How to Open a Bank Account in Malta (as a Non-resident)

There are several reasons why Malta is an incredibly popular destination for wealthy expats.

On the surface, there’s the golden Mediterranean sunshine, the lush coastal landscapes and the welcoming English-speaking locals. But Malta’s appeal runs deeper than that. 

Indeed, many wealthy expats flock to Malta to take advantage of its quick and easy residency options.

Non-EU members can gain Maltese residency through the Malta Permanent Residence Program (MPRP), provided they’re willing to make a significant investment in the local economy. 

This program has rightfully developed a reputation for having a fast and painless application process, and applicants can expect to set foot on the island within months of making that first inquiry. 

It’s efficient but expensive and lengthy. Successful applicants can access Maltese citizenship via naturalisation once they’ve legally resided in Malta for at least five years. 

To do that, you’ll need to set up a few things on the island, including opening a local bank account. 

That’s not as easy as you might think if you’re a non-resident, especially from outside the EU.

Nomad Capitalist helps high-net-worth individuals make the most of their offshore options without any unexpected hitches ruining their plans. You can learn more about that here. 

In this guide, you’ll discover how to open a bank account in Malta, which will help you avoid delays and be ready for island life sooner. 

Why Open a Bank Account in Malta?

Some years ago, Malta was a major player in the offshore banking world. 

Wealthy individuals from all over the world would show interest in opening a Maltese bank account, even if they had no plans to reside on the island.

Malta used to be a sound choice for people looking to bank in a place that was both tax-friendly and livable.

However, the banking situation in Malta has deteriorated. 

In spite of its reputation as one of the European Union’s most accessible banking hubs, the country has undergone an unfortunate transformation that leaves expats, digital nomads and entrepreneurs frustrated with a long and complicated process.

That said, if you’re pursuing residency in Malta, you’ll need to open a Maltese bank account. 

So, let’s investigate the steps that you’ll need to take to make it happen. 

Opening a Bank Account in Malta as a Non-Resident

In most countries, opening a bank account as a foreigner is straightforward: you present yourself at a bank branch with your ID and proof of residence.

However, this is hardly going to get you anywhere in Malta.

Although major banks in the country like HSBC, BOV and BNF claim that you only need to visit a branch with your ID, proof of address and a reference statement from your current or previous bank to open an account, the actual process is not so clear and transparent.

Rules differ not just from one bank to another but even from one branch to another. 

Foreigners complain that in addition to having to present redundant documents, the total process can take months.

This is especially infuriating to EU citizens who are supposedly protected by EU regulations and should be able to open a bank account there easily.

Naturally, the situation is worse for non-EU expats who must now pay an extra annual fee simply for being ‘international’ clients – even if they’re obviously tax-paying residents of Malta.

Because Maltese banks do not open your account until they’ve examined your entire banking history, credit rating, and documentation, this process can take quite some time. 

They will want to know about your financial profile, including how much debt you have and whether you receive regular payments. 

Passing this information between banks takes time and is entirely dependent on the efficiency of the staff, which can draw out the account opening process for months.

The best thing you can do as a non-resident in Malta is to have as many documents proving your ‘ties’ – or your pending future ties – to the country as possible. 

How to Open a Bank Account in Malta (as a Non-Resident)

Opening a bank account in Malta does not depend on your residency status. 

Both residents and non-residents (EU or non-EU nationals) have access to banking services in the country.

Your first step will involve choosing a bank and arranging an appointment to open your account in the branch. You can usually schedule your appointment online, but you’ll need to show up in the branch to finalise the application and open your account. 

Documents You Need for Opening a Bank Account in Malta

You’ll need to come prepared if you want to open a Maltese bank account. 

Banks in Malta are notorious for requiring plenty of paperwork, so in order to get the process moving, you’ll want to have all of your documents ready to go when you enter the branch.

However, keep in mind that the exact documentation will vary from bank to bank, so you should consult that bank to determine the exact requirements.

Individuals

If you’re an individual looking to open a current (checking), savings, or other personal accounts, you’ll most likely need:

• Your passport and a copy of your passport or your Maltese ID card (if you are a resident)
• A recent utility bill proving your address (if you don’t have an address in Malta, you can provide a utility bill from your previous address)
• Depending on the bank, a reference statement from your current or previous bank which should prove you have a good credit rating and no debts
• A completed application form.

