Expat Banking in Malta

1 June 2020

Malta, an archipelago in the Mediterranean Sea, is an attractive expat and retirement destination due to its widely spoken English, favorable taxation regime, low costs of living, stable currency (Euro), mild winters and abundant sunshine. While Maltese is the official and national language, English in the second official language in Malta. Maltese residents pay 15% flat rate on all income they receive, whether from Malta itself or through foreign sources. Also, they do not pay any tax on any income that is not brought to Malta. Malta has no succession tax, however on a person's death a 5% charge on transfer of immovable property located in Malta is applied. Malta is a member of the European Union since 2004 and introduced Euro in 2008. Malta joined Schengen free-travel agreement in 2007.

Banking services in Malta are available not only to Maltese residents, but also to non-residents, both individuals and companies. While it's possible to live on Malta without having a Maltese bank account, there are cases when a local account can be useful. A Maltese bank account can be opened both online and in branch. Main aspects of living in Malta as an expat and using banking products and services are listed below.

Getting a Residency in Malta. Opening a local bank account is not required when applying for a residence in Malta, including applications to Individual Investor Program.

Buying a Property. It's not necessary to open a bank account in Malta when buying a property: the money is transferred to a notary's client account. However, if a bank loan is used to finance the property purchase, the title deed is signed in the bank's branch. APS BANK P.L.C., Bank of Valletta, BNF Bank plc, HSBC Bank Malta p.l.c. offer various mortgage options, including buy-to-let mortgages, second-home mortgages.

Paying Taxes. When employed in Malta, the relavant taxes are going to be deducted by the employer. In other cases, taxes can be paid to the Inland Revenue Department (IRD) via a wire transfer to IRD from either a Maltese or a foreign bank account.

Paying Utility Bills. Maltese utility companies ("enemalta" and "water services corporation") offer three tariff rates: residential, domestic and non-residential. Utility payments can be handled via an Internet site ARMS in a variety of ways, including card payments and direct debits. In order to pay the invoices it is not necessary to have a Maltese Bank account and even for the direct debit, the bank account can be a foreign one. Direct debits are offered by APS BANK P.L.C., Bank of Valletta, BNF Bank plc, HSBC Bank Malta p.l.c., Izola Bank plc, Lombard Bank Malta plc.

Online Account Opening

Out of 12 banks providing retail banking products and services, 5 banks offer online account opening, while the rest 7 banks require a branch visit. Online account opening is usually completed within a few minutes. When opening an account (either online or on-site), banks will require to provide documents proving client's identity, address and income. However, not all Maltese banks providing online account opening, offer current accounts: some are focused on deposit accounts, when an initial deposit is made from the account holder's current account, usually from another EU country. This scenario requires less KYC/AML checks than opening a current account from scratch.

NameArea ServedProductsCurrenciesSEPA#Branches
MeDirect Bank (Malta) plcMTMalta
EUEuropean Union
DEGermany
savings accounts
time deposit accounts (0.40 - 0.89 %)
investment accounts
EUEUR
GBGBP
USUSD
AUAUD
credit transfers
direct debits
4
FIMBank plcMTMalta
internationally
DEGermany
ESSpain
current accounts
savings accounts (0.35 - 0.35 %)
time deposit accounts (0.25 - 0.80 %)
EUEUR
USUSD
credit transfers
direct debits
1
Ferratum Bank plcMTMalta
ESSpain
DEGermany
SESweden
NONorway
FRFrance
current accounts
savings accounts (0.40 - 0.40 %)
EUEUR
foreign currencies
credit transfers
direct debits
1
Izola Bank plcMTMalta
internationally
DEGermany
savings accounts (0.00 - 0.00 %)
time deposit accounts (0.00 - 0.00 %)
EUEUR credit transfers
direct debits
1
FCM Bank LtdMTMalta
internationally
DEGermany
savings accounts (0.25 - 0.25 %)
time deposit accounts (0.40 - 0.65 %)
EUEUR
GBGBP
credit transfers
direct debits
1
 

MeDirect Bank (Malta) plc

Rank by Total Assets
3
Customer Rating
n/a
Country of Origin
BE Belgium

Established in 2004, MeDirect Bank (formerly Mediterranean Bank) is a specialist bank, focusing on provision of savings products, and wealth management and investment services. In July 2009, Mediterranean Bank was acquired by a new shareholder - a fund managed by AnaCap Financial Partners LLP, a UK private equity firm, and was recapitalised.

