Malta — Banking: Opening Account

Key facts

• The right applies to any person legally resident in Malta or in another EU member state, with credit institutions established in Malta that have at least five branches; smaller banks may offer but are not obliged to.
• Applicants need a valid identification document issued by Maltese or other member state authorities; temporary identification documents are accepted.
• The account allows deposits, cash withdrawals, debit card payments, EU direct debits, credit transfers and standing orders, offered at least in euro.
• The bank must open or refuse the account without undue delay and no later than ten business days from receipt of the completed application.
• A bank may refuse if the applicant already holds an equivalent account in Malta, and must give written reasons; AML/CFT checks still apply.

Steps

1. Step 1: Research and Choose a Bank — Select a bank that offers the services you need, such as online banking, a debit card, or credit facilities. Some popular banks in Malta for non-residents include HSBC, Bank of Valletta, and FIMBank.
2. Step 2: Gather Required Documents — Typically, you'll need to provide proof of identity (e.g., passport) and proof of address (e.g., utility bill). Some banks may require additional documentation, so it's best to check with the bank directly.
3. Step 3: Open the Account — Once you've chosen a bank and gathered the required documents, you can typically open the account online or in-person at a branch. You may need to complete a Know Your Customer (KYC) process, which involves verifying your identity and address.