To get a bank reference, you may have to pay a fee to your previous or current bank since some charge for this service.

After gathering all the required documentation, you must visit the local bank in person to open an account. Having a Maltese ID card makes the process considerably easier, and getting that ID card is mandatory if you intend to live in Malta.

Finally, non-EU citizens may find themselves subject to more rigid scrutiny than EU nationals, which means that it’s generally impossible to open an account without a reference statement issued by your current or previous bank. 

EU citizens may encounter more flexibility regarding this requirement.

Companies

Opening a corporate bank account in Malta for your foreign company or your new Maltese company comes with favourable interest rates and the freedom to choose the currency of your account. 

If you plan to operate in Malta, you must set up a corporate bank account during the company registration process.

To enjoy the benefits of a Maltese corporate bank account, you will need the following:

• References from any banks the company shareholders and managers hold accounts
• Copies of the passports or local IDs of all shareholders and managers
• Copies of the company’s incorporation documents
• The company’s certificate of good standing
• Proof of address for all shareholders and managers.

Without these, opening a corporate bank account in Malta as a foreigner is next to impossible. A history of debt or bankruptcy (on the corporate or owner level) is also a serious impediment.

In this case, banks may give your application a second look after a certain period of residency in the country, but that’s not a guarantee. Additionally, you may have to accept a current account only.

A good credit rating is essential to opening an account, so if you have a good credit score, you have little to worry about.

How Long Does it Take to Open a Bank Account in Malta?

One of the biggest downsides of opening a bank account in Malta as a non-resident is the bureaucracy and the seemingly endless checks.

These checks can delay the process of getting your account up and running. We’ve heard from individuals who say that the process can take several weeks if not months. Of course, this all depends on the bank and your individual case.

When your account is approved, you’ll typically receive your debit card(s) by post and your online banking details via email.   

The Best Banks in Malta to Open an Account

If you need to open a bank account in Malta, you should opt for a bank with good customer service, relatively high levels of efficiency and familiarity with expat clientele.

Here is a list of banks that tick these boxes.

PostaPay

In their quest to find the quickest way to open a bank account, most foreigners turn to PostaPay – the Maltese post office’s banking service offered by Lombard Bank, which operates through all MaltaPost offices in the country.

This service does give you access to a prepaid debit card account, but you’re not dealing directly with an actual bank. Therefore, PostaPay is a good option if you’re interested in having a Maltese IBAN account to deposit your salary in and a prepaid debit card for general use.

The debit card is fee-free in Malta and the Eurozone, while withdrawals at ATMs outside the Lombard bank network incur a small transaction fee.

PostaPay has recently added online banking services via its mobile app, although you’ll be charged a one-off fee of €15 to access it. 

As with most Maltese banks, the documentation required to open an account is unclear and may differ depending on where you decide to open your account. 

However, you should expect to provide the following:

• €50 minimum deposit
• A passport or Maltese ID card
• A recent utility bill with proof of address (if you don’t have a residence card).

On top of that, you may also have to present a colour copy of your passport or ID and proof of income. 

However, some branches do not always follow the requirements listed on the official website.

If you’re able to successfully open an account, you will receive your debit card, account number and PIN by mail in about two weeks.

BNF

In a landscape that does not offer them many options, foreigners have found the Maltese bank BNF, formerly known as Banif Bank, as the safest bet to open a bank account with as little irritation as possible.

The most significant advantage of working with BNF is that it won’t demand a reference from your current or previous bank if you only want a current account. 

If you closed your previous accounts before moving, this can be a huge relief and saves you time and hassle.

The downside is that BNF doesn’t provide references to their clients, so if you later decide to switch banks, this could create a few headaches.

The exact requirements for opening an account may vary slightly depending on the branch, but this is what you’d normally need to open an account:

• A passport or Maltese ID card
• A recent utility bill as proof of address (if you don’t have a residence card)
• Employment contract (from a Maltese or non-Maltese company) or other proof of income
• A 12-month term deposit of €500.

However, while BNF is a reasonable choice, there have been numerous complaints from foreigners about the slow processing of payments, so keep that in mind if you frequently remit money.

Bank of Valletta (BOV)

As Malta’s largest and most reputable bank, the Bank of Valletta has a tradition of providing comprehensive banking services, but opening an account can be relatively stressful for first-timers.

