Malta is a republic that sits in the heart of the Mediterranean sea. It became an EU member in May 2004 and started transacting with the Euro as their currency four years later. This country has one of the most efficient corporate structures and low-cost base in the world, which makes it desirable to many foreign investors. They offer, online, telephone and branch financial services to all their customers and you can easily access their debit and credit cards, as well as ATMs. Any willing customer can apply for banking services such as savings or current accounts in any of their banks. They can also access loans and mortgages.

How to Open an Account

For you to open an account, you have to physically visit a branch, and it is recommended that you phone ahead to make an appointment. There are some documents that you need to successfully open an account. They include:

• Valid identification like a valid ID card or passport
• Recent utility bill with your full name and address
• Bank reference with your credit history from your old or current bank

Once you have submitted these documents, you then have to fill out an application form for the account. You can easily do this online before going to your appointment.

With some banks, you must have stayed in the country for a specific period in case you have a debt or bankruptcy history. In such a case, you might be permitted to open a basic current or savings account that comes with fewer services.

You can even open an account before travelling to this country. Consult with your bank of choice to get all the details and requirements for application. One of such banks that allow expatriates to open an account before relocating is HSBC, and it is the first choice for most expats.

Opening an account with HSBC while still in your home country can make the application process while in Malta easier since credit ranking and identification tend to slow the processing period. HBSC will swiftly exchange your information between their subsidiaries to ensure your application process goes without a hitch. All you have to do is deposit a fee for you to get an HSBC bank account in advance.

Apart from HSBC, Bank of Valetta also offers similar services. This is also a bank of choice for many expats. Bigger banks often get more requests from expats, which means they have to make their services swift to serve everyone within the shortest time possible. Other reputable banks include:

• Central Bank of Malta
• Banif Bank
• APS Bank
• CommBank

Banks are usually open:

• Monday-Thursday: 8:30 am-1:30 pm
• Friday-up to 4:30 pm, some branches go up to 7 pm
• Saturday: 8:30 am-12:30 pm

You get all expatriate banking services in Maltese or English. Get in touch with any of these banks to learn more about their expatriate banking services.