Best Banks for Expats in Malta: Complete Comparison Guide

Choosing the right bank is one of the most important decisions you'll make as a digital nomad or expat in Malta. Whether you need a traditional Maltese bank account for receiving local payments, a digital-first solution for international transfers, or both, this comprehensive guide covers all your options with real costs, features, and insider tips.

Why You Might Need a Maltese Bank Account

Before diving into options, let's be clear: as a digital nomad in Malta, you don't necessarily need a local bank account. Many nomads get by perfectly fine with digital banking solutions like Wise or Revolut. However, there are specific situations where a Maltese bank account becomes useful or necessary:

• Receiving local payments: If you work with Maltese clients or companies
• Paying rent: Some landlords prefer local bank transfers
• Setting up direct debits: For utilities, insurance, or subscriptions
• Building credit history: If you plan to stay long-term
• Mortgage or loans: Required for any local financing
• Tax payments: Easier to manage with a local account

Traditional Maltese Banks

Bank of Valletta (BOV)

Bank of Valletta is Malta's largest and oldest bank, established in 1974. It has the widest branch and ATM network on the island, making it the most convenient option for day-to-day banking.

Key Features:

• Branch Network: 35+ branches across Malta and Gozo
• ATM Network: 100+ ATMs island-wide
• Online Banking: BOV Internet Banking and mobile app
• Cards: Visa debit and credit cards
• Multi-currency: Accounts in EUR, GBP, USD

Fees (Standard Current Account):

• Monthly maintenance: €2.50/month
• Debit card: €10/year
• ATM withdrawals (BOV): Free
• ATM withdrawals (other banks): €0.50
• SEPA transfers: €0.15 online, €3.50 in branch
• International transfers: Starting from €15

Pros:

• Most widely accepted for local payments
• Best branch and ATM coverage
• Maltese government's primary banking partner
• Good for setting up direct debits

Cons:

• Slower account opening process (4-6 weeks)
• Dated online banking interface
• Limited English-speaking staff at some branches
• Strict documentation requirements for non-EU citizens

HSBC Malta

HSBC Malta is part of the global HSBC network, making it an excellent choice for expats who need international banking connectivity. It's particularly popular among British expats and those with global financial needs.

Key Features:

• Global Network: Connected to HSBC branches worldwide
• Branch Network: 20+ branches in Malta
• Premier Banking: Available for high-net-worth clients
• Online Banking: Modern interface with good mobile app
• Multi-currency: Extensive currency options

Fees (Advance Account):

• Monthly maintenance: €3.50/month (waived with €2,500+ balance)
• Debit card: Included
• ATM withdrawals (HSBC): Free
• ATM withdrawals (other banks): €0.75
• SEPA transfers: €0.20 online
• International transfers: From €10 (better rates for larger amounts)

Pros:

• Best for international transfers
• Modern online banking platform
• English-speaking staff
• Global HSBC connectivity
• Premier services for high earners

Cons:

• Higher fees than BOV
• Fewer branches and ATMs
• Strict requirements for account opening
• Customer service can be slow

APS Bank

APS Bank is a smaller, community-focused bank that often provides more personalized service. It's becoming increasingly popular among expats who want a more relationship-based banking experience.

Key Features:

• Personal Service: Known for friendly, personalized approach
• Competitive Rates: Often better savings rates than larger banks
• Ethical Banking: Focus on sustainable and community investments
• Online Banking: Good digital services

Fees (Basic Account):

• Monthly maintenance: €2.00/month
• Debit card: €8/year
• ATM withdrawals: Free at APS, €0.50 at others
• SEPA transfers: €0.10 online
• International transfers: From €12

Pros:

• Best customer service among traditional banks
• Lower fees overall
• More flexible with documentation
• Good savings rates

Cons:

• Smallest branch network (15 branches)
• Limited ATM coverage
• Less widely recognized
• Basic international services

Traditional Bank Comparison Table

Digital Banking Options

Digital banks have revolutionized how expats and digital nomads manage money. They offer instant account opening, lower fees, and excellent apps. While they can't fully replace a traditional bank for all purposes, they're perfect for day-to-day banking and international transfers.

Revolut

Revolut is the most popular digital banking app among Malta's digital nomad community. It's technically a Lithuanian-licensed bank (with EU banking protections), offering a comprehensive financial ecosystem.

