Open a Bank Account in Malta

Foreign citizens or companies seeking to live and work, respectively to set up operations here must have bank accounts in Malta. 

Maltese banks allow EU and non-EU residents to open bank accounts in foreign currencies. Our lawyers in Malta can assist foreign investors in setting up Malta offshore bank account.

Quick Facts
Banking in Malta	If you are a resident, you may need a bank account in Malta to pay bills, rent, or mortgages or apply for loans, credit cards or to save money. For non-residents, having a bank account in Malta may be necessary for business purposes, such as managing investments or savings in Malta.
Documents required to open a bank account in Malta for natural persons	– passport or ID, – application form issued by the bank, – a recent utility bill, – a bank reference
Documents required for companies	– passports or IDs copies of each shareholder and manager, – copy after the company’s statutory documents, – company’s certificate of good standing, – bank references for the shareholders and the company, – utility bills stating the Maltese addresses of each shareholder
Types of bank accounts in Malta	– personal, – business, – saving account, – merchant, etc.
Requirements to travel to Malta (YES/NO)	NO, you do not need to travel to Malta to open a bank account. Contact us and we'll handle all the formalities for your Maltese offshore or non-resident bank account.
Time frame for opening bank account in Malta	1 – 2 days
Main banks in Malta	– HSBC Bank Malta, – Bank of Valletta, – BNF Bank, – MeDirect Bank, etc.
Currencies in bank accounts in Malta	You can choose to open a bank account in Malta in either the national currency (EUR) or in a foreign currency of your choice.
Types of banks to open account with	– commercial banks, – cooperative banks, – foreign banks and their branches
Banking Law in Malta	Malta's Banking Law is divided into 10 parts covering the obligations of financial institutions, including licensing, governance, and capital requirements.
Facts about banking in Malta	Malta's well-established banks meet EU standards and have diverse portfolios. The efficient banking system with less bureaucracy is appreciated locally and internationally. Our Maltese company formation agents can assist in selecting a bank for your business needs.
Merchant bank account	Merchant account services in Malta are available through the National Bank or a private bank, with only one private bank currently offering such services.
Banking fees	– monthly administration fee (depending on the bank), – ATM fees, – transfer fees, etc.
Advantages of opening a bank account in Malta	– opening a bank account in Malta can offer tax advantages for foreigners, – easy and fast process, – many businesses and entrepreneurs have created offshore accounts in Malta
Bank account for opening a company in Malta	It is highly recommended to open a bank account when you open a company in Malta for the future business transactions.

Opening a bank account in Malta in 2022

Maltese residents usually open bank accounts in order to receive their salaries and to make payments. The same thing is available for foreigners who need to know the rules on how to open bank accounts Malta as a non-resident. For these purposes they usually set up current accounts, while for savings they will usually set up savings or deposit accounts. The following documents are required to open a current bank account in Malta in 2022:

• a passport or identification papers;
• an application form issued by the bank;
• a recent utility bill;
• a bank reference.

Foreign citizens must also have a good credit score in order to be allowed to open bank accounts in Malta. Most current accounts have debit or credit cards attached issued once the account is activated. You can also read about a business bank account Malta and about Malta bank account for a non-resident in the infographic below:

Depending on the Maltese bank selected for opening an account, there are specific fees per transaction made. As such, this cost might range between EUR 1 and EUR 4, depending on the transaction, including ATM withdrawal.

Setting up a corporate bank account in Malta

In order to carry out a commercial activity, a Maltese company must have a business bank account Malta. The corporate bank account is usually set up during the company registration procedure, as the founders must deposit the share capital of the business. After that, most of the company’s transactions will be reflected in their bank statements. The following documents must be provided with the bank upon the opening of a business bank account in Malta:

• copies after the passports or IDs of each shareholder and manager;
• copy after the company’s statutory documents;
• a company’s certificate of good standing;
• bank references for the shareholders and the company;
• utility bills stating the Maltese addresses of each shareholder and director.

The video below presents the main steps to follow when opening personal or business bank account in Malta:

The increasing number of companies and citizens borrowing money from banks in Malta has also led to situations in which the amounts could no longer be recovered and thus banking litigation has become quite common in our days. However, Malta has a flexible legal system which allows for the settlement of any type of disputes, including banking ones, in several manners. Among the most employed ways of settling banking disputes in Malta are court proceedings and arbitration. There is also mediation, but this method is seldom used.

Our attorneys in Malta can offer information about all the legal ways to resolve banking litigation, in respect with the 2022 procedures.

