How to open a bank account in Malta
Written by Ziyue Huang
HSBC Malta and Bank of Valletta (BOV) are the largest banks in Malta. And there are some medium-sized banks, like Sparkasse Bank, FIMBank, Akbank TAS, FCM Bank, IIG Bank and BNF (formerly known as Banif Bank).
For legally residing in Malta residents, creating a current or saving account is the easiest and cheapest way with a maximum fee of €15.
HSBC Malta provides student accounts for full-time students aged between 13 and 30 years, whether Maltese or foreign nationality in a full-time education status, studying in a secondary or tertiary institution both locally or abroad. A foreign student who is in full-time education and aged between 13 and 30 years could have access to this benefit for a student account package.
HSBC Malta also provides accounts for children up to 12 years old.
Technically, there is no limitation for foreign tourists to open a current or saving account in Malta. However, the only difficulty for foreigners is they must provide proof of address in Malta, either from ID or a utility bill. As an alternative, HSBC Malta provides a basic bank account service for persons who with no fixed address.
Documents needed to open a bank account in HSBC Malta:
1 national ID
or Maltese residency card
or passport (a Maltese Residence Permit is required for non-EU citizens)
2 correspondence from a central or local government authority, department
or agency within the last 4 months
or police conduct issued within the last 4 months
or bank statement issued within the last 4 months
or utility bill in relation to services linked to the permanent residential address issued
within the last 4 months
or rental agreement valid for at least 6 months
3 any 1 of the following documents is required to verify the current link with Malta:
working in Malta — valid Work Contract — with a minimum validity period of 6 months
self-employed in Malta — VAT certificate, trading license and confirmation of self — employment from Jobsplus
own/purchasing property in Malta — property ownership contract or a valid preliminary agreement showing your intention to purchase property within the next 6 months
studying in Malta — Acceptance letter from school, institution or university
renting property in Malta — rental agreement with a minimum validity period of 6 months. This document is to be provided if none of the above applies
4 all Tax Identification Numbers and Countries of Tax Residency.
https://www.hsbc.com.mt/accounts/
https://www.hsbc.com.mt/accounts/products/become-an-hsbc-customer/
The Online Application Form
https://hsbcmalta.eu1.adobesign.com/public/esign
After submitting the application, a call from one of HSBC Malta’s representatives will guide clients as to what is required next to finalize the application.
Or people could visit the nearest branch to have an application. But an online application is recommended.
And then HSBC Malta would provide a current, savings or basic bank account, an HSBC Visa International Debit card, HSBC Online Banking & HSBC Mobile Banking, and phone banking.
Resident in Malta — Opening an HSBC Current or Saving Account
For anyone who is legally residing in Malta, the only requirement to become an account holder is to provide a valid Tax Identification Number TIN. And this service is also provided online.
https://www.hsbc.com.mt/accounts/products/become-an-hsbc-customer/
€10 administration charge would be applied if the average of the combined balances of the savings and current accounts in Malta, does not exceed €200 during the previous quarter.
€5 monthly customer account fee would be applied( This fee could be waived).
https://www.hsbc.com.mt/content/dam/hsbc/hbmt/docs/hsbc-fee-information-document-current.pdf
Student Package
An HSBC student account could get access to competitive interest rates and preferential exchange rates.
The HBSC Student package is available for:
full-time students, either Maltese or foreign nationals, studying secondary or tertiary education in Malta or abroad
aged between 13 and 30 years
students with direct credit of stipend
students with no stipend subject to providing the acceptance letter from the academic institution proving they are in full-time studies
For any lending facilities available to 18+ students, the stipend must be directly credited to their HSBC Student Account.
https://www.hsbc.com.mt/accounts/products/student/
Documents needed to open a student account in Malta:
a valid identification document (scan or photo of front and back)
a photo clearly showing your face next to the identification document
a second verification document, which can be one of the following:
passport (scan or photo of the details page), or an email or letter from the school which includes your details, or a screenshot of your e-id home screen, or a communication (email or letter) which includes your details, from a government department (such as the education department) or the examination center
Online Application Form
https://www.hsbc.com.mt/accounts/products/student/#apply-anchor
Accounts for children up to 12 years old — Karus Account
Saving accounts for children and the minimum initial deposit of €10.
https://www.hsbc.com.mt/accounts/products/karus/
Resident in Malta or another EU member state — Opening an HSBC Basic Bank Account
Although this type of basic bank account mainly serves people who are legally residing in Malta or other EU states but without a fixed address, refugees, stateless persons or asylum seekers, and persons who are not granted a residence permit but whose repatriation is not possible for legal or factual reasons, it is indeed one of the easiest and most rapid ways to open an account.
Documents needed to open a basic bank account in Malta:
A valid unexpired Passport or a valid unexpired national or other government-issued identity card or a valid unexpired residence car;
A government-issued document containing details of the permanent residential address or correspondence from a central or local government authority, department, or agency within the last 4 months;
Tax identification Number/s and details of any countries or regions of Tax Residency;
https://www.hsbc.com.mt/accounts/products/basic-bank-account/
This article was written by Ziyue Huang