Banking
Get to know the local banks and loan procedures in Malta
If you’re an expat in Malta looking for a suitable bank, you have several options to choose from ranging from local banks to global/international banks. In case you want to focus on a bank with a physical location, we recommend four options: Bank of Valletta (BOV), HSBC Malta, APS Bank, and Lombard Bank. Should you prefer an online/digital bank then we recommend Revolut Bank or Wise (formerly TransferWise).
Malta’s currency is the Euro and it was adopted on the 1st of January in 2008, 4 years after the country joined the European Union. The majority of countries in the EU use the Euro with eleven of the member states adopting it when it was first introduced on the 11th of January in 1999.
You may think that it’s a crazy idea to get a personal bank loan when you are abroad. A lot of people assume that it is almost impossible to borrow if you are a foreigner – even some expats think that. It is true that it can be hard to do, particularly for someone who is an expat. It is not impossible though, despite the ideas that get perpetuated.
Wealth management is often a concern for expats in Malta, and the country is establishing itself as one of the world’s leading offshore financial centres. Services on offer within Malta range from tax planning, private banking services and asset protection, to traditional money lending and investment management. These services are all regulated by the Malta Financial Services Authority, or MFSA, which places a strong emphasis on consumer protection.
