Banking

Hi Maltaangel,

I would just forget the Banif Bank.

They do not seem to be very professional in asking for information that banks are usually not willing to pass about their clients for privacy reason.

Banif Bank only exists since 6 years!

My German bank (none of the big ones) declined to give any financial reference to a Maltese Bank. Apart from 'small talk' they are not even allowed to disclose any major financial statement to other banks.

But with an ID card or residence certificate you do not need a reference !

I can understand why your UK bank does not want to supply Banif with those details.

Cheers
Ricky

Hi

Yes but I do not have residency ID but have a job which pays by cheque and I need to bank!  I am beginning to realize Banif were not a good choice !

Hi maltaangel,

Why don't you try BOV? If your UK bank is willing to give references, you can open a bank account with BOV pretty quickly.
It took me about 2-3 weeks to get my BOV account opened including the time the bank at to wait for references from my Irish back.

Good Luck!

Antonio

Yes thank you just emailed them so will try BOV as they seem a bit more friendly !!

Thanks again

Even with an id card and residency document we were told by Apps, HSBC and BOV that they need to seek references from our foreign banks before we can open an account with them.

Well,

just recently my German bank wealth manager advised me not to transfer funds to Maltese banks.

I wonder why ? -))

Maybe just a personal opinion or something looming on the horizon ? ...

And they don't even want new,foreign customers ? Strange ...

Cheers
Ricky

Hi guys,
With regard to the banking situation , does anybody know if Maltese employers will do a bacs transfer of salary to a UK bank such as barclays , Santander etc ? - can't imagine it would be that difficult as everything these days seems to be online ! - just a thought !
Cheers
Fergie

rainbow3 wrote:

Even with an id card and residency document we were told by Apps, HSBC and BOV that they need to seek references from our foreign banks before we can open an account with them.

That's correct, I was told the same at BOV. A also wanted to add my wife's name on my BOV account, but she still needs to get bank references for her too.

There is a charge for BACS transfers to accounts in another countries so it would depend if they were willing to accept this. Before I moved here I transferred money to pay for my rent and my bank charge me 11.99.

fergie11 wrote:

Hi guys,
With regard to the banking situation , does anybody know if Maltese employers will do a bacs transfer of salary to a UK bank such as barclays , Santander etc ? - can't imagine it would be that difficult as everything these days seems to be online ! - just a thought !
Cheers
Fergie

I am not sure about that but I doubt they would do it.

Yep most of the UK banks charge. Barclays charge £15.99. However these charges If any would be issued by à Maltease Bank because they would be carrying out the transfer/Bacs.

I am also curious about this on behalf of the Mrs.... I will check with the bank tomorr! @Toni will keep u posted.

Thanks
SMeddie

I think that anyone considering any transfers of money between Malta - UK - Malta should have A conversation with 'scubaboy', before doing anything.

Also, responding to Ricky's comments I found an article published by KPMG, (KPMG is one of the largest professional services companies in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young (EY) and PricewaterhouseCoopers (PwC))

Concluding insight
The EEAG Report on the European Economy 2013 attributes
the robust economic momentum enjoyed by Malta in
recent years to the solid condition of its public and private
finances, as well as the country’s high level of international
competitiveness. Indeed, Malta’s economic fundamentals
are sound, enabling the country to face up to the challenges
posed by the external environment.

Full article here:

http://www.kpmg.com/MT/en/IssuesAndInsi … 202013.pdf

I acknowledge that this is dated May 2013 but in my searches I have not found any other financial reports that are contra this.

I also found this article giving an overview of Malta's Finances:

http://www.indexmundi.com/malta/economy_profile.html

I have concluded that it is 'foreign' banks 'parented' by countries that have/are being affected by European issues that are reflecting their difficulties onto their customers on Malta/Gozo.

But then, what the heck do I know?
I'm not a financial expert.
I like many others just have to put my trust in those who say they are and look for the most 'solid' institutions I can find.