How to Open a Maltese Personal Bank Account

One of the first steps in establishing a life in Malta is opening a bank account. In this article, I’ll walk through the current process, which banks are actually worth considering, and what your real alternatives are if the local banks give you the runaround. Spoiler: that happens more than it should.

Unfortunately, banks in Malta have become excessively stringent in recent years, and many people — especially expats — are finding it difficult or outright impossible to open an account with a local bank. The good news is that the alternatives have gotten genuinely good.

The State of Banking in Malta Right Now

Banking in Malta has always been a source of frustration for expats, and that hasn’t changed. The local banks are slow, bureaucratic, and increasingly paranoid about compliance. That said, the fintech alternatives have gotten genuinely good — which helps offset the pain.

There’s also one major development you need to know about: HSBC Malta is being sold. In December 2025, HSBC Continental Europe signed a definitive agreement to sell its 70.03% stake in HSBC Bank Malta to CrediaBank (a Greek bank, formerly Attica Bank) for €200 million. The deal is pending regulatory approval from the MFSA, the ECB, and the Bank of Greece, with completion expected late 2026 or early 2027. APS Bank was an early bidder but withdrew in April 2025.

For existing HSBC Malta customers, the bank has committed to business continuity for now. But no one really knows what a Greek bank’s stewardship of Malta’s second-largest institution will look like in practice.

Choosing the Right Bank

The main banks operating in Malta are:

Bank of Valletta (BOV) — the largest, still state-linked
HSBC Malta — being acquired by CrediaBank, pending regulatory approval
APS Bank — growing, with a fully online account option
Lombard Bank — smaller, more boutique
BNF Bank (formerly Banif Bank) — another mid-tier option

Each bank has its own account options, fee structure, and — critically — its own risk appetite when deciding who they’ll actually let in the door.

Required Documentation

Across the board, you’ll need to bring:

A valid passport or national ID card (for EU/EEA nationals)
Proof of address (utility bill or rental agreement)
A reference letter from your current bank or recent bank statements
Proof of income or employment (payslip, employment contract, or pension statement)
Tax Identification Number (TIN) or Social Security Number if applicable

Some banks will ask for more. Always call ahead and confirm the exact list before showing up, because turning up without one document can mean rescheduling an appointment weeks out.

Opening an Account in Person

Most banks in Malta still require you to open an account in person at a branch. Book an appointment — walk-ins are usually a waste of your time. During the appointment, expect questions about the purpose of the account, where your money comes from, and your expected transaction activity. This is standard AML/KYC procedure, not a personal interrogation — but it does catch people off guard.

Opening an Account Remotely

APS Bank now offers a fully online account (the APS Online Account) for €1/month, denominated in EUR. This is the most accessible route if you want a Maltese bank account without the branch ordeal. Their standard current account (€2/month, includes a debit card) can also be started online before completing formalities in-branch.

For other banks, remote opening is generally limited to people who already have an existing relationship with the institution.

Bank Account Features and Fees

Maltese banks offer the basics — online banking, debit cards, ATM access — but don’t expect a slick modern experience. Be especially attentive to:

Monthly maintenance fees (BOV charges €60/year if your residential address is outside Malta)
Transaction fees, especially for international transfers
ATM fees outside their own network
Currency conversion rates, which are typically worse than fintech alternatives

BOV vs HSBC Malta

For years these two were the only real options. Here’s how they stack up based on personal experience with both.

Internet Banking

HSBC has historically offered a cleaner interface and an easier way to reach bank staff when something goes wrong. BOV revamped their internet banking system a few years back and somehow made it worse — and I say that as someone who sent messages through their old portal that never received a reply.

HSBC’s platform remains the more polished of the two — though what happens after the CrediaBank acquisition completes remains to be seen.

Branches

HSBC wins here. Staff tend to be professional, offices are modern, and the process feels efficient when you follow their procedure correctly. BOV branches vary significantly in quality — some are fine, some are a queuing nightmare.

Getting Things Done

HSBC has historically had a reputation for being stricter on requirements than BOV. That said, once you meet their requirements, things actually get done. BOV’s bureaucracy can grind on indefinitely.

Crypto-Friendliness

Neither bank plays well with crypto. BOV blocks outgoing transfers to crypto exchanges, and incoming transfers from exchanges can trigger reviews and blocks. HSBC operates the same way. If crypto transfers are a priority, scroll down to the Agribank section.

ATMs

HSBC ATMs are generally easier to use and better located. No contest here.

Fees

BOV charges €60/year if your registered address is outside Malta — a fee that tends to come as a surprise. HSBC’s fee structure has historically been more transparent at the personal account level.

Which Bank Should You Use?

After holding accounts with both BOV and HSBC for over 20 years, I eventually shut down my BOV account. The internet banking was genuinely painful to use, and every year brought some new hidden charge or unexplained issue I had to chase down. HSBC was always more professional — so I stayed with them.

With the CrediaBank acquisition pending, if you’re opening fresh, APS Bank is worth a serious look as a more stable alternative with online account opening.

My honest recommendation: if you live in Malta, hold at least two accounts — one local and one fintech. The local one gives you direct debit capability and local credibility; the fintech one gives you everything else.

The Fintech Alternative: Revolut and Wise

Revolut has been available in Malta for over a decade, and Wise for nearly as long. Both offer proper EU IBANs, multi-currency accounts, and a user experience that makes the local banks look like they’re stuck in the 1990s.

Wise edges ahead on exchange rates — genuinely important if you work in the UK and convert between GBP and EUR regularly. Revolut wins on everyday features: real-time spending notifications, budgeting tools, and the sheer convenience of having everything in one app.

Both platforms offer features that Maltese banks will likely take years to match: real-time spending notifications, built-in budgeting, instant international transfers, and the ability to link your phone for contactless payments.

For day-to-day banking, especially for expats, this is the practical choice for many people.

Open a Revolut account | Wise account

What About Crypto Transfers?

The big banks won’t touch it — don’t waste your time trying.

Agribank remains the standout option in Malta for individuals who need to transfer to and from crypto exchanges. It’s a smaller agricultural and commercial bank, but it’s consistently been the go-to for anyone in the crypto space who needs a Maltese bank account that actually works.

Paytah has positioned itself as a crypto-friendly payment provider, but it has had a troubled history in the press and I wouldn’t build anything critical around it.

If crypto transfers are a core requirement — either as an individual or as a business — Agribank is your best bet among local Maltese banks. Pair it with Wise or Revolut for everything else.