How To Open a Bank Account in Malta Online (Even Without Proof of Residency)

A favourite for tourists and expats, Malta is a small island in the central Mediterranean steeped in history at the crossroads of East and West.

As a result of the island nation's relaxed citizenship policies, Malta is a popular destination particularly for expats looking to make a start in the EU. However, while it's possible even as a non-resident, opening up a bank account in Malta can be a tricky process with requirements changing from bank to bank and even from branch to branch.

In this guide, we go through the main steps of opening a bank account in Malta (regardless of whether you're a resident or not) and suggest low-cost online alternatives for day-to-day spending.

Overview of Banking in Malta

Malta has a small but robust banking industry, where 22 banks are currently in operation as of February 2022. Being subject to EU standards, Maltese banks offer personal retail banking services (in-person and online) as well as corporate banking that has attracted many business customers to its shores.

Some Maltese banks are local (e.g. Bank of Valletta, BNF Bank, etc.) while many others are multinationals (e.g. Deutsche Bank, HSBC, etc.)

Types of Maltese Bank Accounts

The most common types of bank accounts you'll find in Malta include:

• Current account: The equivalent of checking accounts in parts of the English-speaking world, these accounts are used to process cashless payments and are geared toward everyday use.
• Basic account: A basic checking account found in all EU countries that costs no fees per month, but is only designed for minimal, core banking needs.
• Savings account: An account that allows funds to be deposited while restricting withdrawals and (historically) accruing interest.

What Do I Need To Open a Maltese Bank Account?

In general, you will be required to present the following in order to open a bank account in Malta:

• A valid identification (i.e. passport or residence permit);
• A banker's reference;
• Tax Identification Number (TIN);
• Proof of Maltese residence (e.g. utility bill, rental contract, etc.).

A banker's reference is usually required only for non-residents applying for a bank account in Malta. Some banks (e.g. HSBC) will require additional documentation, including proof of employment and income details.

Option 1 — Local Big Banks

Micaela Parente on Unsplash

It's generally very easy to open a bank account in Malta, even as a non-resident. So long as you have employment or a formal reason for living in the country, most banks won't turn away your business. However, according to many expats, different banks and even different branches request different documents (including proof of residence), making it difficult to get a standardised overview of the requirements at large.

Most Maltese banks charge €0 in monthly fees on current accounts but make their money in other ways, including charging fees for payments, early account closure, minimum deposit fees, and other services that are less frequently charged for in other parts of the EU. Maltese banks also charge for other financial services such as ATM withdrawals, cheques, overdraft, and international transfers. (In the latter case you'll always be charged an exchange rate margin whenever you transfer to another currency, and that's why we recommend comparing services on Monito to find the cheapest money transfer provider and save money instead.)

Here are some of the most popular everyday banking options at two of Malta's main banks:

Bank of Valletta

Bank of Valletta, or BOV, is Malta's oldest and probably most well-known bank. It offers service entirely in English and is available to non-residents and residents alike. Their standard bank account offering is the following:

• BOV Current Account: This account costs €0 per month and comes with internet banking and a Visa debit card. Although cheap, online payments (including SEPA payments in Euros) cost a fee of anywhere between €1 and €4 per transaction, making it a pricier choice if you plan to send a lot of money online.

As we touched on earlier, like all Maltese (and EU) banks, BOV offers a basic payment account for an even lower cost that can also be opened without residence in Malta.

BNF Bank

BNF Bank is another popular local bank in Malta that also offers services in English. However, BNF does require proof of residence in Malta to open an account. The following accounts and packages are particularly interesting to expats:

• Current Account: This basic online account and debit card cost €0 per month if your balance remains above €149.99, otherwise it costs €15 every six months.
• Salary Package: This account requires 750 in deposits per month and comes with an interest-bearing account and access to credit.

Option 2 — Online Banks

Scott Graham on Unsplash

Digital or online banks are fully-fledged banks offering all or most of the usual banking services. The main difference is that they don't operate out of branches, with all banking services being handled online instead. These banks generally offer a more limited range of services than the traditional banks discussed above, but at a fraction of the price and over a user-friendly web or mobile app interface.

See Monito's rankings for the best online banks in Europe here.

Let's take a look at some of the major digital bank offerings available for opening a bank account in Malta for residents and non-residents alike:

Revolut

The world's best-known online checking accounts is available in Malta. (Revolut is also available in many major EU countries, including France, Germany, and Italy.) Opening a current account doesn't require Maltese proof of residence.

Account name: Standard

Account type: Current (Lithuanian account details).

Total cost: €0 per month.

Noteworthy features: UK account details, multi-currency balances.

Proof of address: Malta (or EU, UK, Iceland, Liechtenstein, Norway, and Switzerland)

More info: See our full Revolut review.

Vivid Money

A partner of German bank Solarisbank AG, Vivid Money isn't a bank in and of itself but a fintech company offering a digital account and card. You can open a Vivid current account if you have a valid residence in the EU (though this doesn't have to be in Malta specifically).

Account name: Vivid Prime

Account type: Current (held by Solarisbank, German bank details).

Total cost: €9.90 per month.

Noteworthy features: Cashback program, fractional investment (stocks, ETFs, crypto, precious metals), multi-currency balances, insurances.

Proof of address: Malta (or any other EU country).

More info: See our full Vivid Money review.