MeDirect Bank (Malta) plc provides products and services in the areas of retail banking, corporate banking. MeDirect Bank (Malta) plc offers a range of products including savings accounts, time deposit accounts (0.40 - 0.89 %), investment accounts, guarantees.

MeDirect Bank (Malta) plc is the 3rd largest bank in Malta in terms of total assets. In 2018 its total assets were 2 320,41 mln EUR, providing the bank with the market share of 8.14%. In 2018 the bank's profit before taxes was 21,47 mln EUR.

How to Open Account in MeDirect Bank (Malta) plc

Opening an account in MeDirect Bank (Malta) plc can be done in a few steps:
1.
Completely online

Required Documents

passport
proof of address

Identity Verification

selfie

While onboarding a private individual MeDirect Bank (Malta) plc will ask him/her to provide the following documents: passport; proof of address. For corporate clients MeDirect Bank (Malta) plc will ask to provide corporate documentation as well as information about controlling persons. MeDirect Bank (Malta) plc may request additional documentation or information depending on the case. MeDirect Bank (Malta) plc performs client's identity verification via selfie.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
GBEnglish

Account Currencies

EUEUR
GBGBP
USUSD
AUAUD

FIMBank plc

Rank by Total Assets
5
Customer Rating
 (3.2; 5 ratings)
Country of Origin
BH Bahrain

FIMBank (before 2003 - First International Merchant Bank) started operations in 1995; in 2001 its shares were listed on the Malta Stock Exchange. FIMBank plc is headquartered in St. Julian’s is a member of one of the biggest diversified holding companies in the Middle East, the KIPCO Group. FIMBank specializes in provider trade finance, factoring and forfaiting solutions, with a global presence in various important financial and trading centres.

FIMBank plc provides products and services in the areas of retail banking, corporate banking. FIMBank plc offers a range of products including current accounts, savings accounts (0.35 - 0.35 %), time deposit accounts (0.25 - 0.80 %), credit cards, trade finance, factoring, forfaiting.

FIMBank plc is the 5th largest bank in Malta in terms of total assets. In 2018 its total assets were 1 612,86 mln USD, providing the bank with the market share of 5.66%. In 2018 the bank's profit before taxes was 12,99 mln EUR.

How to Open Account in FIMBank plc

Opening an account in FIMBank plc can be done in a few steps:
1.
Submit online application
2.
Upload documents
3.
Make transfer

Required Documents

passport
proof of address

Identity Verification

n/a

While onboarding a private individual FIMBank plc will ask him/her to provide the following documents: passport; proof of address. For corporate clients FIMBank plc will ask to provide corporate documentation as well as information about controlling persons. FIMBank plc may request additional documentation or information depending on the case.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
GBEnglish
Mobile App (FIMBank CAM) Supported Languages
GBEnglish

Account Currencies

EUEUR
USUSD

Ferratum Bank plc

Rank by Total Assets
12
Customer Rating
 (2.9; 18 ratings)
Country of Origin
MT Malta

Ferratum Bank was incorporated in Malta in September 2012 in order to provide additional funding sources and business opportunities to its parent company, Ferratum Group (Finland). Ferratum Group provides internet and mobile micro-loans, amongst various other services, across a number of countries. It offers fast and readily available banking services, loans and savings both online and on mobile devices.

Ferratum Bank plc provides services in the area of retail banking. Ferratum Bank plc offers a range of products including current accounts, savings accounts (0.40 - 0.40 %), debit cards, credit cards, consumer loans (5.45 - 17.25 %).

Ferratum Bank plc is the 12th largest bank in Malta in terms of total assets. In 2018 its total assets were 282,00 mln EUR, providing the bank with the market share of 0.99%. In 2018 the bank's profit before taxes was 13,87 mln EUR.

