Malta – Banking

What are the main banks in Malta?

There are currently 22 banks licensed to operate in Malta by the Malta Financial Services Authority (MFSA). The regulatory architecture is shaped primarily by the MFSA, which enforces adherence to both EU directives and domestic legislation. The institutions listed below are the most relevant to expats looking for personal or business banking solutions.

Bank of Valletta (BOV) — bov.com
Bank of Valletta holds the position of Malta’s largest bank by total assets. In 2024, its total assets reached €15,057 million, giving it a 41.31% share of the market. Banking services are delivered through a network comprising 36 branches, one field office, and four agencies spread across Malta and Gozo, alongside a number of subsidiaries. Core offerings include current, savings, and term deposit accounts in euros and other major currencies, credit and loan facilities, 24-hour internet banking, major credit card issuance, ATMs, foreign exchange transactions, and domestic and international remittances. Telephone: +356 2131 2020.

APS Bank — apsbank.com.mt
Founded in 1910, APS Bank is a Maltese credit institution with a focus on retail banking products and services, encompassing deposit accounts, consumer loans, and mortgage financing. The bank also provides corporate banking and wealth management offerings. Its principal shareholder is the Archdiocese of Malta and Gozo. APS Bank ranks third among Maltese banks by total assets, recording €4,152 million in 2024 — equivalent to an 11.39% market share.

BNF Bank — bnf.bank
BNF Bank plc is the fourth-largest bank in Malta by total assets, with €1,375.70 million recorded in 2024 and a 3.77% market share. Originally established in 2008 under the name Banif, the institution rebranded as BNF in 2017. Its majority shareholder, holding over 90%, is JUD Investment Group Ltd — a subsidiary of Al Faisal Holding Group, one of Qatar’s most prominent diversified conglomerates. BNF operates 12 branches across Malta and serves both individual and corporate customers, as well as maintaining operations in the UK.

Lombard Bank Malta — lombardmalta.com
Lombard Bank Malta plc was first established on the island in 1955 before being nationalised in 1975. The Maltese government divested its stake in 1991, and the bank was subsequently listed on the Malta Stock Exchange in 1994. Lombard Bank Malta delivers a broad portfolio of retail, private, and corporate banking products and services.

MeDirect Bank — medirectbank.com.mt
MeDirect Bank — formerly Mediterranean Bank — was established in 2004. It operates as a specialist institution, concentrating primarily on savings products together with wealth management and investment services. Its positioning is closer to a savings and investment platform than a full-service bank, which may make it a less suitable option for those requiring everyday current account facilities.

Always confirm branch locations, contact numbers, and current service offerings directly with each institution or through the MFSA’s official register, as these details are subject to change.

Do any major international banks operate in Malta?

HSBC Bank Malta p.l.c. is ranked as the second-largest bank in Malta by total assets. In 2024, its total assets stood at €7,035.53 million, representing a 19.30% market share. HSBC Malta is a locally incorporated subsidiary of the global HSBC Group and is one of the most internationally recognised banking names on the island, offering a comprehensive range of personal, business, and wealth management services. Visit hsbc.com.mt or call +356 2380 2380.

As a member of the HSBC Holdings plc family, HSBC Bank Malta provides financial services spanning retail banking, wealth management, and commercial banking. Its 28 branches across Malta — including three on Gozo — make it well placed to serve both domestic and international clients. It is worth noting that although it bears the HSBC name, the institution is a distinct legal entity registered in Malta and regulated by the MFSA; it is not a branch of HSBC UK or HSBC US.

Malta is also home to branches of several international banks, including Akbank, Credit Europe, Finaro, and FIMBank. As of October 2025, Akbank was the only banking group headquartered outside the European Economic Area maintaining a branch in Malta. Sparkasse Bank Malta plc is wholly owned by the Austrian entity AVS (Anteilsverwaltungssparkasse Schwaz), placing it within a wider European savings bank network.

