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bank account

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bank account

Postby gaily » Fri 11 Sep 2009 19:39 GMT

Hello please can any one tell me if i can open a bank account in malta, although we wont be moving there until 2011, we are uk residents , and going over to malta in 2010, to see friends but wont be moving as i say until 2011. Just wondered if we could open an account with a few hundred euros, and if this was possible what i.d. would they need? Would be very grateful for any info that anyone might have thanks in advance.
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Postby gozomark » Fri 11 Sep 2009 20:04 GMT

Hi gaily, and welcome to the forum :D

As you maybe aware, EU anti-money laundering regulations have made it much harder to open bank accounts in general, particularly in a country you are not currently resident in. The procedures are also changing regularly, so I'd suggest contacting one of the Maltese banks and checking what the current status is. Certainly 6 months ago it wasn't a problem opening a very basic account (no cheque book, no cc, no overdraft), but it may have changed since.

ID req - certainly passport, and proof of address in your country of residence (usual utility bill etc)
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Postby Eggs » Fri 16 Oct 2009 08:28 GMT

I opened my HSBC account in August this year (well its still in process).

I basically walked into the Buggibba branch of HSBC with my passport and my UK Account details, i filled in alot of forms and wasnt asked any silly questions , it was all quite simple really , only HSBC in the UK have managed to slow things down by not responding.

As far as i am aware they will give you a savings account no questions asked (thats what happened with my wifes a year ago) and you have to deposit something like 250 euros into it within 3 months or they will close it. After the account has been open for 3 months you can request they give you a current account which is indeed what we have done with my wifes account and what i will be doing with my one.

It really was all relatively painless and Lloyds and HSBC have NOT charged us for referencing (i know some banks do).

The other alternative is to go to your bank in the UK and ask them to set up an account in Malta for you, i tried this with HSBC UK and they wanted to charge me £100 for the privalige so they got the agincourt salute.

Hope this helps
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Postby BelAus » Fri 16 Oct 2009 11:59 GMT

Opening a bank account was probably the worst and most frustrating experience of our relocation to Malta so far. The banks (BOV, HSBC, Banif) here simply refuse to open a bank account until they get a bank reference from your existing bank. What exactly this bank reference is supposed to tell them nobody freakin knows, but we got HSBC to contact our bank in Australia ... that was 4 weeks ago now and we haven't heard back from them. Even explaining that we just need an account to transfer funds from Australia to Malta didn't help ... until I found a smaller bank (APS Bank) where I was able to open a bank account on the spot, no bank reference needed and after a week we had access to our funds which were successfully transferred from Australia.
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Postby FreeMonty » Tue 29 Dec 2009 21:05 GMT

Started opening a HSBC account in April. Managed to get the account opened in July. Installed in Malta. Had to change the account to both our names....our bank back home had to be enquired again...with lot of pressure managed to get the procedure done in two months...Basically, I'd advise people to come with an international credit card (all utility bills can be paid using them) and just be patient.
Malta might be slow to open an account but once you are reconciled to this fact, the politeness and the friendliness of the bank staff makes you feel more comfortable than elsewhere.
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Postby centralad » Wed 30 Dec 2009 10:07 GMT

Knowing that we were moving to Malta ( well Gozo in fact ), we went to our UK HSBC branch and informed them of our intention. There and then they completed all of the necessary paperwork for us to open an account
( current & savings accounts ) with HSBC in Gozo. Within days, the International department of HSBC contacted us, and over the phone, confirmed all the details on our application form. They then said for us to call in at the HSBC Gozo branch on arrival, and we would be supplied with a debit and credit card.

On our first day in Gozo, we duly called in at the HSBC and after a nice social chat ( and a coffee ), they informed us that our account was now operational !

No problems whatsoever :D
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Postby BelAus » Thu 31 Dec 2009 08:50 GMT

I have heard too that to fast-track opening a bank account in Malta is if you already have a HSBC account outside of Malta (HSBC may not have this facility in your country though). This way the "bank reference checks" are with the same bank and they seem to be extremely swift compared with the snail-mail communication with other banks (we asked HSBC 3 months ago and we still have not received a reply!). Anyway, in my view the Maltese bank system is just horrible (and they should do something about it if they want to look attractive to overseas investors and/or skilled people). Someone who moved to Malta from scandinavia 6 years ago and has been working the entire time is apparently still required to deposit a huge security amount to get a Maltese credit card!
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