Overview of Banking in Malta
Malta is a significant financial hub in the Mediterranean, operating within the framework of the European Union and the Eurozone. The banking sector is regulated by the Malta Financial Services Authority (MFSA) and the Central Bank of Malta. For foreign nationals, the system offers a mix of traditional high-street banks and modern digital alternatives. As a member of the Single Euro Payments Area (SEPA), Malta facilitates efficient euro-denominated transfers across Europe.
The local currency is the Euro (EUR). While digital payments are standard, Malta retains a moderate cash culture, particularly in smaller villages and traditional markets. Most retail banks are open from 08:30 to 13:30, Monday to Friday, with limited hours on Saturdays.
Types of Bank Accounts
Foreigners moving to Malta typically choose between three main categories of accounts based on their residency status and professional needs:
- Resident Accounts: Available to individuals holding a valid Maltese e-Residence card. These offer the full suite of local services, including credit facilities and mortgages.
- Non-Resident Accounts: Designed for those who do not yet have local residency. These are subject to stricter due diligence and may have higher maintenance fees, such as 15 EUR ($15.75 USD, Jan 2026) per month.
- Payment Accounts with Basic Features: Under EU law, all residents have the right to a basic account for essential transactions, regardless of their financial situation or nationality.
Opening Requirements
Opening a bank account in Malta can be a lengthy process due to rigorous Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. Applicants should expect a vetting period ranging from two weeks to several months. Standard documentation includes:
- A valid Passport or National ID card.
- A Maltese e-Residence card (highly recommended for faster processing).
- Proof of local address (e.g., a utility bill or a formal lease agreement).
- A reference letter from a previous bank (required by some traditional institutions).
- Employment contract or proof of source of wealth.
Note: Some banks may charge an application processing fee for non-EU/EEA nationals, which can range from 150 EUR ($157.50 USD, Jan 2026) to 500 EUR ($525 USD, Jan 2026).
Major Banks and Digital Options
The Maltese banking landscape is dominated by a few key institutions, alongside an increasing number of fintech providers that are popular among the expat community.
Traditional Banks
- Bank of Valletta (BOV): The largest local bank with the most extensive branch and ATM network.
- HSBC Bank Malta: Part of the global HSBC group, often preferred by international clients for its cross-border capabilities.
- APS Bank: Known for its community focus and competitive rates for savings and personal loans.
- BNF Bank: A smaller but technologically focused retail bank offering personalized services.
Fintech and Digital Wallets
Due to the lengthy onboarding times of traditional banks, many foreigners use digital-first platforms like Revolut or Wise. These platforms provide IBANs that are compatible with SEPA, allowing residents to receive salaries and pay local utility bills without a traditional Maltese bank account.
Payments and Fees
In 2026, the use of contactless payments and mobile wallets (Apple Pay, Google Pay) is ubiquitous across the islands. However, small transactions under 10 EUR ($10.50 USD, Jan 2026) in local grocery stores may still occasionally require cash.
Common Banking Costs
- ATM Withdrawals: Free when using your own bank's ATM. Third-party or out-of-network withdrawals typically cost between 2.50 EUR ($2.63 USD, Jan 2026) and 5 EUR ($5.25 USD, Jan 2026).
- Debit Card Fees: Annual fees for a standard Visa or Mastercard are approximately 10 EUR ($10.50 USD, Jan 2026).
- International Transfers: SEPA transfers are generally free or very low cost, while non-SEPA (SWIFT) transfers incur significant fees depending on the destination and amount.
For more specific information on fee transparency, users can refer to the MFSA Consumer Portal.