Neither Barclays nor Citibank currently operates retail branches in Malta. The international banking landscape can shift, so it is advisable to confirm the current position directly with the institution in question or by consulting the MFSA register of licensed entities.

Do banks in Malta offer accounts or services specifically for expats?

Banking services and account facilities in Malta are available to both residents and non-residents. The principal banks — BOV, HSBC Malta, and BNF — all have experience handling accounts for non-resident and internationally mobile clients. That said, dedicated “expat account” products are not as prominently marketed as in certain other jurisdictions; expat-appropriate features tend instead to be incorporated within standard personal or premium account tiers.

BOV and HSBC Malta together command a substantial share of the market, with 72 branches between them. These two institutions offer a broader range of services than most other banks on the island and have substantial experience working with non-residents. HSBC Malta, in particular, can draw on its global network to assist clients with international wealth management, private banking services, and cross-border financial requirements — a combination that many internationally mobile individuals find particularly valuable.

BNF is widely regarded as the most expat-friendly bank in Malta. Unlike some competitors, it does not demand a bank reference letter for standard personal accounts, making it a practical choice for foreign nationals who lack an established EU-based financial history. Documents typically required include a passport or Maltese identity card, proof of address, proof of income, and a €500 minimum deposit (for a 12-month term), as of 2025. Always verify current fee schedules and minimum deposit requirements directly with BNF at bnf.bank.

Non-EU expats may discover they are subject to an additional annual fee simply by virtue of being classified as “international” clients — even when they are tax-paying residents of Malta. Charges and conditions vary considerably between banks, so requesting a full schedule of fees before committing to any account is strongly advisable. Always review current terms with the individual bank or through the MFSA.

What are typical bank opening hours in Malta?

Bank branches in Malta generally operate on weekdays, excluding public holidays. Standard retail branch hours run from Monday to Friday, typically 08:30 to 13:30, with certain branches also providing afternoon service on selected weekdays. Saturday openings are available at some branches of the major banks — particularly BOV and HSBC Malta — though on a reduced schedule, often from 08:30 to 12:00. Branches are generally closed on Sundays and throughout Malta’s extensive calendar of public holidays.

Certain branches operate on reduced hours and may at times be understaffed, leading to longer waiting times than anticipated. This is a frequently cited inconvenience among expats and is worth bearing in mind when planning in-person banking tasks.

All major banks offer online and telephone banking as a convenient alternative to visiting a branch in person. HSBC Malta provides personal banking clients with round-the-clock access to online banking, and BOV similarly offers internet and mobile banking at any hour. For the most current branch hours and public holiday schedules, visit each bank’s official website or consult the Central Bank of Malta’s opening times page, which publishes the full list of bank holidays annually.

What do expats need to know about the banking system in Malta?

The banking sector in Malta is regulated chiefly by the MFSA, which enforces compliance with EU regulations and domestic legislation in equal measure. The Central Bank of Malta (CBM) is responsible for monetary policy and financial stability, operating in accordance with the standards set by the European Central Bank (ECB) given Malta’s membership of the Eurozone. This means Maltese banking operates within the same regulatory architecture as France, Germany, or any other member of the single currency area — an important source of reassurance for expats arriving from outside the EU.

Currency: Malta’s currency is the Euro (EUR), subdivided into 100 cents. The banking sector is broad and offers a comprehensive array of financial services. No currency controls apply within the Eurozone, making it simple to move funds between Malta and other EU member states.

Deposit protection: Every licensed bank participates in the Depositor Compensation Scheme — a safety net for depositors of institutions licensed by the MFSA. The scheme provides compensation of up to €100,000 per depositor per bank, as of 2025. This functions on a similar principle to the Financial Services Compensation Scheme (FSCS) in the UK or the Federal Deposit Insurance Corporation (FDIC) in the US, although the coverage limits and specific rules differ. Under certain circumstances — for instance, if funds were received from the sale of real estate or are earmarked for a property purchase — the insured amount may rise to €500,000. The precise scope of these enhanced protections should be verified with the MFSA.