How to Open Account in Ferratum Bank plc

Opening an account in Ferratum Bank plc can be done in a few steps:
1.
Completely online


Required Documents

passport
proof of address

Identity Verification

n/a

While onboarding a private individual Ferratum Bank plc will ask him/her to provide the following documents: passport; proof of address. For corporate clients Ferratum Bank plc will ask to provide corporate documentation as well as information about controlling persons. Ferratum Bank plc may request additional documentation or information depending on the case.

Remote Access

Remote access to the account is possible via mobile app.
Website Languages
GBEnglish

Account Currencies

EUEUR
foreign currencies

Card Providers

MasterCardMasterCard

Izola Bank plc

Rank by Total Assets
13
Customer Rating
n/a
Country of Origin
MT Malta

Established in 1994 Izola Bank is wholly owned by Van Marcke Group, a family-owned Belgian company specialized in plumbing and heating. Izola Bank provides tailor-made financing solutions for SMEs and large companies in Malta and Belgium, including commercial credit facilities, long-term loans and overdrafts, tailor-made structured loans. Izola Bank also offers retail deposits in a number of European countries, providing it with a more diverse and liquid source of funding.

Izola Bank plc provides products and services in the areas of retail banking, business banking. Izola Bank plc offers a range of products including savings accounts (0.00 - 0.00 %), time deposit accounts (0.00 - 0.00 %), corporate savings, corporate lending, corporate factoring. Izola Bank plc makes its solutions available to natural persons, business entities.

Izola Bank plc is the 13th largest bank in Malta in terms of total assets. In 2018 its total assets were 237,15 mln EUR, providing the bank with the market share of 0.83%. In 2018 the bank's profit before taxes was 2,44 mln EUR.

How to Open Account in Izola Bank plc

Opening an account in Izola Bank plc can be done in a few steps:
1.
Completely online

Required Documents

passport
proof of address

Identity Verification

n/a

While onboarding a private individual Izola Bank plc will ask him/her to provide the following documents: passport; proof of address. For corporate clients Izola Bank plc will ask to provide corporate documentation as well as information about controlling persons. Izola Bank plc may request additional documentation or information depending on the case.

Remote Access

Remote access to the account is possible via online banking.
Website Languages
GBEnglish

Account Currencies

EUEUR

FCM Bank Ltd

Rank by Total Assets
17
Customer Rating
 (3.7; 3 ratings)
Country of Origin
MT Malta

FCM Bank is a Maltese bank specialising in savings and fixed term deposit products. FCM Bank focuses on delivering simple, straightforward and good-value products. FCM Bank operates online and has only one brick-and-mortar branch which allows the bank keep the costs low and pass on the savings to the customers.

FCM Bank Ltd provides products and services in the areas of retail banking, corporate banking, foreign-exchange services. FCM Bank Ltd offers a range of products including savings accounts (0.25 - 0.25 %), time deposit accounts (0.40 - 0.65 %), investment loans, real estate loans, project financing, working capital loans.

FCM Bank Ltd is the 17th largest bank in Malta in terms of total assets. In 2018 its total assets were 57,00 mln EUR, providing the bank with the market share of 0.20%. In 2018 the bank's profit before taxes was -3,64 mln EUR.

How to Open Account in FCM Bank Ltd

Opening an account in FCM Bank Ltd can be done in a few steps:
1.
Submit online application
2.
Sign and send documents
3.
Make transfer

Required Documents

passport
proof of address

Identity Verification

n/a

While onboarding a private individual FCM Bank Ltd will ask him/her to provide the following documents: passport; proof of address. For corporate clients FCM Bank Ltd will ask to provide corporate documentation as well as information about controlling persons. FCM Bank Ltd may request additional documentation or information depending on the case.

Remote Access

Remote access to the account is possible via online banking.
Website Languages
GBEnglish

Account Currencies

EUEUR
GBGBP

Branch Account Opening

On-site account opening assumes a personal branch visit, with an option to fill required application forms before the visit or to book an appointment.

