Open a Personal Account with a Bank in Malta

This post is focused on opening a bank account in Malta and steps you need to take. You can open an account with a Maltese bank remotely.

Why Open a Bank Account in Malta?

Malta is a financial, banking and business center. The country offers investors profitable taxation, flexible legislation, and an opportunity to obtain a residence permit.

The Mediterranean climate makes the country a pleasant place to rest and live. 

The country’s banking system is stable, and it offers world-class service quality. Banks are strongly linked to their European counterparts. The official currency is the euro.

Banks in Malta allow private persons and companies to open an account (personal or corporate, respectively), which requires a number of conditions to be met.

Which Banks to Choose to Open a Personal Bank Account?

Malta has a small but thriving banking sector with 22 banks operating as of February 2022.

4 tiers of Malta’s banking system:

• The largest banks are HSBC and the Bank of Valletta (BOV), which occupy most of the market.
• Medium-sized banks include Sparkasse, APS Bank and others. They offer a standard list of services, plus emphasis on investment and private banking.
• Small banks occupy an insignificant share of the market.
• Specialized banks are called crony banks, and they are tailored for specific purposes (e.g. a bank for the agricultural sector). 

The choice of a bank for a personal account in Malta depends on the purposes, bank policy and private person’s residence. There are 4 banks that offer a wide range of services, such as cards, insurance, loans, mortgages and so on. Foreign banks are more interested in private banking and wealth and estate management.

A bank’s fees structure varies considerably from bank to bank, which marks once more the importance of matching your needs and idea of convenience with the bank’s offers. Buying a package of services you don’t need may result in more costs in the long run, so please contact our experts for advice.

Here are a few more tips to help you make the right choice:

Local Big Banks

Make sure you know all the details before you opt for one of such banks. They may have a zero rate for current accounts but charge you when it comes to payments, early account closure or minimum deposit fees. ATM withdrawals, checks, overdraft and international transfers are fee-based, too.

Online (Digital) Banks

These provide a more limited range of services than the local big banks, but they offer much lower fees and a user-friendly app interface (web or mobile) to satisfy all of your needs online. The largest digital banks in Malta are Revolut Bank, Vivid Money, Tomorrow and Bung.

Multinational Banks

Many big-name foreign multinationals, such as Deutsche Bank, HSBC, Akbank, CommBank, Raiffeisen and others, operate in the jurisdiction. Of all these, HSBC offers the widest range of services. Mind that if you have a credit history with one of these banks in another country, it may simplify opening an account in Malta as the background check may take less time.

Types of Bank Accounts

Here are the most common types of accounts you may want to use:

• Current Account

It is typically used to enable cashless payments and is geared for everyday use. A debit or credit card will be issued to you in most cases as soon as the account is activated.

• Basic Account

This is a no-fee current account designed to meet core banking needs.

• Savings Account

This account type allows depositing of funds while limiting their withdrawal, and its main purpose is to accrue interest.

Banking Requirements for Opening Personal Accounts in Malta

It is almost impossible for non-residents (third-country nationals) to open a personal or corporate account in Malta. The Mediterranean country strives to get rid of the offshore jurisdiction status and does everything to keep its reputation as clean as possible.

This is done, among other things, to ensure that users of financial and corporate infrastructure get more freedom. Considering that you can register companies and foundations, and also receive cryptocurrency and gambling licenses in Malta, everything else should be subject to maximum order and control.

One way to maintain reputation and control over the situation is to limit the opening of bank accounts in Malta for non-residents.

In this case, opening a personal account will be restricted to those who prove that they have “strong links with Malta”. 

The most predictable way to be linked with the country is to become a resident, get a social security number, and have a local address.

There are several ways to get a residence permit in Malta:

• Highly Qualified Professionals Program (HQPR)
• Malta Retirement Program (MRP)
• Global Residency Program (GRP) 
• Malta Residence and Visa Program (MRVP)

The Maltese authorities offer different ways of becoming a resident of the country. We are ready to help you choose the right option based on your capabilities and wishes.

Whichever way you may select, a residence permit will ensure the required link and enable you to open a personal bank account in Malta.

A typical requirement set by banks is a good credit score, and the process will be easier if you can confirm it. Another point is history of bankruptcies: it is better if you have never declared one (which is true for most clients). But even if you have, you still can open an account, though the process might be longer and more tedious.

Documents for Opening a Personal Account in Malta

In general, you will be required to submit the following documents to open an account in Malta:

• A valid ID (passport or residence permit)
• Proof of residential address (copy of rental contract, right of ownership to Maltese real estate)
• Resident card
• Copy of employment contract/Proof of source of funds
• Tax Identification Number (TIN)
• A banker’s reference (to prove your good standing as a client)

Mind that requirements for non-residents vary from bank to bank, so it is better to have a particular institution in mind to get a bank-specific list of documents.

If you want to speed up opening of a personal bank account, we recommend obtaining a source of income in Malta, for example, registering a company or receiving a salary here.

You can start the procedure of opening a personal account online. As soon as the first steps are complete, you will have to visit the bank personally or resort to the local agent’s services.

The Maltese bank can open an account quite quickly as soon as it has accepted all the required documents.

Costs of Opening a Personal Account in Malta

The cost of our assistance is 2999 EUR for private persons. The price includes:

• Consultation
• Assistance in the preparation of documents
• Local agent’s services
• Assistance in communication with the bank

Additional expenses:

• Translation of documents
• Certification of documents

We offer discounts for those who obtain a temporary residence permit/permanent residence permit in Malta with the help of qwealthreport.com experts.

The final decision to open an account is made by the bank. 

Procedure: How to Open a Personal Bank Account in Malta

1. Contact us by email, using the chat in the lower-right corner, or via messengers.
2. Answer the consultant’s questions for us to make sure that we can provide the service (links with the country).
3. Pay 2999 EUR for the service.
4. Provide the documents to open an account in Malta.
5. We will finally open a personal account.

Contact us by e-mail in**@***********rt.com, via Skype, Telegram, Viber, WhatsApp – 2999 EUR.