Compliance and KYC: Maltese authorities maintain a vigorous stance against fraud and money laundering. Verification of the source of funds is more straightforward for those who are tax-resident in Malta or can demonstrate established ties to the country. Applications from foreign nationals without a residence permit are more likely to face additional scrutiny or outright rejection. The process is considerably more demanding than in many comparable jurisdictions, and a degree of patience with documentation requirements is essential.

Digital banking maturity: Being a newcomer to the Maltese system can place you at an initial disadvantage, and some expats have observed that mobile apps and online banking platforms at certain traditional institutions have not always kept pace with those offered by global fintech companies. That said, ongoing investment in digital infrastructure means the gap is gradually narrowing. Platforms such as Revolut represent a tech-forward complement or alternative to conventional banks.

Language: Malta’s professional environment — including its legal and banking frameworks — operates in both Maltese and English, the country’s two official languages. This eliminates the linguistic barriers that commonly hamper expats in other destinations, and makes navigating the banking system considerably more accessible.

Financial stability: As an EU member state, Malta is required to implement strict European directives on banking regulation, financial transparency, and the rule of law, meaning local banks must meet the same high standards as their counterparts elsewhere in Europe. This external accountability provides a level of security for depositors that many independent offshore jurisdictions cannot match. For authoritative and current regulatory guidance, refer to the MFSA and the Central Bank of Malta.

How Do I Open a Bank Account in Malta as an Expat?

The account-opening process typically spans around two weeks, though in reality it can take considerably longer depending on the bank chosen and the thoroughness of the documentation provided. Maltese banks will not activate an account until they have reviewed the applicant’s full banking history, credit standing, and supporting paperwork. They seek a comprehensive picture of your financial profile — including existing debt levels and evidence of regular income. Exchanging this information between institutions takes time and is heavily influenced by the efficiency of the individuals involved, meaning the process can in some cases extend to several months.

1. Choose your bank. Evaluate the main banks — BOV, HSBC Malta, BNF, APS Bank — against criteria such as branch accessibility, the quality of digital banking, international transfer charges, and overall approachability toward foreign nationals. BNF is broadly regarded as the most expat-friendly institution in Malta, given that it does not insist on a bank reference letter for standard personal accounts.
2. Gather your identity documents. You will need a valid passport or national identity card as proof of identity. Ensure that any passport presented has adequate remaining validity.
3. Prepare proof of address. A recent utility bill issued within the past three months, or a comparable official document showing your current home address, will typically be required. If you have yet to relocate to Malta, certain banks may accept a signed tenancy agreement or a letter from your employer confirming an imminent move.
4. Obtain a Tax Identification Number (TIN). You will need to provide your Taxpayer Identification Number from your country of residence. Once resident in Malta, you will be assigned an identification number through the Identity Malta registration process. Supply both your home-country TIN and any Maltese tax reference number that has been issued to you.
5. Prepare proof of income or source of funds. Many banks require evidence to substantiate the origin of your funds. Acceptable documentation may include recent payslips, an employment letter, current bank statements, or records pertaining to the disposal of assets. The stronger and more varied your evidence of legitimate, stable finances, the more smoothly the application tends to proceed.
6. Obtain a bank reference letter if required. As a general rule, expats will need to present a reference from their existing bank alongside their passport, proof of address, and any required deposit. Not every bank demands this — BNF notably does not — but BOV typically does. Make this request to your current bank well ahead of your appointment.
7. Book an in-person appointment. The majority of banks require applicants to attend in person, though a limited number may permit remote arrangements where an existing banking relationship already exists. Attempting to establish an account entirely from abroad prior to arriving in Malta is generally impractical with conventional banks; digital options such as Revolut or Moneybase (discussed below) may offer a more workable interim solution.
8. Make any required initial deposit. Minimum opening deposit amounts vary by bank and account type. As a reference point, BNF has required a €500 minimum term deposit from non-residents, as of 2025. Always confirm the current figure directly with your chosen bank, as requirements are subject to change.
9. Wait for approval. As a non-resident, the most effective strategy is to assemble as much documentation as possible demonstrating your existing or imminent connection to Malta. A signed lease, an employment contract, or evidence of a pending residency application will all materially strengthen your application.