NameArea ServedProductsCurrenciesSEPA#Branches
Bank of VallettaMTMaltacurrent accounts
deposit accounts
mortgage loans
EUEUR
foreign currencies
credit transfers
direct debits
36
HSBC Bank Malta p.l.c.MTMaltacurrent accounts
savings accounts
time deposit accounts
mortgage loans
EUEUR
foreign currencies
credit transfers
direct debits
28
APS BANK P.L.C.MTMalta
internationally
DEGermany
current accounts
savings accounts
time deposit accounts (0.60 - 1.10 %)
mortgage loans
EUEUR
GBGBP
USUSD
AUAUD
+ 2 more
credit transfers
direct debits
11
Lombard Bank Malta plcMTMaltacurrent accounts
savings accounts
time deposit accounts
EUEUR
USUSD
GBGBP
AUAUD
+ 1 more
credit transfers
direct debits
7
BNF Bank plcMTMalta
EUEuropean Union
DEGermany
current accounts
savings accounts (0.05 - 0.05 %)
time deposit accounts (0.35 - 1.00 %)
mortgage loans
EUEUR
foreign currencies
credit transfers
direct debits
12
IIG Bank (Malta) LTDMTMalta
internationally
DEGermany
current accounts
time deposit accounts (0.35 - 0.75 %)
overdraft accounts
EUEUR
USUSD
GBGBP
credit transfers
direct debits
2
Novum Bank LimitedMTMalta
EUEuropean Union
DEGermany
time deposit accounts (0.25 - 0.60 %)
EUEUR credit transfers
direct debits
1
 

Bank of Valletta

Rank by Total Assets
1
Customer Rating
 (3.9; 7 ratings)
Country of Origin
MT Malta

Bank of Valletta was founded in 1974. In 1992 Band of Valletta became the first public company listed on the Malta Stock Exchange. Bank of Valletta offers personal and business banking products and services insurance services as well as administration and management services to various types of investment funds.

Bank of Valletta provides products and services in the areas of personal banking, private banking, business banking, corporate banking. Bank of Valletta offers a range of products including current accounts, deposit accounts, credit, debit, prepaid and charge cards, personal loans, mortgage loans, trade finance, business loans and finance.

Bank of Valletta is the 1st largest bank in Malta in terms of total assets. In 2018 its total assets were 12 094,44 mln EUR, providing the bank with the market share of 42.44%. In 2018 the bank's profit before taxes was 71,20 mln EUR.

How to Open Account in Bank of Valletta

Opening an account in Bank of Valletta can be done in a few steps:
1.
Submit online application
2.
Visit bank branch

Required Documents

passport
proof of address

Identity Verification

branch visit

While onboarding a private individual Bank of Valletta will ask him/her to provide the following documents: passport; proof of address. For corporate clients Bank of Valletta will ask to provide corporate documentation as well as information about controlling persons. Bank of Valletta may request additional documentation or information depending on the case. Bank of Valletta performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
GBEnglish
Mobile App (BOV Mobile) Supported Languages
GBEnglish

Account Currencies

EUEUR
foreign currencies

Card Providers

VisaVisa
MasterCardMasterCard

HSBC Bank Malta p.l.c.

Rank by Total Assets
2
Customer Rating
 (4.0; 1 ratings)
Country of Origin
GB United Kingdom

HSBC Bank Malta plc was registered in Malta under the name Mid-Med Bank Limited. In 1993 ordinary shares of Mid-Med Bank were listed on the Malta Stock Exchange. In 1997 the bank changed its legal form to public limited liability company. In 1999 the bank changed its name again to HSBC Bank Malta plc. HSBC Bank Malta plc provides a comprehensive range of financial services including retail banking and wealth management, commercial banking and global banking and markets.

HSBC Bank Malta p.l.c. provides products and services in the areas of retail banking, wealth management, commercial banking, global banking and markets, insurance. HSBC Bank Malta p.l.c. offers a range of products including current accounts, debit cards, credit cards, savings accounts, time deposit accounts, consumer loans, student loans, green loans, overdraft loans, mortgage loans, investment products.

HSBC Bank Malta p.l.c. is the 2nd largest bank in Malta in terms of total assets. In 2018 its total assets were 5 495,62 mln EUR, providing the bank with the market share of 19.29%. In 2018 the bank's profit before taxes was 38,55 mln EUR.

