Opening a bank account in Malta

Hi Im not an expat (yet) but I can tell you of my experience in bank accounts in Malta.
I intended to go to the banks when on holiday in Malta and explain we were going to be moving there at some time but wanted to open an account.
I emailed 2 banks Banif and Bank of Valetta - they took a while getting back - Banff just sent and email saying call in.
BOV actually told me what I needed and this included a reference from my bank - I did not need to be resident with BOV
I did take the letter that i received from my bank but decided that we needed a bit more time, however i dare say that I could have opened an account.
Leaving a bank open in the UK, I would say yes - Why?
Well i have spoken to quite a few people and the general opinion is that if there is a problem, say with your landlord in Malta, they can stop your account while investigations are taking place and that does not happen quickly.
Plus if its a joint account its both of you so hence suddenly no money.

What did we conclude to be the best?

We decided that we would leave our UK account open, have pensions paid in and transfer money as and when required - maybe a bit extra if the exchange rate was good.
Keep our caxton card in case of any problems so that we could still load euros from our account if needed, so not left without money.

Hope this helps BUT I'm not an expat yet, its just from months of research and meeting other expats in Malta/Gozo and Cyprus (an expat that moved from the UK to Malta then Cyprus) all very very good advise.

Hi Graham
I just moved to Malta from England too. So far I'm using my UK account, just cost you a bit more for transaction but isn't easy to open an account here, without a job, resident card or bank references. But Bank references will take one month and resident card longer maybe. In my case I'll try get a job soon and after open an account. But let's see!
If I find another way I'll let you know,

Thank you very much as that helps and it is very good advice and appreciated

Regards

Graham

anaromano wrote:

Hi Graham
I just moved to Malta from England too. So far I'm using my UK account, just cost you a bit more for transaction but isn't easy to open an account here, without a job, resident card or bank references. But Bank references will take one month and resident card longer maybe. In my case I'll try get a job soon and after open an account. But let's see!
If I find another way I'll let you know,

I think its all about research and preparation, thats why I'm doing it now, a year before i move. I got a bank reference and took it with me, it took 3 weeks to get one before I went on holiday. My view is do it all well in advance. NOT wait till your there. Don't use bank transfers they are way too expensive, use transferwise for interbank transfers.

Good advice and thanks for the helpful tip

Kind Regards

Graham

anaromano wrote:

Hi Graham
I just moved to Malta from England too. So far I'm using my UK account, just cost you a bit more for transaction but isn't easy to open an account here, without a job, resident card or bank references. But Bank references will take one month and resident card longer maybe. In my case I'll try get a job soon and after open an account. But let's see!
If I find another way I'll let you know,

You do not need an eresidence card or a job to open a bank account in Malta ... It varies by institution and by day but opening an account isn't that difficult at all ...
Matt took UK passport
Job contract
Proof of address and opened an account with bov two weeks after arrival In Malta

Having a job makes it easier as they are less likely to apply for references from your UK bank but they will post a letter and my response came back in three weeks from Barclays I didn't get an account as Barclays didn't say I had been with them the minimum of two years they require

I am hoping not to work as I am hoping to retire unless I got a little job but just to live on my pension but thanks for the information as any advice is always very helpful.

Kind Regards

Graham

Robpw2 Maybe it was so easy to get a bank reference before i came on holiday because i have been with them since i was 18 and am just to say 63 - I guess i did it the other way around - rather than get them to apply for one.
Im also not hoping to work Graham, but my wife is 10 years younger than me and hopes to work part time.
Its a great group this Graham you will get all the help you need. Not sure where you hope to settle, for me its Gozo, if it's Gozo for you there is also a good group on Facebook, well worth joining.

I am 60 at the moment and have not quite made up my mind where to settle but all Malta ands GOZO is nice and it helps to speak to you for help which I am very grateful.

Regards

Graham

Hi,
I try to know People that live in Malta that have experience in accounts or compliance. If  you have interesting please send me your Curriculum vitae soon by Email: eugenia.kuonen@sendvalu.com
Best regards,
Eugenia Kuonen

Contrary to other people's experiences, I had a Malta Bank account opened whilst still in the UK, before moving out.
I also keep my UK account and I use both.
My UK account cards are registered to my Gozo address and I use them for online purchases in £GB.
My Malta account also gives me travel insurance as we, like so many others, lost entitlement to EHIC.
It's all about prior planning, which prevents, p*%s poor performance.

Hi how did you open a Maltese bank account whilst living in uk did you have to give an address in malta?

HSBC can do it for their customers

If you have a HSBC bank account abroad it would be easy to set one up through them in Malta without having to go to Malta?

b4bmm wrote:

If you have a HSBC bank account abroad it would be easy to set one up through them in Malta without having to go to Malta?

I don't think it's possible to open an account at HSBC in Malta without being here and provide all necessary documents as working contract, renting contract etc.

it is possible via hsbc bit it may depend in your status with the bank - i did it ....

Hi there,

Was pretty difficult to open a bank account. First I visited Lombard which sent a letter to my french main bank... the problem is french banks do not provide such documents. I opened in the meantime an account with Nemea bank online in Malta, pretty easy and fast. They are just tough with the tax residency and want to be sure in which country you were paying taxes before moving to Malta. Basic account service but ebanking allowing to to make international payment anywhere in the world. They also have plans to introduce in the next couple of months a debit card. So pretty useful for those coming from a non euro zone.
In fact coming from Euro zone, we do not really need it. We have ne fees for cross border payment within euro zone, no fees for transfer, no fee for withdrawing money, and now with SEPA we can use also direct debit anywhere in Euro zone.
Moreover since some years ago, any individual or company can hold a euro account anywhere in EU and operates it like in his home country. Which means that your salary can be paid from Malta to Belgium, France, Italy... this is by law.
I will keep trying to open an account ; already in touch with HSBC, BOV and Banif.... will visit all branches until one opens me an account without the bank reference. Really stupid document since in Europe we still have different mentallity and different process, and never a french bank (example that i know) will provide some information on a customer after receiving a letter from a bank in Malta. In english... they even don't know where Malta is, and with all pishing and frauds on internet now... Maltese banks should be less arrogant and should be less suspicious when a bank does not reply to their reference request. So stupid when you hold 5 or 6 cards from major european banks.

Will keep you posted once i succeed anyway.

Good news,
I had an appointment with HSBC international department in Sliema, answered all questions and after one and hal hour interview, I left. I was told that the checking and due diligence will take around two or three weeks. It was September 14th. Then I had a business trip abroad and when I came back, my new HSBC card was in may mailbox. And without reference letter of any kind.
So for those experiencing difficulties, just visit the branches and at the end, you will finish to find a person who can understand your situation.