Here are some of my notes on opening and maintaining bank accounts in Malta with the island’s two biggest banks: HSBC and Bank of Valletta.
Internet Banking
Although BOV revamped their internet banking system in 2018, they only made it even worse than before, both looks and functionality-wise. HSBC offers a clean interface and an easy way to contact bank officials and get your queries resolved in a timely manner via the internet banking interface. I’ve previously sent messages to BOV from the internet banking that I never got replies to.
The internet banking key of HSBC is also much thinner and thus is easier to carry around.
Branches
HSBC is a clear winner here. Staff is professional and smart, and the offices are modern and well appointed. BOV offices seem to be older and badly designed.
Getting Things Done
HSBC has a reputation of being tougher with their requirements than BOV. Nowadays, however, both of them have strict procedures to adhere to, and if you follow the procedure, I’ve actually found dealing with HSBC to be a more pleasant experience and always very efficient.
Crypto-Friendliness
I’ve written about BOV’s ridiculous stance on crypto before.
ATMs
Again, I think the HSBC ATMs are easier to use and easier to access.
Conclusion
I’ve always believed that it’s always safer to use two banks rather than one. It gives you more peace of mind in the unlikely event of things going south. It also gives you the opportunity to compare and contrast banks and take your business to the one that serves you best. It might very well be the case that one bank excels in one area but is poor in another and vice versa, so this gives you better choice to getting the best deal/service.
After holding accounts in both of these banks for more than 20 years, I’ve decided to shut down my BoV account for two reasons. One is that their new internet banking system is horrendous, and second because every year I kept getting hit by some new hidden charge or issue and I’m tired of dealing with them anymore. HSBC have always been the more professional bank so I’m sticking with them.
It is also worth noting that in recent years we have seen the rise of virtual banks such as Revolut and N26, and they offer a far superior experience to the normal customer who just wants an account to deposit money and spend accordingly. I think N26 has the edge at the moment, and they provide spending analysis via their impressive mobile app, something that will probably take years before BOV or HSBC can implement. They also provide the ability to link smartphones to your account and thus pay through your phone. If you need direct debit facilities, European businesses are now obliged to accept direct debits from non-local banks, so this is no longer a reason for needing a local bank account. N26 will do just fine.
I’d be interested to know others’ feedback, so just leave comments below and share your experience. The above is just my subjective opinion based on my particular usage of both banks’ services.
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