How to Open Account in HSBC Bank Malta p.l.c.

Opening an account in HSBC Bank Malta p.l.c. can be done in a few steps:
1.
Visit bank branch

Required Documents

passport
proof of address

Identity Verification

branch visit

While onboarding a private individual HSBC Bank Malta p.l.c. will ask him/her to provide the following documents: passport; proof of address. For corporate clients HSBC Bank Malta p.l.c. will ask to provide corporate documentation as well as information about controlling persons. HSBC Bank Malta p.l.c. may request additional documentation or information depending on the case. HSBC Bank Malta p.l.c. performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app, phone.
Website Languages
GBEnglish

Account Currencies

EUEUR
foreign currencies

Card Providers

VisaVisa

APS BANK P.L.C.

Rank by Total Assets
4
Customer Rating
 (3.0; 1 ratings)
Country of Origin
MT Malta

APS Bank is a Maltese credit institution established in 1910. APS Bank specializes in providing retail banking products and services, including deposit accounts, consumer and mortgage loans. APS Bank also offers corporate banking and wealth management. The major shareholder of APS Bank is the Archdiocese of Malta and Gozo.

APS BANK P.L.C. provides products and services in the areas of retail banking, corporate banking, wealth management. APS BANK P.L.C. offers a range of products including current accounts, debit cards, savings accounts, time deposit accounts (0.60 - 1.10 %), retirement investments, green loans, student loans, consumer loans, mortgage loans, life insurance.

APS BANK P.L.C. is the 4th largest bank in Malta in terms of total assets. In 2018 its total assets were 1 891,00 mln EUR, providing the bank with the market share of 6.64%. In 2018 the bank's profit before taxes was 18,63 mln EUR.

How to Open Account in APS BANK P.L.C.

Opening an account in APS BANK P.L.C. can be done in a few steps:
1.
Visit bank branch

Required Documents

passport
proof of address

Identity Verification

branch visit

While onboarding a private individual APS BANK P.L.C. will ask him/her to provide the following documents: passport; proof of address. For corporate clients APS BANK P.L.C. will ask to provide corporate documentation as well as information about controlling persons. APS BANK P.L.C. may request additional documentation or information depending on the case. APS BANK P.L.C. performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.
Website Languages
GBEnglish

Account Currencies

EUEUR
GBGBP
USUSD
AUAUD
CACAD
CHCHF

Card Providers

VisaVisa

Lombard Bank Malta plc

Rank by Total Assets
6
Customer Rating
 (5.0; 1 ratings)
Country of Origin
MT Malta

Lombard Bank Malta plc was initially established in Malta in 1955 and was nationalised in 1975. In 1991 the Government of Malta sold its equity in Lombard Bank, which was then listed on the Malta Stock Exchange in 1994. Lombard Bank Malta provides a range of retail, private and corporate banking products and services.

Lombard Bank Malta plc provides products and services in the areas of retail banking, private banking, wealth management, business banking, corporate banking. Lombard Bank Malta plc offers a range of products including current accounts, credit cards, debit cards, savings accounts, time deposit accounts, overdrafts, consumer loans, business loans, trade finance.

Lombard Bank Malta plc is the 6th largest bank in Malta in terms of total assets. In 2018 its total assets were 919,24 mln EUR, providing the bank with the market share of 3.23%. In 2018 the bank's profit before taxes was 12,63 mln EUR.

How to Open Account in Lombard Bank Malta plc

Opening an account in Lombard Bank Malta plc can be done in a few steps:
1.
Visit bank branch

Required Documents

passport
proof of address

Identity Verification

branch visit

While onboarding a private individual Lombard Bank Malta plc will ask him/her to provide the following documents: passport; proof of address. For corporate clients Lombard Bank Malta plc will ask to provide corporate documentation as well as information about controlling persons. Lombard Bank Malta plc may request additional documentation or information depending on the case. Lombard Bank Malta plc performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.
Website Languages
GBEnglish

Account Currencies

EUEUR
USUSD
GBGBP
AUAUD
CACAD

Card Providers

VisaVisa
MasterCardMasterCard

BNF Bank plc

Rank by Total Assets
7
Customer Rating
 (3.7; 10 ratings)
Country of Origin
MT Malta

BNF Bank plc (formerly known as Banif Bank (Malta) plc) started operations in Malta in 2008. BNF Bank provides personal and business and corporate banking products and services with a focus of lending to the local community, including local SMEs.

