How to Open a Bank Account in Malta: Step-by-Step Guide

Opening a bank account in Malta isn't difficult, but it does require patience and proper documentation. This comprehensive guide walks you through the entire process, from gathering documents to getting your first card, with special attention to the challenges faced by non-EU citizens.

Before You Start: Is a Local Account Necessary?

Before investing time in opening a Maltese bank account, consider whether you actually need one. Many digital nomads successfully live in Malta using only digital banks like Revolut or Wise. A local account becomes necessary when:

• Your landlord requires a Maltese IBAN for rent payments
• You want to set up direct debits for utilities
• You receive payments from Maltese clients or employers
• You plan to stay long-term and want to build local credit
• You're buying property or need a mortgage

Documents Required

For EU/EEA Citizens

If you're an EU or EEA citizen, the process is relatively straightforward. You'll need:

1. Valid passport or national ID card - Original required, copy taken
2. Proof of address in Malta - One of the following:
   • Rental contract (must be registered with Housing Authority)
   • Utility bill in your name (water, electricity)
   • Letter from employer on company letterhead
3. Proof of income - One of the following:
   • Employment contract
   • Recent payslips (3 months)
   • Tax returns from home country
   • Bank statements showing regular income
4. Tax Identification Number (TIN) - From your home country or Malta

For Non-EU/EEA Citizens

Non-EU citizens face additional requirements, primarily to prove legal residence status:

1. Valid passport - With at least 6 months validity
2. Residence permit or visa - One of the following:
   • Digital Nomad Visa (Nomad Residence Permit)
   • Work permit
   • Student visa
   • Long-term visa (D-visa)
3. Proof of address in Malta - Same as EU citizens
4. Proof of income - More scrutiny applied:
   • Employment contract with foreign company
   • Business registration documents
   • 6 months of bank statements
   • Client contracts (for freelancers)
5. Tax Identification Number - From home country
6. Additional reference letter - From your existing bank (some banks require this)

Step-by-Step Process

Step 1: Choose Your Bank

The main options are Bank of Valletta (BOV), HSBC Malta, and APS Bank. Consider:

• BOV: Best ATM/branch network, most accepted locally
• HSBC: Best for international transfers, English-speaking staff
• APS: Most flexible with documentation, best customer service

For non-EU citizens, we generally recommend starting with APS Bank or HSBC, as they tend to be more accommodating with foreign documentation.

Step 2: Gather All Documents

Before visiting the bank, ensure you have ALL required documents. Missing even one document will result in delays. Prepare:

• Original documents (not just copies)
• Photocopies of everything
• Translations if documents aren't in English or Maltese

Step 3: Book an Appointment

Most banks now require appointments for account opening. Walk-ins are possible but may result in long waits or being turned away.

Step 4: Attend Your Appointment

What to expect at your bank appointment:

1. Identity Verification: Staff will verify your passport/ID
2. Document Review: All documents will be checked and copied
3. Application Form: You'll complete an application with personal details
4. KYC Questions: Expect questions about:
   • Source of funds/income
   • Purpose of the account
   • Expected transaction volumes
   • Your profession and employer
5. Signature Cards: Multiple signatures required

The appointment typically takes 30-60 minutes. Don't rush—answer questions thoroughly and honestly.

Step 5: Compliance Review

After your appointment, your application goes to the bank's compliance department. This is where most delays occur. The compliance team:

• Verifies all documentation
• Conducts background checks
• May request additional documents
• Makes the final approval decision

Timeline: 1-4 weeks depending on complexity and bank workload.

Step 6: Account Activation

Once approved, you'll receive notification (usually by phone or SMS) to visit the branch again to:

1. Sign final account documents
2. Make your initial deposit (usually €50-100 minimum)
3. Set up online banking credentials
4. Order your debit card (if not already ordered)

Step 7: Receive Your Card and Start Banking

Your debit card will be mailed to your Maltese address within 5-10 business days. Online banking access is usually available immediately after activation.