For current, authoritative guidance on documentation requirements, consult the relevant bank’s official website or the MFSA.

What banking and payment apps are widely used in Malta?

Digital banking has firmly established itself as a central pillar of financial life in Malta. Platforms such as Revolut provide a technology-driven alternative to traditional banking, combining quick account setup, reduced fees, and sophisticated budgeting and analytics tools. All of Malta’s major banks offer their own mobile apps and internet banking portals, although user feedback on certain older institutions has highlighted that some interfaces can fall short of the polished experience offered by leading global fintech products.

Revolut is by far the most widely adopted fintech platform in Malta. Revolut has activated its European specialised banking licence within the country. Customers in Malta who upgrade to Revolut Bank gain access to additional services, with their deposits covered under the deposit guarantee scheme. The company itself has noted that “Malta is extremely important to Revolut due to the large number of expats, migrant workers and professionals transferring money in and out of the country.” Revolut is accessible at revolut.com/en-MT.

Wise (formerly TransferWise) enjoys widespread use in Malta, above all for international money transfers and the management of multi-currency accounts. Wise provides multi-currency accounts with EU IBANs and facilitates global transfers. It does not hold a banking licence in Malta but functions as a regulated payment institution. Visit wise.com for current fee and service details.

Moneybase is a Malta-registered digital financial platform licensed by the MFSA. Its principal advantage lies in an end-to-end digital experience that enables account opening within minutes and provides a unique Maltese IBAN — addressing a persistent frustration for expats who struggle to open accounts with certain traditional banks. The entire onboarding process takes place within the app: applicants download it, submit an identity document (passport or ID card), provide proof of address, and complete a video identity verification step. Visit moneybase.com.

PayPal is broadly accepted by online retailers and freelancers operating in Malta. ATMs are distributed throughout the islands, with convenient placement near shops and restaurants. Visa, Mastercard, and American Express are widely accepted; expats intending to use a debit card should verify that it is enabled for international transactions.

One important caveat applies: digital alternatives such as Revolut or Wise may not meet the requirements of Maltese residency applications, which typically call for a traditional bank account carrying a Maltese IBAN. Always confirm official requirements with the relevant authority — such as Identity Malta — before relying exclusively on a fintech account for residency-related purposes.

How can expats manage money between Malta and their home country?

Because Malta uses the euro and is a member of the EU’s Single Euro Payments Area (SEPA), transfers to and from other EU and EEA countries are fast, straightforward, and typically inexpensive via SEPA Credit Transfer. Moving money beyond the Eurozone — to countries using different currencies — involves currency conversion and may attract considerably higher charges.

While remitting funds between Malta and other countries is generally uncomplicated in principle, fees and exchange rate margins can accumulate rapidly. Engaging specialist currency transfer providers can deliver meaningful savings compared with high-street banks, offering competitive rates and solutions tailored to specific transfer needs. Traditional Maltese banks charge ATM and maintenance fees and may levy up to 7% on international transfers, as of 2025. When assessing the true cost of a transfer, always factor in the exchange rate spread rather than focusing solely on any stated transfer fee — this is especially important when sending larger sums.

Services such as Wise, Revolut, and comparable regulated transfer platforms generally apply mid-market exchange rates with clearly disclosed, lower fees relative to conventional banks. They are widely used by Malta-based expats for recurring remittances and for consolidating finances across multiple currencies. Always check current pricing on the provider’s website, as fees are liable to change.