Provisions of the Maltese Banking Law

The Banking Law in Malta is divided in 10 parts which provide for the obligations of financial institutions. The first part establishes the rights and requirements the Minister of Finance must fulfill. The other parts refer to:

• the supervisory activities of the MFSA;
• licensing of banking institutions in Malta;
• the opening of branch and representative offices of foreign banks;
• the governance of financial institutions;
• capital requirements;
• the activities that cannot be carried out by banks in Malta.

Virtual bank accounts are also available in Malta. There are financial institutions that can provide such services at convenient fees. Most of them do not impose fees for money transfers in Europe, which is quite advantageous for foreigners living in this country.

Documents required for opening a Maltese bank account

Maltese law does not impose foreign investors to open Malta bank account for non-resident, but it is recommended to own a Maltese account for various reasons, and our specialists in company formation can help you with consultation on this matter, by assisting you in the preparation of the documents and presenting the Maltese bank system and its requirements. Opening a bank account in Malta may vary according to the bank you will be collaborating with, but the following documents are compulsory:

• certificate of registration;
• memorandum and articles of the underlying shareholders;
• identity documents (passports) of the owners of the company; 
• bank references, containing all the shareholders and directors of the company; 
• completion of bank opening forms.

There is no specific duration for the application process when opening a busines bank account in Malta, as it may vary due to the requirements imposed by the bank. After the required documents are verified, the bank account can be opened in several days. When the bank account is available, the bank activity can be performed not only at the bank office, but also through the internet, e-mail, post, fax and telephone. 

Even though it is quite easy to open a bank account in Malta as a foreigner, some banks might require a small deposit for this kind of operation. The minimum deposit can be around EUR 50, ranging to EUR 500 if a 12-month term deposit is made.

Banking services in Malta

An entrepreneur setting up a company in Malta in 2023 will find the banking services very useful to his or her business, which can be tailored according to the needs of the company:

• the bank account can be opened in the national currency of Malta or in a requested foreign currency;
• the account can offer services such as transfer, payments deposits, letters of credit and other banking instruments the company needs; 
• cheque book instruments;
• credit card services, which are offered in special conditions; 
• internet banking services.

Information about banks in Malta

Banks in Malta are well exploited and have vast and differentiated portfolios in complete agreement with the EU standards. The bank capital in Malta is mostly sustained by the deposits of clients alongside with varied investments in the sector. With an advantageous environment, efficiency and less bureaucracy, the banking system in Malta is appreciated on the local plan and also internationally. 

When choosing the proper bank for future financial transactions in your company, one can ask for support from our Maltese company formation agents. We remind that the company registration in Malta is an easy process which can be done within a few working days.

The bank structure in Malta

The foreign and local banks activating in Malta  are grouped into 3 main categories considering the services and the products served to customers, such as:

•   core domestic banks which are universal banks with a wide range of services, operating through a branch network in the country’s main cities;
•   non-core domestic banks which offer a limited area of banking services for residents and foreigners;
•   the international banks which mostly deal with foreign customers or businesses outside borders of Malta.

A business person in Malta can choose the proper bank to meet the needs and requirements of a company.

Important banks in Malta

Malta is seen as an international banking center and it is respected just as the other countries of the Mediterranean region. The banking sector in Malta consists of both retail banks and foreign-owned banks which offer several important services and solutions for companies and natural persons in the country. There are about 25 banks with operations in Malta, and each of them can sustain the domestic funding in the market and also credits for local or foreign companies in Malta.

Frequently Asked Questions

Our lawyers in Malta often encounter questions about how to open a bank account in Malta. Below you will find some useful questions and answers on this subject, mentioning that our agents are ready to offer you the necessary support in this endeavor, if you want to collaborate with us.

Making investments in Malta

Malta is a small island country that offers many advantages to foreigners who want to make investments and who want to enjoy consistent profits in various fields. Due to its geographical position in the Mediterranean area, Malta offers access to major international financial markets. Besides this aspect, it is good to point out that the taxation system is beneficial for foreign investors who can easily open offshore companies. Even if the corporate tax is 35%, there are lower rates, depending on profits and other conditions imposed.

Skilled, multilingual, and experienced workforce, but also the opportunity to open successful businesses in sectors such as tourism, finance, insurance, gambling, and pharmaceuticals are other benefits for foreign players to take full advantage of. Here are some statistics that outline the economic direction of Malta:

• Malta has the highest GDP in the world, of 1425%.
• The total FDI for Malta in 2021 was approximately USD 231,4 billion.
• Around USD 309 million was the total value for greenfield investments in Malta in 2021.

Our lawyers in Malta can offer detailed information about the content of the Banking Act. For assistance in opening bank accounts in 2023, do not hesitate to contact our law firm in Malta.