Opening Bank Account in Malta

An Overview of Opening a Bank Account in Malta

Malta is a small country but has a robust banking industry. Currently, it has 22 banks in operation. Being an EU member state, it has to offer personal retail banking and corporate banking services.

Types of Bank Accounts in Malta

Common types of bank accounts in Malta are

Current Account: It is equivalent to checking accounts. These accounts are used to process cashless payments. These accounts are meant for everyday use. This bank account usually comes with a debit card which can be used for making purchases or withdrawing money. These accounts have maintenance fees and minimum balance requirements.

Basic Account: It is a basic checking account found in all EU countries. This Account costs no fees per month. It is only designed for minimal core banking needs.

Savings Account: This Account is used to hold money for a particular time. It allows funds to be deposited, but it restricts withdrawals and accruing interest. It comes with no card. A savings account can have fixed or unlimited terms. A fixed savings account is opened for a fixed tenure, after which the account holder can either withdraw money with interest or transfer it to a new account.

Necessary Papers required to open a Bank Account in Malta

To open a bank account in Malta, one has to produce the following necessary papers

Personal Account

• Duly filled application form.
• A valid identification such as a passport or residence permit
• A banker’s reference
• Tax Identification Number (TIN);
• Proof of Maltese residence such as utility bill, rental contract, etc.
• A banker’s reference may be required if non-residents are applying for opening a bank account in Malta.

Apart from the above, some banks mays need additional necessary papers, such as proof of employment and income details.

Business Account

• Certificate of registration issued by the Malta Business Registry
• A Memorandum and Articles of Association
• Corporate Structure chart explaining the company&rsquos ownership and control structure
• IDs of all directors, shareholders, key controllers, ultimate beneficial owners, signatories, and entity representatives of the company
• An application form for everyone whose IDs are provided.

Apart from the above, a bank may require certain additional necessary papers, such as reference letters from previous or present banks.

Suitable banks in Malta

Malta has an accounting system that meets EU standards. Around 20 banks operate in Malta, and only a few are local banks; the other banks are international banks. Few banks suitable for foreigners to open a bank account are as follows

APS Bank

This bank was founded in 1910 and is the oldest bank in Malta. It has its headquarters in Birkirkara, and six other branches operate in other parts of the country. This bank offers personal and business account services and has a license as an investment service firm.

Banks of Valletta (BOV)

This bank is the largest bank in Malta and has operated since 1974. It offers services to individuals and businesses and has 39 branch offices in the country.

BNF

It is a Maltese bank operating in the UK. It has 12 branches across Malta and works with individuals as well as corporate clients.

HSBC

It is a British Bank founded in Hong Kong in 1865. It is one of the largest financial institutions in the world and has a presence in 63 countries and territories. It has 30 branches in Malta.

Sparkasse Bank

This bank is owned by an Austrian company. It has been operating in Malta since 2000. Its office is in Sliema, and it offers banking as well as investment services to individuals and companies.

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Steps to be followed for opening a bank account in Malta

Step 1: Choose a bank

The applicant has to consider all banks operating in Malta before choosing one with the required services and suitable conditions.

Step 2: Schedule an appointment

Book an appointment with the bank either through a phone call or via the bank’s website. Appointments should be made in advance as banks in Malta have narrow working hours.

Step 3: Prepare all the required necessary papers

Prepare all the necessary papers required by the bank. Each bank requires a separate set of necessary papers, so confirm with the bank which necessary papers are required. 

Step 4: Fill the application

The applicant can either fill out the form online or at the bank’s branch. Forms vary from bank to bank. Usually, all banks have forms available online. The account holder can fill out and submit directly on the website, and there is no need to print the application form.

Step 5: Come to the bank

The account holder can apply online to open a bank account, but the Account will be opened only upon visiting the bank.

Step 6: Wait for the Account to be opened

After the applicant has submitted the application form along with the necessary papers, the banks verify them. After verification is done, the banks open an account in some days.