Malta (MT)
Malta is a small EU island nation in the central Mediterranean — the smallest EU member state by area — celebrated for its extraordinary concentration of history (the Knights of St John, ancient megalithic temples older than Stonehenge), warm climate of 300+ sunshine days per year, English as a co-official language making it uniquely accessible for anglophone expats, a thriving iGaming and fintech sector, and a strategic location halfway between Europe and North Africa.
Banking in Malta
Recommended banks, payment culture and credit score basics.
Banking in Malta is notoriously difficult for new arrivals — this is one of the most frequently cited frustrations among expats. Malta has extremely strict Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, partly driven by the country's history of financial services concerns and EU pressure. BOV (Bank of Valletta) and HSBC Malta are the two largest banks and both are highly bureaucratic for new account openings. Documentation requirements are extensive, processing times can be weeks, and some nationalities face additional scrutiny. The good news: Revolut is extremely widely used in Malta as a practical alternative for daily spending, and several smaller banks offer more accessible account opening for EU residents. Patience and thorough documentation are key.
Recommended banks
Revolut
EnglishMonthly fee: €0 (standard) to €13.99/month (premium)
Requirements: Passport or ID card. No Maltese ID required. Available immediately before getting your eResidence card.
- + Opens in minutes — no waiting weeks for bank approval
- + Extremely popular in Malta — widely accepted for transfers and payments
- + Free EUR account (perfect for Malta as Eurozone country)
- + Excellent international money transfers with real exchange rates
- + Available before you have your Maltese ID/eResidence card
- + App entirely in English
- + Contactless, Apple/Google Pay support
- - No Maltese IBAN — cannot always receive Maltese salary directly (some employers require local IBAN)
- - Not a full Maltese bank — no mortgage or complex product access
- - Customer service via chat only
- - Not suitable as a primary account for very large amounts
Bank of Valletta (BOV)
EnglishMonthly fee: €0–15/month depending on account type
Requirements: Maltese ID/eResidence card. Proof of address. Employment contract. Extensive KYC documentation. In-person branch appointment required.
- + Malta's largest bank — Maltese IBAN (MT...)
- + Full range of products: current accounts, savings, mortgages, investments
- + Widely integrated with Maltese government and utility payment systems
- + English throughout
- + Mortgage products available
- - Account opening is slow and bureaucratic — expect 3–8 weeks
- - Strict documentation requirements: some nationalities require additional evidence of source of funds
- - Branch visits required (limited online account opening)
- - Customer service quality mixed
- - Online banking platform is functional but dated
HSBC Malta
EnglishMonthly fee: €0–12/month
Requirements: Maltese ID/eResidence card. Employment contract. Proof of address. Source of funds declaration for larger deposits.
- + International recognition — easy integration with HSBC accounts elsewhere
- + Good for international transfers and multi-currency
- + Full banking services including mortgages
- + English app and online banking
- - Also strict KYC — account opening can take weeks
- - Limited branch network vs. BOV
- - Monthly fees for some account types
- - Not as deeply integrated into Maltese local payment systems as BOV
APS Bank
EnglishMonthly fee: €0–8/month
Requirements: Maltese ID/eResidence card. Proof of address. Employment evidence.
- + Smaller, more customer-focused bank than BOV or HSBC
- + Slightly more flexible account opening for established EU residents
- + Good mortgage and savings products
- + Malta IBAN
- - Smaller branch and ATM network than BOV or HSBC — mainly Malta island; Gozo coverage limited
- - Less online banking functionality than BOV or MeDirect — some features require a branch visit
- - Account opening still requires in-person appointment despite being a smaller, more approachable bank
- - International SWIFT fees: €15–25 per outbound wire outside SEPA — Wise is cheaper for regular remittances
MeDirect Bank Malta
EnglishMonthly fee: €0 (current account)
Requirements: Maltese eResidence card. Online application process.
- + Online-first bank — more modern digital experience
- + Savings and investment products competitive
- + Malta IBAN
- + Online account opening process (more accessible than BOV/HSBC branch model)
- - Limited physical banking network — online-first model with no branch for in-person service
- - Not ideal as a primary daily banking account — designed for savings and investment rather than everyday transactions
- - Investment products require thorough KYC documentation — additional verification steps required
- - International SWIFT wire fees apply for non-SEPA destinations — Wise is cheaper for overseas transfers
Wise
EnglishMonthly fee: €0 (free account)
Requirements: Passport or ID. No Maltese residency required.
- + Best for international money transfers — real mid-market exchange rates
- + Multi-currency account with IBANs in multiple currencies
- + Available before getting Maltese ID
- + Widely used by expats for salary receipt and international family transfers
- - Not a Maltese bank — no local Maltese IBAN (MT prefix) for domestic payments or employer payroll
- - Not suitable for mortgage, loans, or complex Maltese financial products
- - Maltese employers and landlords often require a BOV or APS account — Wise IBAN not universally accepted
- - Large international transfers may require source-of-funds documentation for Malta Financial Services Authority compliance
Payment culture
Malta is moving towards cashless but at a slower pace than northern Europe. Card payments (Visa/Mastercard) are accepted at most restaurants, supermarkets, and shops. Contactless is standard. Cash is still commonly used at markets, pastizzerie, small family businesses, and festas. There is no dominant Maltese payment app equivalent to MobilePay or PayM — Revolut peer-to-peer transfers are the dominant method among expats for splitting bills. Local Maltese still frequently use cash or direct bank transfers for peer-to-peer payments. IBAN transfers within Malta are free and same-day. ATMs: BOV and HSBC ATMs are widely available throughout Malta.
Cash access
ATMs are widely available in Valletta, Sliema, St Julian's, Msida, and all major towns. BOV and HSBC Malta ATMs are most common. Most ATMs accept international cards (Visa/Mastercard/Maestro). Withdrawal limits vary. Cash usage is declining but remains relevant for smaller transactions, markets, and traditional venues.
Credit reference (no formal national credit score system)
Malta does not have a single national credit scoring system like the UK's Experian/Equifax system. Banks conduct their own credit assessments based on your employment, income, and existing financial history in Malta. Foreign credit histories are generally not used in Maltese assessments.
Free annual check: No formal free credit check service equivalent to UK system.
New arrivals start with a blank slate in Malta — no negative history but also no positive history. Building credit history in Malta is slower than in some countries. Having 6+ months of employment history, a Maltese bank account with regular salary deposits, and settled utilities is the foundation. For mortgage applications, banks want to see at least 2 years of Maltese tax returns and employment history.
International transfers
SEPA transfers within EU/EEA: free or very low cost (€0–3) via Maltese banks. For non-SEPA transfers: Wise is strongly recommended over bank wire transfers (BOV/HSBC charge €20–40 for international transfers). Revolut is excellent for transfers in common currencies. The UK (post-Brexit) is no longer in SEPA — transfers to UK accounts incur international wire fees unless using Wise/Revolut.