Reporting requirements: Malta imposes no restrictions on the movement of capital in or out of the country for EU residents, in keeping with EU free movement of capital rules. That said, large international transfers — particularly those exceeding €10,000 — may trigger anti-money laundering (AML) reporting obligations on the part of the processing bank. If you maintain bank accounts in other countries, you may also be subject to reporting requirements in your home jurisdiction (for example, FBAR or FATCA obligations for US persons, or equivalent rules elsewhere). Seek advice from a qualified tax professional and refer to the Commissioner for Revenue Malta for guidance on Maltese tax obligations relating to foreign income and assets.

Structuring the management of foreign income efficiently not only reduces costs but can also help limit tax exposure. Given Malta’s non-domicile tax regime — under which foreign-sourced income and capital gains are not subject to Maltese tax unless remitted to the island — the timing and mechanics of international transfers can carry significant tax consequences. Professional advice tailored to your individual circumstances is strongly recommended.

Frequently Asked Questions

Can I open a Maltese bank account before I move to Malta?

In the majority of cases, banks insist on an in-person appointment, though a limited number may accommodate remote arrangements where a pre-existing relationship with the institution exists. Most conventional banks will not finalise the process before you have physically arrived. Digital platforms such as Moneybase or Revolut Bank Malta, however, can be set up remotely and may function as a practical temporary measure. Always verify current requirements directly with the bank you intend to use.

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

A residence permit is beneficial but is not invariably required. Non-residents can still apply for accounts, though the procedure is more involved. In general, most banks require applicants to have a registered address in Malta. EU citizens have a stronger legal entitlement to request account access, while non-EU nationals without residency status may encounter heightened scrutiny and additional documentation demands.

Is my money protected if a bank in Malta fails?

All licensed Maltese banks participate in the Depositor Compensation Scheme, which provides compensation of up to €100,000 per depositor per bank, as of 2025. This operates on a principle similar to deposit protection schemes in other countries — such as the FSCS in the UK (£85,000) or the FDIC in the US ($250,000) — though coverage limits and eligibility criteria differ. Full details of the scheme’s terms are available on the MFSA website.

What currency is used in Malta?

Malta’s currency is the Euro (EUR), divided into 100 cents. The country joined the Eurozone in January 2008 and has used the euro exclusively since that date. No currency controls apply to euro transfers within the Eurozone. Where money is sent from a country using a different currency, exchange conversion fees will be applicable.

Which bank is most recommended for expats in Malta?

Frequently cited options among expats include APS Bank, Bank of Valletta, and BNF Bank. BNF is generally considered the most accommodating choice for foreign nationals, as it does not require a bank reference letter for standard personal accounts. BOV is the largest institution and maintains the most extensive branch network, while HSBC Malta’s international wealth management capabilities make it particularly attractive to globally mobile individuals. The most suitable option will ultimately depend on your personal financial needs.

Are Revolut and Wise accepted and reliable in Malta?

Anyone residing in Malta can upgrade to Revolut Bank via the Revolut app. Revolut enjoys strong popularity across the island, and Wise is extensively used for cross-border transfers. Both are regulated services. However, these fintech alternatives may not fulfil the requirements of Maltese residency applications, which typically call for a conventional bank account with a Maltese IBAN. Always confirm what is required with the relevant authority before depending solely on a fintech account for official purposes.

How long does it take to open a bank account in Malta?

While the process is nominally said to take around two weeks, this represents an optimistic scenario. Maltese banks will not open an account until they have fully assessed the applicant’s banking history, creditworthiness, and supporting documentation. The transfer of this information between institutions is time-consuming and heavily contingent on staff efficiency, meaning the process can realistically extend to several months. Arriving at your appointment with a complete and well-organised set of documents will significantly improve the likelihood of a faster resolution.

Where can I find official, up-to-date information about banking in Malta?

The two primary authoritative sources are the Malta Financial Services Authority (MFSA), which regulates all banks and financial institutions in the country, and the Central Bank of Malta, which is responsible for monetary policy and financial stability. For questions concerning the tax treatment of foreign income or overseas assets, consult the Commissioner for Revenue Malta. Always verify specific fees, limits, and documentation requirements directly with your chosen bank, as these are subject to regular revision.