How to open a bank account in Malta

How to open a bank account in Malta

Malta is an amazing nation with a lot to offer and that is why it attracts nearly 2 million visitors every year. It is a lot considering the country is home for 500 thousand people. Some of them stay and compose the growing expat population, looking to live and work or retire enjoying its sunny coastline.

If you are thinking of moving there and joining the nearly 25 thousand strong expat community - 5% of the population - you will need a bank account to feel financially secure. Here is our guide on how to open a bank account in Malta.

Documents needed to open a bank account in Malta

It is easy to open a bank account in Malta and you will not be required to present a lot of documentation. The biggest difference is that you will need a reference from your current bank so that you have sort sort of history of your good standing as a client of a bank.

Otherwise this is what you need:

  • A passport
  • A reference

Otherwise, there should not be any additional requirements, unless if you are opening a business account for which you will need additional information such as documents verifying your business purpose, articles of incorporation and documents proving the identity of shareholders.

Can I open a bank account in Malta as a non-resident?

Yes it is possible to open a bank account in Malta as a non-resident as it is not required - generally speaking - that you provide proof of address in Malta. Please call your choice of bank as to determine what are the specific documents you may be required as a non-resident.

Best banks in Malta

There will be plenty of options for you to open accounts of all types in malta, from personal accounts to investment banking options. There are at least a good 4 full stack banks which means they offer a full set of services including cards, insurance, loans, mortgages and so on for all types of individuals and business entities. Also, there are numerous foreign banks, but most are more interested in private banking and wealth and estate management.

  • Bank of Valletta: BOV is one of Malta's most popular banks with regular promotions and plenty of branches and ATMs across the island state. Accounts come with debit cards, enhanced security via dual authentication via phone and their product line is extensive. One extra perk is english speaking 24 hour phone service.
  • APS Bank: another full stack bank with internet banking, current accounts, debit cards, retirement planning, insurance packages, loans including home and student loans and various options for investors, APS is a good option which a wide reaching (albeit comparatively smaller) branch and ATM network too.
  • FCM Bank: with offers to diversify your savings and investments even if you are not a big investors, FCM has plans and staff ready to help you prepare your financial future. They also have all the traditional service offers, online banking, SMS notifications and you can apply for an account right from their website.
  • Lombard Bank: a bank with a long history and a in comparison a small number of well located ATMs and branches, if you choose this bank it better be convenient. It is a complete bank with offers ranging from basic current accounts to high level investments. They have a nice internet banking app.

Banking in Malta is a highly sophisticated and modern enterprise with options for locals and for the international investor. With that said, it is important to investigate what makes a good bank for your needs, including looking into a bank's fees structure which may vary substantially. We reckon it is of extreme important to look into this and also convenience, for some banks may not offer the convenience you require and cost a lot more in the long run.

The virtual bank account alternative

Sending money out of Malta using is expensive if you use a bank

IIf you need to send money abroad from Malta, chances are you are using a bank and it is costing you a lot more than it should. For example, if you transfer 10 thousand euros to India, did you know that you only get about 9000 euros worth of rupees back home? This is true.

Not with B2B PayB2B Pay. With our virtual bank account, you get 9900 euros worth of rupees back home, saving you 900 euros with every transfer. Plus you get a European IBAN that you can use to transfer and receive money in the EU for free and send money anywhere in the world in over 30 currencies for the best rates in the market.

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.



How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.


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