Banking
Malta — Banking: Online Banks
Malta has a relatively developed digital banking sector, with several local banks offering online banking services, and APS Bank now offers a fully online account (the APS Online Account) for €1/month, denominated in EUR.
Key facts
- APS Bank now offers a fully online account (the APS Online Account) for €1/month, denominated in EUR
Steps
- Opening an Online Bank Account — Research and choose a bank that offers online banking services, then visit the bank's website to initiate the application process. Provide required documents, such as identification and proof of address, and follow the bank's instructions to complete the application.
- Switching to an Online Bank — Transfer existing account balances to the new online bank, if applicable, and update any automatic payments or direct debits to reflect the change in account details.
Costs
- APS Bank Online Account fee: €1/month
Timelines
- Account opening process: 7-15 days
Required documents
- Identification document (e.g. passport, ID card)
- Proof of address (e.g. utility bill, bank statement)
Common mistakes
- Assuming all online banks offer the same services or have the same fees
- Failing to research and choose a reputable online bank