If you're moving to Malta, here's how to manage your money
From opening an account to wiring money home, banking in Malta has its own set of rules. This guide walks you through all of them.
Banking Overview in Malta
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Malta
Foreigners can open bank accounts in Malta. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Malta. While you may be able to send money to Malta, full local account features may not be available. Check their website for the latest on Malta-specific services.
N26
N26 is not currently available in Malta. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Malta, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Malta is approximately €2,375 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
Additional Practical Information
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Malta:
- Malta Financial Services Authority
Additional Data Points
Recent reports and expat sources provide these additional figures for Malta:
- With a strongly positive GDP, the Maltese economy is healthy. The banking sector contributes about 15% to the country's GDP. Malta's growth is steady, the political situation is stable and business-friendly, and the Maltese tax system is advantageous, ensuring your money is safe. It's also worth noting that Malta is a significant offshore financial center.
- You can have a VISA or MasterCard debit or credit card . The type of card depends on your annual income . For example, at HSBC, for an Advance account, you need to have a minimum income of €20,000 net per year (or €30,000 if applying with your spouse or partner) and have an annual income of €50,000 or €70,000 on a savings or investment account for a Premier account.
- It is important to carefully review the offerings, as service and transaction fees can vary significantly.
- In Malta, it is possible to open a bank account without being a tax resident , but you must have a local address. You can then manage your account online, from your mobile device, or from a landline .
- The documents required to open a bank account vary depending on the type of bank account and the bank. However, you can follow these guidelines and inquire with your bank and branch for more details.
- Individuals are generally required to provide the following documents:
- Every Maltese company must have a bank account in Malta . A foreign company can also open an account in the currency of its choice or in multiple currencies . To open a business account in Malta , the following documents must be provided:
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
How long does it take to open a bank account in Malta?
Opening a bank account in Malta typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
How do international money transfers work from Malta?
You can transfer money from Malta via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
Is mobile banking widely available in Malta?
Yes, most major banks in Malta offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.
Can I get a credit card as an expat in Malta?
Credit card availability for expats in Malta depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.
Do I need a residence permit to open a bank account in Malta?
Many banks in Malta require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
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