Key Features:

• Instant Account: Open in minutes with ID verification
• Multi-currency: Hold and exchange 30+ currencies
• IBAN: Lithuanian IBAN (works throughout EU/SEPA)
• Cards: Virtual and physical Visa cards
• Crypto: Buy, sell, and hold cryptocurrencies
• Budgeting: Built-in spending analytics

Plans and Pricing:

Pros:

• Best app experience
• Instant international transfers
• Real exchange rates (up to limits)
• Great for travel
• Crypto integration

Cons:

• Lithuanian IBAN (some Maltese services won't accept)
• Customer support can be slow
• Weekend exchange markup
• Account restrictions can happen

Wise (formerly TransferWise)

Wise is the gold standard for international money transfers. If you receive payments from clients worldwide or need to send money internationally, Wise offers the most transparent and usually lowest fees.

Key Features:

• Multi-currency Account: Hold 50+ currencies
• Local Account Details: Get EUR, USD, GBP, and more local account numbers
• Debit Card: Spend in any currency at the real exchange rate
• Business Account: Available for freelancers and companies
• Transparent Fees: Always shown upfront before transfer

Pricing:

• Account: Free
• Debit card: One-time €7 fee
• Currency conversion: 0.35-0.50% (varies by currency pair)
• Transfers: Typically 0.5-1.5% depending on route
• ATM withdrawals: Free up to €200/month, then 1.75%

Pros:

• Lowest fees for international transfers
• True mid-market exchange rates
• Get local account details in multiple countries
• Excellent for receiving client payments
• Business accounts available

Cons:

• Not a full bank (limited features)
• Belgian IBAN (same limitation as Revolut)
• No cash deposits
• Limited customer support

N26

N26 is a German digital bank that's particularly popular among European digital nomads. It offers a clean, minimalist banking experience with a German IBAN.

Key Features:

• German IBAN: More widely accepted than LT or BE IBANs
• Full Banking License: German banking protections
• Spaces: Sub-accounts for budgeting
• Insurance: Travel and purchase insurance on premium plans

Plans and Pricing:

Pros:

• German IBAN (widely accepted)
• Clean, simple interface
• Good insurance options
• Full banking license

Cons:

• Limited currency features vs Revolut/Wise
• No crypto
• Currency exchange rates not as competitive
• Customer support issues reported

Digital Bank Comparison Table

Recommended Setup for Digital Nomads

Based on the needs of most digital nomads in Malta, here's the optimal banking setup:

The "Hybrid" Approach

1. Primary: Wise - For receiving international client payments and large transfers
2. Daily Use: Revolut - For everyday spending, subscriptions, and small transfers
3. Local Backup: BOV or APS - For rent payments, direct debits, and local services

Why This Works:

• Wise gives you the best rates for receiving USD, GBP, or other foreign currency payments
• Revolut's app is perfect for tracking spending and instant transfers to friends
• A Maltese bank account handles anything that requires a local IBAN

Frequently Asked Questions

Can I use Revolut/Wise for everything in Malta?

Almost, but not quite. Most restaurants, shops, and online services accept Revolut/Wise cards without issues. However, some landlords, utility companies, and government services specifically require a Maltese bank account. If you're staying short-term (under 6 months), you can probably manage without a local account.

Which bank is easiest for non-EU citizens?

APS Bank tends to be the most flexible with documentation for non-EU citizens. HSBC is also good if you have a global HSBC relationship. BOV can be quite strict but is doable with the right documents.

How long does it take to open a Maltese bank account?

Expect 2-6 weeks from application to having a working account. The process involves document submission, an in-person appointment, compliance checks, and then waiting for your card and online banking details. Plan ahead!

Can I open a bank account before arriving in Malta?

Traditional banks generally require in-person visits, so you'll need to open an account after arrival. However, you can prepare all documentation beforehand. Digital banks like Revolut, Wise, and N26 can be opened from anywhere.

What if my landlord won't accept my Revolut IBAN?

This is becoming less common, but some older landlords still insist on Maltese IBANs. Options: negotiate to pay in cash (get receipts!), find a different apartment, or open a basic local account. Many expats simply explain that SEPA transfers work the same regardless of IBAN country.

Are there any free Maltese bank accounts?

Not really. All traditional Maltese banks charge monthly fees, though they're quite low (€2-3.50/month). Some offer fee waivers for high balances or bundled services.