How to Open a Bank Account in Malta

Taxes May 26, 2025
How to Open a Bank Account in Malta

Introduction

Opening a bank account in Malta can be both beneficial and frustrating. While Malta is widely recognized for its tax efficiency within the European Union, the process of opening an account—especially for foreigners—is often lengthy, heavily regulated, and dependent on strict compliance requirements.

Still, for entrepreneurs, expats, and digital nomads, having a local Maltese bank account is often necessary. Whether you’re applying for residency, managing EU-based income, or setting up a local company, this guide will help you navigate the process and understand what to expect from Maltese banks in 2025.

 

Why Open a Bank Account in Malta?

Malta offers a number of advantages for individuals and businesses looking to operate in Europe:

  • Tax Efficiency: Malta provides an attractive tax structure for companies and individuals, especially those using residency or investment programs.

  • Residency Requirements: A local bank account is often required when applying for Maltese residency or citizenship.

  • Business Operations: For anyone running a business or earning income in Malta, a local bank account simplifies payments, payroll, and day-to-day operations.

  • Strong Regulation: Though bureaucratic, the Maltese banking system is backed by EU regulatory frameworks, making it safe and stable.

 

Challenges of Opening a Bank Account in Malta

Despite its strengths, Malta’s banking system is not the easiest to access:

  • Compliance Requirements: You’ll be asked for a long list of documents, including income proofs, references, and identification records.

  • Delays: Account opening can take anywhere from two weeks to a few months, depending on the bank and your residency status.

  • Policy Inconsistency: Requirements can vary not just between banks, but even from one branch to another.

  • Stricter Rules for Non-EU Citizens: Non-Europeans often face more scrutiny and may be subject to higher fees or requests for additional verification.

 

Documents Required to Open a Bank Account in Malta

For Individuals

  • Valid passport or Maltese ID (with a photocopy)

  • Recent proof of address (utility bill within three months)

  • Bank reference letter from an existing or previous financial institution

  • Income verification (employment contract, recent payslips, or proof of business income)

  • Completed application form

Non-EU citizens may be asked for additional background information or enhanced due diligence.

 

For Companies

  • Certificate of registration and incorporation

  • Certificate of good standing for the business

  • IDs of shareholders and directors (passport or residence card)

  • Proof of residential address for all stakeholders

  • Bank reference letters for each individual involved in the company

  • Business plan or company overview (if required)

All documentation should be up-to-date, notarized, and translated into English if needed.

 

Best Banks to Open a Bank Account in Malta

1. BNF Bank (Banif)

BNF is generally the most expat-friendly bank in Malta. It does not require a bank reference letter for standard personal accounts, which makes it a convenient choice for foreigners who don’t already have an EU-based financial history.

Required Documents: Passport or Maltese ID, proof of address, proof of income, €500 minimum deposit (for a 12-month term).
Drawbacks: BNF doesn’t issue reference letters, and its international transaction speeds can be slow.

2. Bank of Valletta (BOV)

BOV is Malta’s largest and most widely used bank. It has strong infrastructure for processing international transactions and better customer service than most alternatives.

Required Documents: Maltese ID or passport, proof of address, bank reference letter, and evidence of Maltese residency or employment.
Drawbacks: Long processing times and high ATM withdrawal fees for non-BOV card users.

3. HSBC Malta

HSBC Malta benefits from its global reputation and cross-border capabilities. It's a suitable option for clients who already bank with HSBC in other countries.

Required Documents: Passport or Maltese ID, proof of address, bank reference letter, and proof of income.
Drawbacks: Service is often slow and more bureaucratic compared to smaller local banks.

4. PostaPay (via Lombard Bank)

This is a more basic option ideal for simple account needs like salary deposits or day-to-day expenses. The requirements are less demanding, but the services are very limited.

Required Documents: Passport or Maltese ID, proof of address, €50 minimum deposit.
Drawbacks: No access to online banking and no outbound transfer capabilities.

 

Step-by-Step Process to Open a Bank Account in Malta

Step 1: Choose the Right Bank

Select a bank based on your specific needs—personal, business, or residency-related. Consider both documentation requirements and account features.

Step 2: Schedule an Appointment

Most banks will require an in-person appointment. Reach out to the bank ahead of time to confirm required documents and to book your visit.

Step 3: Prepare Your Documentation

Ensure all your documents are valid, notarized where necessary, and fully complete. Download the bank’s application form and fill it out beforehand.

Step 4: Attend the Appointment

Present all requested documents and be prepared to answer questions about your financial history, intended use of the account, and your connection to Malta.

Step 5: Wait for Approval

Processing timelines vary, but approval typically takes two to eight weeks. Once approved, your debit card, IBAN, and account information will be sent by post.

 

Tips to Improve Your Chances of Approval

  • Be over-prepared: Bring extra documents such as tax returns, secondary forms of ID, or business contracts.

  • Obtain a Maltese residence permit: Residency simplifies the account opening process significantly.

  • Provide local references: Legal or professional references from within Malta can help accelerate your application.

  • Review hidden fees: Some banks charge maintenance fees or have high foreign transaction costs.

  • Stay in contact: Follow up regularly with your assigned account manager to avoid delays.

 

Alternatives to Maltese Banks

If local banks prove too slow or demanding, consider these regulated fintech or offshore alternatives:

  • Wise: Multi-currency accounts with EU IBANs and global transfers

  • Revolut: Digital banking with European infrastructure

  • N26: German-based neobank serving most of the EU

  • Swiss banks: Better for large deposits and advanced investment needs

Note: These alternatives may not satisfy requirements for Maltese residency applications.

 

Frequently Asked Questions (FAQs)

Is it difficult to open a bank account in Malta?

Yes, especially for non-EU citizens. Expect long approval times and strict compliance requirements.

Can I open a bank account in Malta remotely?

In most cases, no. Banks generally require an in-person appointment, although some may allow remote setup if you already have a relationship with the institution.

What is the easiest bank to open an account with in Malta?

BNF Bank is usually the most straightforward for expats without requiring a reference letter.

Do I need a residence permit to open a bank account?

It helps, but it’s not always mandatory. Non-residents can still open accounts, though the process is more complex.

Are digital banks like Revolut or Wise accepted in Malta?

Yes, they’re widely used for everyday transactions, but they may not be accepted for legal residency or business formation purposes.

How long does the process take?

Approval times vary but typically range from two weeks to two months.

 

Conclusion

Opening a bank account in Malta is not simple, but for individuals looking to establish EU residency or operate a business locally, it’s often a necessary step. The process requires careful preparation, a solid understanding of compliance expectations, and persistence in navigating local banking protocols.

Block3 Finance offers expert assistance in choosing the right bank, gathering documentation, and coordinating the account-opening process from start to finish. Whether you're setting up a business, planning residency, or diversifying globally, our team is here to help you open the right doors in Malta and beyond.
 

If you have any questions or require further assistance, our team at Block3 Finance can help you.

Please contact us by email at inquiry@block3finance.com or by phone at 1-877-804-1888 to schedule a FREE initial consultation appointment.

You may also visit our website (www.block3finance.com) to learn more about the range of crypto services we offer to startups, DAOs, and established businesses.

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