Opening a Bank Account in Malta

Opening a bank account in Malta is often slower than expats expect. Maltese banks must check every new customer carefully (this is called KYC, "Know Your Customer"). They ask where your money comes from and why you are in Malta.

There is also a "chicken and egg" problem: a bank may ask for your residence card, but some offices ask for local bank details before they give you one.

Tip for EU citizens: open an online bank account before you arrive (see below). You can then receive your salary, pay rent and use a card from day one, while you wait for a local bank.

Bring originals and copies of:

• Passport or EU ID card
• e-Residence card, or proof that you applied for it. See Residence Cards.
• Tax number (for most people this is your Maltese ID or e-Residence card number)
• Proof of address: your rental contract, registered with the Housing Authority
• Proof of income: your work contract, or proof of self-employment or pension
• Bank statements from your home bank for the last 3 to 6 months
• Reference letter from your home bank. Some banks ask for this. Order it before you move, because it can take weeks.

Each bank, and sometimes each branch, asks for slightly different documents. Check the bank's website or call before your appointment.

Do you need a Maltese bank? Not always. Within the EU, any euro account (an IBAN starting with LT, BE, DE and so on) must be accepted for salaries and bills. In practice, a Maltese IBAN still helps for home loans, some government payments and some employers.

In September 2025, HSBC agreed to sell its 70% share of HSBC Bank Malta to CrediaBank, a Greek bank (formerly Attica Bank), for about €200 million. The sale needs approval from the European Central Bank and the Malta Financial Services Authority. It is expected to complete by the end of 2026.

What this means for you:

• Your money stays safe. HSBC Bank Malta stays a Maltese bank, so deposits are still protected up to €100,000 by Malta's Depositor Compensation Scheme.
• Expect a new name and brand after the sale. Watch for letters or emails about new cards, a new app or new terms.
• The link to HSBC worldwide may end. Many expats chose HSBC Malta for global benefits, such as easy transfers between HSBC accounts in different countries or HSBC Premier. These may change or stop after the sale.
• Fees and products may change. Read any new terms and compare them with other banks.
• Opening a new account? Do not choose HSBC Malta only because you bank with HSBC in another country.

CrediaBank says it plans to keep the staff and management team and invest in the bank. Until the sale is complete, nothing changes for customers.

Online banks let you open an account on your phone in a few minutes. They are very popular with expats.

• Revolut: a full bank with a European banking licence. Your money is protected up to €100,000 by the deposit guarantee scheme. Free account, card and app.
• Wise: great for sending and receiving money in other currencies at a fair rate. It is a payment company, not a bank, so deposits are not covered by a deposit guarantee.

Many expats use an online bank for daily spending and transfers, and a local bank for a home loan or bigger savings.

Online banks are not always a quick fix for third-country nationals (people from outside the EU, EEA and Switzerland).

• To open a European account, online banks must check that you live legally in Europe. A tourist visa or a visa-free stay is usually not enough.
• They may also ask for proof of address, such as a signed long-term rental contract.
• So if you are still waiting for your work or residence permit, or you only have a short-term let, your application may be refused or put on hold until you have these documents.

What you can do while you wait:

• Keep your home bank account and card open. Tell your bank you are moving, so your card is not blocked abroad.
• Check if Revolut or Wise is available in your home country. You may be able to open an account there and use it in Malta.
• Ask your employer if they can pay your first salaries to your home account until your Maltese account is ready.
• Once you have your residence card and registered lease, apply again to an online bank or a local bank.

Revolut is the most popular online bank among expats in Malta. With a free account you get:

• A free euro account with an IBAN, so you can receive your salary and pay rent
• A free card for Apple Pay and Google Pay, accepted almost everywhere in Malta
• Free and instant transfers to other Revolut users, such as splitting a bill with friends
• Spending in other currencies at a good exchange rate, for trips to Sicily or home
• Opening in minutes in the app, with your passport or ID card

1. Before you move: ask your home bank for a reference letter and recent statements. EU citizens can also open an online bank account now.
2. Find a home and register the lease. See Renting Properties.
3. Apply for your e-Residence card and get your tax number.
4. Book an appointment at a local bank, or apply online with MeDirect. Bring all your documents.
5. Answer the bank's questions about your job and income. This is normal.
6. Activate online banking and your card when they arrive.

If one branch says no, try another branch or another bank. Requirements can be different.

• Fees: most local banks charge a small monthly or yearly fee for a current account and card. Compare before you choose.
• Cheques are still used in Malta, for example by some landlords and for deposits. Ask your bank for a cheque book if you need one.
• Sending money abroad? Compare costs in our guide to International Money Transfers.
• Plan your budget with our free Cost of Living Calculator.