Common Pitfalls and How to Avoid Them

1. Unregistered Rental Contract

Problem: Your rental contract isn't registered with the Housing Authority, so the bank won't accept it as proof of address.

Solution: Insist that your landlord registers the contract—it's legally required anyway. Alternatively, use a utility bill or get a letter from your employer/host.

2. Insufficient Proof of Income

Problem: Freelancers and remote workers often struggle to prove stable income.

Solution: Provide multiple forms of evidence:

• Bank statements showing regular deposits
• Client contracts (even if they're just emails confirming ongoing work)
• Tax returns from your home country
• A letter from your accountant

3. Visa/Permit Not Yet Issued

Problem: You're waiting for your Digital Nomad Visa but need a bank account.

Solution: Most banks require the actual permit, not just an application receipt. Options:

• Wait for permit approval
• Use digital banks in the meantime
• Try APS Bank—they're sometimes more flexible with pending applications

4. Address Mismatch

Problem: The address on your documents doesn't match what you provided.

Solution: Ensure all documents show the same current address. If you've recently moved, update everything before applying.

5. Language Barriers

Problem: Staff at some branches don't speak fluent English.

Solution: Choose branches in expat-heavy areas (Sliema, St. Julian's, Gzira) or go to HSBC where English is standard.

6. Compliance Delays

Problem: Your application is stuck in compliance review for weeks.

Solution: Politely follow up after 2 weeks. Ask if any additional documents are needed. Be patient but persistent.

Tips for Non-EU Citizens

Opening a bank account as a non-EU citizen requires extra preparation. Here are specific strategies:

Before Arriving in Malta:

• Get a bank reference letter from your current bank
• Have your tax returns translated and apostilled if not in English
• Gather 6+ months of bank statements
• Prepare a professional CV/resume showing your work history

Choosing the Right Bank:

• APS Bank is generally most flexible for non-EU applicants
• HSBC is good if you have existing HSBC relationship elsewhere
• BOV can be strict but is doable with complete documentation

During the Application:

• Be prepared to explain your work situation in detail
• Emphasize stability—ongoing contracts, regular income patterns
• Mention any ties to Malta (long-term rental, local clients, etc.)
• If rejected at one bank, try another—policies vary

Alternative Options While Waiting

Since the bank account process takes weeks, here's how to manage finances in the meantime:

• Revolut: Open instantly, works everywhere in Malta, SEPA transfers accepted most places
• Wise: Get EUR account details immediately, ideal for receiving payments
• Cash: ATM withdrawals from your home bank card (watch for fees)
• Credit Cards: Widely accepted, useful backup

Frequently Asked Questions

Can I open a bank account in Malta without a residence permit?

It's very difficult. EU citizens can open accounts with just an ID and proof of address, but non-EU citizens typically need a valid residence permit. Some banks may accept tourists for limited accounts, but this is rare and usually not useful for nomads.

How long does the entire process take?

From first appointment to having a working account with a card: typically 3-6 weeks. EU citizens with complete documentation might get through in 2-3 weeks. Non-EU citizens or complex cases can take 6+ weeks.

What's the minimum deposit required?

Most banks require €50-100 to activate the account. There's no ongoing minimum balance requirement for basic accounts, though some premium accounts require minimum balances to waive fees.

Can I open a joint account with my partner?

Yes, but both parties need to provide full documentation. If your partner is non-EU, this adds complexity. Each person must attend the appointment.

What if I get rejected?

Banks rarely explain rejections due to privacy regulations. Common reasons include insufficient documentation, compliance concerns, or incomplete address verification. Try a different bank—each has different risk appetites. APS is often the most accommodating.

Do I need a Maltese phone number?

Not strictly required, but highly recommended. Banks will need to contact you, and a local number makes everything easier. You can get a prepaid SIM from GO, Melita, or Epic for under €10.

Can I open a business account?

Yes, but requirements are more extensive. You'll need company registration documents, shareholder information, business plans, and expected transaction volumes. The process takes longer—often 2-3 months.