Malta is a full EU member with a euro-denominated banking system, English as an official language, and access to SEPA transfers across Europe. For expats considering Malta for residency — whether through the Global Residence Programme, the Permanent Residence Programme, or the Nomad Permit — setting up a Maltese bank account is a straightforward but important step.
Here’s what you need to know.
The Main Banks in Malta
| Bank | Type | Known For | Best For |
|---|---|---|---|
| Bank of Valletta (BOV) | Retail + commercial | Largest local bank, full service | Most expats — widest branch network |
| HSBC Malta | Retail + commercial | International network, familiar brand | People with existing HSBC relationships |
| APS Bank | Retail | Smaller, community-focused, good service | Personal relationships, smaller accounts |
| Lombard Bank | Retail + commercial | Business banking focus | Business accounts, self-employed |
| Revolut / Wise | Digital (EU registered) | Multi-currency, low fees | Supplement to a local account |
Bank of Valletta (BOV)
The dominant bank in Malta. BOV has the most branches, ATMs, and service centres. Their app is decent, SEPA transfers work well, and they handle both personal and business banking. Expect a somewhat bureaucratic onboarding process — BOV has tightened AML compliance significantly in recent years following regulatory pressure from the FATF.
HSBC Malta
The international option. If you already bank with HSBC in the UK, Hong Kong, or elsewhere, opening a Maltese account through HSBC’s International Banking Centre can be done remotely in some cases. The Premier tier requires €50,000+ in savings or significant income. Good for people who want the HSBC umbrella in multiple countries.
APS Bank
A smaller, more personal bank. APS has fewer branches but is known for better customer service than BOV. Expats who prefer a relationship-banking approach often prefer APS. Account opening can be slightly easier here than at BOV.
What Documents Do You Need?
Malta’s banks have strict AML/KYC requirements. All foreign nationals opening accounts should expect to provide:
- Valid passport
- Maltese residence permit or eMRSS card (if you have it)
- Proof of address in Malta (utility bill, rental contract, letter from landlord)
- Source of funds documentation — bank statements (3–6 months), salary slips, tax returns, investment account statements
- Proof of income — employment contract, pension statements, or investment income documentation
- Tax identification number from your home country (or TIN)
- Completed bank application form
Non-resident accounts (opening before residency is granted) are possible at some banks but more difficult post-2019 AML reforms. Having your residence permit speeds the process considerably.
The Account Opening Process
- In-person appointment required — Malta’s banks generally require a branch visit. Remote-only account opening for non-residents has become rare post-FATF reviews.
- Initial review: Documents submitted for AML compliance review (1–4 weeks)
- Account activation: Once approved, account is activated with debit card issued
- Online banking: Setup within days of activation
Minimum opening deposit: €100–500 for standard accounts. No large minimums for retail accounts at BOV or APS, unlike private banking.
Fees and Day-to-Day Banking
- Monthly account maintenance: €3–8/month (basic accounts)
- SEPA transfers (EU): Free to €1–3
- International wire transfers: €20–40
- ATM withdrawals (own bank): Free
- ATM withdrawals (other banks): €2–4
Most residents supplement their local Maltese account with Wise (for international transfers) and/or Revolut (for multi-currency spending). This combination works well — use the Maltese account for local bills and rent, and Wise/Revolut for international transactions.
CRS Reporting
Malta participates in the Common Reporting Standard (CRS). Maltese banks report account information to the tax authorities of account holders’ countries of tax residence. Once Malta is your primary tax residence (through GRP, MPRP, or another programme), this reporting shifts accordingly.
US citizens: FATCA applies. Malta has a FATCA intergovernmental agreement. Maltese banks report US account holders’ information to the IRS annually. US citizens must also file FBARs on any Maltese account exceeding $10,000.
Malta Residency Programmes That Require a Bank Account
Most Malta residency applications either require or strongly recommend a local bank account. Our team assists with both the residency application and banking setup:
- Malta Global Residence Programme (GRP)
- Malta Permanent Residence Programme (MPRP)
- Malta Retirement Programme (MRP)
- Malta Nomad Residence Permit
Frequently Asked Questions
Can I open a Maltese bank account before I move there?
It’s difficult but possible in some cases — HSBC Premier clients may open remotely. Most banks require a Malta address and in-person appointment. Getting your residence permit first makes the process significantly smoother.
Why has Malta banking become more complicated?
Malta was placed on the FATF “grey list” in 2021 and removed in 2022 after implementing banking reforms. As a result, all Malta banks significantly tightened their AML/KYC procedures. Account opening is more document-intensive than pre-2021.
Can I use a Maltese bank account for international business?
Yes — Malta is an EU member with SEPA access. SWIFT transfers are available for international business. For complex international structures, consult a Maltese financial advisor about the optimal banking and company structure.
Is online-only banking sufficient?
Many expats manage well with Revolut or Wise as their primary accounts. However, Malta residency applications typically require a documented Maltese bank account — check your specific programme requirements.
What Maltese Banks Will Want to See
Expect identity documents, proof of address, tax-residence information, source-of-funds evidence, an explanation of expected transactions, and documents supporting employment or business activity. Company accounts usually require formation documents, ownership charts, contracts, invoices, and details about customers and counterparties. The bank may ask follow-up questions after the first submission.
Prepare a concise, consistent file. Explain why you need a Maltese account, where money comes from, where it will go, and how often transfers will occur. A mismatch between your application, website, invoices, and bank statements can delay onboarding. Keep your home-country tax and reporting obligations separate from the bank’s KYC process.
Banking Is Not Residency
Opening an account does not create Maltese residence, tax residence, or a right to work. Confirm the requirements of your actual immigration route and keep a backup payment method while the account is pending.
For a new account, ask about minimum balances, payment limits, online access, card delivery, correspondent banks, and complaint procedures. Maintain a second lawful account while testing the relationship, and never misstate your residence, business activity, or source of funds.
