we get approx 1.145 and the regualr tourist gets 1.11/1.12....well worth it

Interesting service.  However in my case it does not pay for me to become a premier client not because I could not meet  the conditions but because I considered the options and  was better off putting my deposits and investments elsewhere. I refuse having to oblige to  such conditions and not being considered for my networth.