There are two main options if you are looking to open a regular current account in Malta: HSBC or Bank of Valletta. The latter generally has a better rep (according to people I’ve spoken to at least) but take your choice as they are both well represented on the island with plenty of cash-points. But hey, they’re both banks, so it’s not like you are signing up to a cuddly teddy-bear foundation. It’s pretty straightforward to open an account. Bring along your passport and details of your existing account in your own country. Then the Maltese bank will contact your own bank to check things like how long you’ve had your account and that you’re not liable to run off with anybody’s money. It may take a while, as in a month, because when two banks talk to each other it’s generally not done at lightning speed.
However…. the whole process will be dramatically speeded up if you have a Maltese ID card. This cuts down the waiting time considerably, and it is most definitely recommended that you go and get yourself one of these bad boys before you approach the bank. Check the link above for details on how to get your card, you will be glad you made the effort.
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What about Banif?
Banif is another option, but they are a smaller operation at the moment. For example they have 9 branches in Malta compared to about 40 of Bank of Valletta.
Do you really need your passport? Isn’t the identity card enough (if you’re a EU citizen)?
An ID card should be enough – I just didn’t have one when I opened my account.
You should try that with a Swiss Bank which does not give out any information 🙂
Some UK banks don’t like the questions asked by HSBC and make you do their own bank status form (with a fee) so it may take longer than you think.
Any comments on the small banks offering good interest rates if you stash your money with them for a year or longer (they are guaranteed by the govn up to 100k)
If you are looking for good interest rates I would try an online bank like rabobank. My main concern opening an account here was finding a bank with plenty of cashpoints and an online facility, which is why I went with BOV. One problem with them however has been the very large fee when you want to transfer money to another bank account – twenty six euros a pop!
could you open up an hsbc account in the uk to make the transfer of bank accounts quicker or would this not make it any easier or quicker?
I imagine that would make things smoother, although really the important thing is having a Maltese ID card sorted out before you go to open your account here.
I am full Maltese but have recently moved away. My partner and I plan on going on holiday to Malta for 2 months this June to August. They were to work while we stay there. As I am Maltese, would they be able to work and get paid directly into my own bank account, or would they need to go through this and get an ID card, bank account, etc? We leave in just a couple of days and waiting a months to get all these will not be worth it.
Thanks.
Hi Charles – it very much depends on the type of work, like whether it’s a cash in hand or cheque job. They will probably need their own account if it’s the latter, or else you could probably set up a joint account. I think the ID card will certainly be helpful if you can get it fast enough.
Would your account in the uk still have to be open to get a maltese account?
I believe this helps, as my Maltese bank contacted my bank in Ireland when I opened the account here. However, once again if you have the Maltese ID card it probably won’t be required that your UK bank is still open.
My bank is Chinese haha. Love to hear the conversation between them 2 banks….
I have lived in Malta for some years (English) and offer my input.
Before settling here I opened HSBC accounts in Malta and UK this made things easy and kept bank to bank charges very small.
To open HSBC Malta meant getting references from a UK and I used my Lloyds UK bank which is of long standing.
I did not & would not cancel any UK accounts or cards, this is important, my UK banks use my Malta address for billing, no problems at all and my UK cards remain valid everywhere because the billing address is correct,
Due to a problem with HSBC MT I could not initially have my UK state pension transferred electronically to Malta and so I opened a BOV account as well, this was straightforward and I hold cards including VISA for both banks, again vary important because some retailers in USA for example will only take a card issued in the country of use although most other places accept UK cards subject to billing address as mentioned.
Hope this helps.
hi,
Nice infos on this site. Allow me to ask something: if I don’t have an account here but I get a job, then where would they transfer my salary until the procedure finishes? If it can take several months, the money has to go somewhere in the meantime…
thanks!
This is one of those chicken and egg type questions… Often the bank will ask you for proof of employment as a condition to open the account. It shouldn’t take months though, especially if you have Maltese ID. Chances are you will get the account opened within a couple of weeks – I think I was just a bit unlucky when I opened my account. Otherwise you will be asking your employers to pay you in cash!
Just a comment to tell you that I LOVED reading this post. Short, to the point, and hilarious! Thanks!