Money matters

by **SPH-UK** » Mon 11 Jan 2010 09:10 GMT

Hi There

We are due to be arriving from the UK at the end of February, but are concerned about the length of time it may take to open a Bank Account.

We were thinking of opening a UK bank account (with HSBC - EDIT IF REQUIRED), and hoping that this would speed up the process at the Malta end.

Does anyone have any experiences of this which they can share ?

Thanks

S.

by **gozomark** » Mon 11 Jan 2010 09:15 GMT

If you open a UK HSBC account, yes it should speed up opening a Malta HSBC account, as the main delay in opening accounts is getting a bank reference.

You can also open a basic account with some banks here (no cheque book, no cc) quicker than a full account.

by **Sarafima** » Tue 12 Jan 2010 11:33 GMT

I just finished opening a bank account in Malta with HSBC - and did all the paperwork from Canada. It was totally painless, I definitely reccomend doing it before you go, considering some of the horror stories about how long it can take on site. not to mention it's nice to already be set up when you arrive with access to a bank..

by **gozomark** » Tue 12 Jan 2010 11:45 GMT

Hi Sarafima, and welcome to the forum

Thank you for a very useful first post as well

by **Red** » Tue 12 Jan 2010 17:36 GMT

Hi Sarafima,

Did you open the account through your local HSBC or another Bank ?

Red

by **johnofessex** » Tue 12 Jan 2010 18:01 GMT

Also (respectfully, if you're happy to take further questions), was there a charge for the service? I thought I'd read some HSBC literature somewhere which seemed to suggest that they would charge £100 for opening an overseas account for you, unless you were a Premier customer. I'd be delighted to hear I was wrong.

PS - I guess on reflection that policies in Canada might be different from those in the UK.

by **Sarafima** » Tue 12 Jan 2010 18:24 GMT

I opened the account with my local HSBC. I made an appointment and specifically requested someone with international experience. There was much paperwork, so be prepared for an hour likely.

Fees - that's in line with what they told me in Canada.

by **Red** » Tue 12 Jan 2010 22:16 GMT

Thank you, Serafima,

I guess its swings and roundabouts

Red

by **stroppy knickers** » Fri 19 Feb 2010 10:47 GMT

I opened an account with the aforementioned bank (Rabat branch) last November in preparation for my visit in February to sign a convenu. My UK bank (the one with the blue griffin) charged a one off fee of £10 for a 'status enquiry' which was sent within days of it being requested

Of course, I couldn't transfer the money I needed into it from here, because they hadn't printed cheques yet, so ended up spending over £100k on a sterling cheque and suffering a really cruddy exchange rate, anyway... bleugh.
I've since set up an account with an online currency transfer agent I don't wholly trust because they keep phoning me from (of all places) New Zealand! to offer their services. Kind of stinks of desparation.. if you know what I mean ?
I'm sure it will all iron out, but I do wish there were an easy peasy way to get everything financial sorted out to a point where I'm getting the most for my money without having to put my brain into gear and press down on the accelerator pedal.

by **gozomark** » Fri 19 Feb 2010 11:22 GMT

The following thread looks at various options for changing currency, including online currency transfer agents

http://www.britishexpat.com/expatforum/ ... hp?t=21593

by **gozomark** » Fri 19 Feb 2010 11:26 GMT

stroppy knickers wrote: Of course, I couldn't transfer the money I needed into it from here, because they hadn't printed cheques yet, so ended up spending over £100k on a sterling cheque and suffering a really cruddy exchange rate, anyway... bleugh.

Not sure if I understand you correctly, but if you don't have a cheque book a Maltese bank will issue a cheque against your account for € 2.33, no matter what the amount.

by **stroppy knickers** » Fri 19 Feb 2010 15:08 GMT

I didn't know that. buggerit.
I didn't transfer the money because I thought that I wouldn't be able to write a cheque to the developer until I had (in my possession) a chequebook.
Marvellous.
Wonder how much I cost myself this time lol

by **Eggs** » Sat 20 Feb 2010 10:16 GMT

I think i have mentioned before, i started my process of opening a HSBC account in Malta in August 2009 ( i Have had a UK HSBC account for 30+ years) and guess what ? Its still not open. UK have been to blame alot and have had very little contact from Malta. I have kinda given up now and have applied online as i have a Maltese address now. Stupid thing is my wife Banks in the UK with Llyods and her account was done and dusted within 3 weeks or so.

by **centralad** » Sat 20 Feb 2010 10:31 GMT

My UK HSBC Branch did everything for me, in about 45 minutes. When I arrived here in Gozo, went to the HSBC and they had evrything waiting for me, including a credit card ( and a nice welcome from the Manager and a cup of coffee ).

It pays to take the time to get everything set up from the UK end first.