Malta is a convenient island country that attracts close to two million visitors every year. The country is a home to over 500,000 people. Malta is the right place for startups due to its business culture and modern business. It also has evolving economics, especially in terms of employment for young people. This is a guide to help you open a bank account in Malta.
Documents Needed to Open a Bank Account
You will need to present all the necessary documents to have your account processed and approved. These are the documents required.
- A passport
- A reference letter
Above are the only documents required, unless you are opening a business account. To open a business account, you will need to provide additional documents such as articles of incorporation, a list of the shareholders and the purpose of your business.
How to Open a Bank Account as a Non Resident
You have an option to open a bank account as a non-resident. The process is easy if you have good credit ratings. In case you have ever been declared bankrupt, the process is tedious, but still, you can open an account. You need to show proof of address of Malta. However, different banks have different requirements for non-residents. It is therefore essential that you call your bank of choice to determine the necessary documents.
Best Banks in Malta
There are many international and local banks where you can open personal or business accounts. The following are some of the banks where you might consider opening an account.
Bank of Valletta
Bank of Valletta is the most popular bank in Malta. It has well-networked ATMs and over 100 branches across the country. The bank offers accounts that come with a debit card and enhanced security through the phone. Also, it has a 24-hour English phone service. Besides, the account also offers checking account which can be used to make standing orders and direct credits and debits.
HSBC Malta is among the largest banks worldwide. The bank has 65 branches across the country. Customers have a wide range of accounts from which they can choose from. Customers with an HSBC account enjoy the following services.
- No minimum balance required and accounts do not attract monthly fees
- Phone and internet banking services
- Quick cash card
- Advance international debit card
- Free travel insurance
IIG Bank is a famous bank among the locals. With an IIG account, you can enjoy the following perks.
- Internet banking
- Debit cards
- Savings accounts
Sparkasse Bank Malta
Sparkasse Bank Malta is not very common in Malta. However, it is a common bank worldwide, some of the benefits that customers of the bank enjoy include secure banking services, standing order, debit card, online banking and multi-currency.
APS Bank has a wide network of branches and ATMs across the country. It offers internet banking, current accounts, debit cards and insurance packages to its customers. Also, you can benefit from its retirement planning, student loans and other perks for investors.
FCM Bank incorporates both traditional and online banking with SMS notifications. You can create an account online. The bank gives its customers a chance to diversify their savings. The bank helps customers to prepare for a better financial future.
Lombard Bank has a long history. It does not have many ATMs and branches, but the ones it has are conveniently located. The bank offers current account and investment accounts. Besides, it also has an excellent banking app.
International Cash Transfers
It is costly to send money internationally through banks because banks do not adhere to the mid-market rates. Also, they charge other fees such as currency conversion fees, SWIFT fees while they also maintain a profit margin. Unfortunately, they do not use real-time currency exchange rates.
If you wish to make international cash transfers, consider using a virtual bank account. With a virtual bank account, you get European IBAN which you can use to make free cash transfers within SEPA. You can send money to other countries and in different currencies within 24 hours. You can also use TransferWise Borderless Account to send money. TransferWise uses real market exchange rate and it is fast and cheaper compared to banks.