The main hurdle is that they require a reference letter from your current bank or, if you’ve already closed other accounts, from your employer.

In addition, you’ll need to provide a Maltese residence card or passport and proof of address if you don’t have a residence card.

Then, to prove your connection to Malta, you will also have to present one of the following:

• Work contract
• Property purchase contract
• Rental agreement (with at least six months validity)
• Reference from your bank, an employer or a lawyer.

Although BOV has more complex requirements for foreigners, working with them is a safer long-term bet because payments are processed much faster, and their services are more reliable overall.

HSBC

HSBC is the largest international bank in Malta. 

Opening an account, however, is as stressful as with BOV – but with no actual benefit other than if you already have an account with them in another country.

The requirements are the same as those of BOV, with the sole difference being that they do not accept an employer reference but insist on a bank reference. 

Therefore, you will need:

• Maltese residence card or passport
• Proof of address (utility bill, rental contract, etc.) if you don’t have a residence card
• Bank reference
• Proof of income.

Naturally, if you already have an HSBC account in another country, they can easily transfer over your details. The process has been restructured lately and is relatively fast, requiring little effort on your part.with them elsewhere. Their customer service isn’t great, and there are easier options on the table.

Tips for Opening a Bank Account in Malta

Although opening a bank account in Malta can be stressful and requires a lot of paperwork, you can make it easier by following these steps. 

As always, you should take the time to research your chosen bank and make contact with the branch you plan to visit before walking in.

The following tips will help make the process easier.

Set an Appointment

First, before visiting a branch, you should call in and schedule an appointment since most of them operate on a part-time schedule. 

Many branches operate with a low number of cashiers and personal bankers, which means they’re generally very busy.

Complete Applications Online Where Possible

While preparing your documents, you can download an online application from the bank’s official website, which you can then complete in advance.

Be Careful With Your Paperwork

You should also be as exact as possible with your paperwork. 

Although most banks require an original reference from your current or previous bank, some communicate directly to request it, while others expect you to provide it. 

To make this process more efficient, you can contact your bank in advance to ensure they have the reference ready.

Get Your ID Card First

If you intend to get a Maltese ID card, you should not put yourself through the daunting account opening process beforehand. 

Going to the bank with your Maltese ID card makes things much easier, and you will only wait weeks instead of months to have the account set up.

Visit the Branch Once

To open a bank account in Malta, you only have to visit a branch once and present your documents. 

Generally, current accounts come with debit or credit cards attached, but in some cases, you may have to request them. 

All banks send your card, account information and PIN number directly to the address specified in your application form.

Understand the Fees and Charges

Before choosing a bank, you should examine all extra fees and charges. Some banks appear to make it easier for foreigners to open a bank account, only to surprise you later with unreasonable charges.

You may discover that services you expect for free have a fee in Malta. Check if they charge you for Internet banking, funds transfers or withdrawals from the ATMs of other banks. 

Some banks charge an annual fee simply for using their services.

International Banking Considerations

Since there are several international banks in Malta, check whether you can open an international account at a branch from your country of residence before moving to Malta. 

This scenario may be possible with large international banks like HSBC. 

Consider that these international accounts often come with their particular terms and conditions, which may or may not be advantageous to you.

The main benefit is a higher degree of flexibility.

Opening a Bank Account in Malta: FAQs

Is Banking in Malta for You?

Banking in Malta offers both benefits and drawbacks. 

While the country once enjoyed a reputation as a streamlined offshore banking hub, tighter regulation and increased scrutiny have complicated the process — especially for non-residents. 

Today, it requires time, paperwork and a fair amount of patience. That said, Malta can still be a viable option for those pursuing residency or for entrepreneurs looking to operate within the EU framework.

Whether you’re planning to stay in Malta long-term, seeking EU access through its programs or simply needing a foothold in the European financial system, opening a Maltese bank account can still be worth the effort.

If you’re a high-net-worth individual evaluating Malta as part of your broader offshore strategy, it’s crucial to approach this with a clear plan.

That’s where we come in. 

Nomad Capitalist helps high-net-worth individuals to ‘go where they’re treated best’, whether you’re moving your company offshore, relocating to a tax-friendly country or seeking a second citizenship. 

With a holistic offshore plan, you can discover the best options for your unique goals and get expert assistance to make your dreams a reality. 

If you need help doing that, feel free to get in touch.