BNF Bank plc provides products and services in the areas of personal banking, business banking, corporate banking. BNF Bank plc offers a range of products including current accounts, savings accounts (0.05 - 0.05 %), time deposit accounts (0.35 - 1.00 %), debit cards, credit cards, overdraft loans, personal loans, mortgage loans, trade finance.

BNF Bank plc is the 7th largest bank in Malta in terms of total assets. In 2018 its total assets were 767,00 mln EUR, providing the bank with the market share of 2.69%. In 2018 the bank's profit before taxes was 3,56 mln EUR.

How to Open Account in BNF Bank plc

Opening an account in BNF Bank plc can be done in a few steps:
1.
Visit bank branch

Required Documents

passport
proof of address

Identity Verification

branch visit

While onboarding a private individual BNF Bank plc will ask him/her to provide the following documents: passport; proof of address. For corporate clients BNF Bank plc will ask to provide corporate documentation as well as information about controlling persons. BNF Bank plc may request additional documentation or information depending on the case. BNF Bank plc performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.
Website Languages
GBEnglish

Account Currencies

EUEUR
foreign currencies

Card Providers

VisaVisa

IIG Bank (Malta) LTD

Rank by Total Assets
15
Customer Rating
 (1.0; 1 ratings)
Country of Origin
MT Malta

IIG Bank (Malta) Ltd was established in 2010. IIG Bank (Malta) Ltd provides retail, business and corporate banking products and services, primarily focused on international trade finance. IIG Bank (Malta) Ltd's funding is mainly sourced from domestic market.

IIG Bank (Malta) LTD provides products and services in the areas of retail banking, business banking, corporate banking, trade finance, foreign exchange. IIG Bank (Malta) LTD offers a range of products including current accounts, time deposit accounts (0.35 - 0.75 %), overdraft accounts.

IIG Bank (Malta) LTD is the 15th largest bank in Malta in terms of total assets. In 2018 its total assets were 156,00 mln EUR, providing the bank with the market share of 0.55%. In 2018 the bank's profit before taxes was -5,07 mln EUR.

How to Open Account in IIG Bank (Malta) LTD

Opening an account in IIG Bank (Malta) LTD can be done in a few steps:
1.
Visit bank branch

Required Documents

passport
proof of address

Identity Verification

branch visit

While onboarding a private individual IIG Bank (Malta) LTD will ask him/her to provide the following documents: passport; proof of address. For corporate clients IIG Bank (Malta) LTD will ask to provide corporate documentation as well as information about controlling persons. IIG Bank (Malta) LTD may request additional documentation or information depending on the case. IIG Bank (Malta) LTD performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.
Website Languages
GBEnglish

Account Currencies

EUEUR
USUSD
GBGBP

Novum Bank Limited

Rank by Total Assets
18
Customer Rating
 (2.5; 14 ratings)
Country of Origin
MT Malta

Novum Bank Limited was established in Malta in 2009 and is a subsidiary of Novum Holdings Limited. Since 2014, Novum Bank expanded its operations to attract new customers from Germany, Poland, Spain, the Netherlands, France and Austria. Novum Bank provides Cards and Stored Value solutions. The range of solutions includes reloadable prepaid Mastercard cards and Mastercard Gift Cards, and short-term micro-loans.

Novum Bank Limited provides services in the area of retail banking. Novum Bank Limited offers a range of products including micro-loans, credit cards, prepaid cards, time deposit accounts (0.25 - 0.60 %), consumer loans (7.95 - 7.95 %). Novum Bank Limited makes its solutions available to natural persons, corporate entities.

Novum Bank Limited is the 18th largest bank in Malta in terms of total assets. In 2018 its total assets were 57,00 mln EUR, providing the bank with the market share of 0.20%. In 2018 the bank's profit before taxes was 8,56 mln EUR.

See Also