Tomorrow

Tomorrow is a fintech company affiliated with German bank Solarisbank whose basic 'Now' account we think is the ideal choice for sustainability-oriented customers due to its low all-around costs and pro-sustainability investments.

Account name: Now

Account type: Current (held by Solarisbank, German bank details).

Total cost: €3-€9 per month (depending on how much you withdraw).

Noteworthy features: Climate contributions, savings pockets

Proof of address: Malta (or 18 other EU countries, see the list here).

More info: See our full Tomorrow review.

Bunq

For those who don't mind paying higher fees every month for an online bank account, Dutch neobank bunq's starter plan comes packed with many interesting features and perks to take advantage of.

Account name: Easy Bank

Account type: Current (French, Spanish, German, or Dutch bank details).

Total cost: €2.99 per month.

Noteworthy features: Bill splitting, Wise money transfer integration,

Proof of address: Malta (or any other EU country).

More info: See our full bunq review.

Option 3 — Multinationals

Håkan Dahlström (CC BY 2.0, modified)

Malta is home to a large number of big-name foreign multinational banks, including Deutsche Bank, HSBC, Akbank, CommBank, Raiffeisen, and others. Of these, only HSBC offers a full banking package that we think is interesting to expats.

HSBC

A British banking giant, HSBC is one of the largest banks in the world with more than 40 million customers across dozens of countries. In Malta, HSBC is headquartered in Valletta and offers the following account (which requires proof of residence to apply):

• HSBC Current Account: A full current account package available with internet banking and a Visa debit card that supports cash withdrawals, direct debits, and standing order payments in a day-to-day transactional capacity. You'll be charged €10 every three months if your account balance doesn't exceed €200.

Option 4 — Wise Multi-Currency Account

Wise

In our opinion, the best option for opening a bank account in Malta as a non-resident is Wise's Multi-Currency Account. Alongside its accompanying virtual or physical Visa debit card, Wise allows users to pay and be paid like a local in Malta and in countries across the globe.

Fortunately, after opening your account online, you'll only be required to verify your identity through their interface and you won't need to show proof of residence in Malta to signup and obtain the Visa debit card (although you will need to show proof of residence in the EU/EEA, US, Singapore, Japan, Australia, or New Zealand to sign up). Here's what Wise has to say about opening an account without proof of residence in the UK, although the same applies in other countries: "You can then choose to either supply proof of address from a standard list of documents, or to send in a selfie, in which you’re holding your proof of ID. This can be a great alternative if you’re still waiting to move to the UK or haven’t yet got bills and other paperwork registered in your name."

Even if you reside in Malta, you'll still be eligible to apply — it's only the physical debit card that you won't be able to receive. However, you will still receive a virtual Visa card which can be used in much the same way through Google Pay or Apple Pay.

Product Features

Regardless of whether you have a virtual or physical card, once you're signed up for Wise, you'll be able to take advantage of the following unique features:

• Local bank details in the EU, the US, the UK, Australia, New Zealand, Singapore, Romania, Canada, and Hungary.
• Hold, exchange, and top-up up to 56 currencies.
• A multi-currency Visa debit card that's handy for paying in foreign currencies without hidden fees.
• Access to Wise's powerful international money transfer service right from your account balance.

Transferring to Euros in Malta

To get a sense of how useful Wise can be for expats, let's say that you've just moved from the UK to Malta and you'd like to spend in Euros before you've got your proof of residence sorted out. With the Wise Multi-Currency Account, you'll be able to:

1. Send British pounds from your bank account to your Wise Euro account;
2. Convert to pounds at a low fee (e.g. if you add €1,000 and pay in Euros, the total fee will be around 0.35% or £2.92*);
3. Pay with your Wise debit card, make or receive SEPA (and SWIFT) payments, and set up direct debits.

You'll also have a dedicated set of Belgian bank details to share with friends, colleagues, or even your employer. This comes in the form of a Belgian EU IBAN, which can be used to send and receive money within Malta in the same way as an ordinary Maltese bank.

* Conversion made on 2/2/2022

How To Send Money to a Maltese Bank Account

If you're moving in from abroad, one thing you'll need to consider is how to transfer your funds into your new Maltese bank account. (This process can be especially costly if you're depositing money from a currency other than Euros.) To deposit money into your new Euro account from your home currency before you move, you'll need to go to your online banking and choose between one of two options:

• Sending a wire transfer through your bank directly;
• Sending a bank transfer via a money transfer specialist.

In general, we don't recommend using your bank to transfer money internationally, as the fees can be exorbitant and the waiting times can be lengthy. This is mainly because banks wire funds over the SWIFT network, which adds many timely and expensive steps to the money transfer process.

Instead, if the amount you'd like to send to Malta is in the order of several hundred or thousand US dollars or equivalent, then we recommend you use a money transfer specialist service (Wise is generally the cheapest to Malta from countries such as Germany, the US, and the UK.) To compare which services are cheapest for your transfer amount and home country to Malta, run a search on Monito's real-time comparison engine below.

On the other hand, if you're moving large amounts of money from your home currency to your new bank account in Malta, (i.e. anything upwards of $30,000 or equivalent), then services such as Wise may not be your cheapest bet. Instead, we recommend exploring your options among the foreign exchange brokers that support transfers from your country to Malta. These services specialise in negotiating favourable exchange rates on your behalf and are the most cost-effective option for transferring large sums of money (such as life savings or liquid investments) across borders.

To find out which service will offer you the best deal in real-time, run a search on our comparison engine below: