Barclays

Your guide to expatriate banking services in Malta

Introduction

The Republic of Malta, which also includes the island of Gozo, is situated South of Sicily (Italy) in the Mediterranean Sea, in Southern Europe. Malta joined the EU in May 2004 and began using the euro as currency in 2008. The national language is Maltese, which is the co-official language alongside English.

The official currency unit is the Euro (EUR).

Banks

Central bank

• Central Bank of Malta

Major Commercial banks in Malta

• Bank of Valletta
• FIMBank
• Izola Bank

Bank opening times

Standard bank opening times in Malta are:

• 8.30am to 12.30pm (Monday to Thursday)
• 8.30am to 3.30pm (Fridays)
• 8.30am to 12.00pm (Saturdays)

Opening hours may vary between the summer and winter seasons.

Banking services in Malta

The Maltese banking system generally follows the UK's established banking tradition. In addition, banks are required to operate within the banking laws and regulations governed by European Union directives.

Malta offers a wide choice of banks and healthy competition between the banks to attract new customers, with financial services one of the fastest growing sectors of the economy.

Services offered include online banking, telephone banking, branch services and postal accounts.

Bank statements and correspondence are available in both Maltese and English, with branches offering information and services in both languages.

The main types of bank account in Malta

Maltese Banks offer a comprehensive range of banking services, including banking and savings accounts, credit card processing, cheque clearance, standing orders and direct debits.

The most common accounts include:

• Current accounts - used mainly for everyday banking. Typically include a debit card and cheque facility, and give easy access to available funds
• Savings accounts - offer lower interest rates, with some restrictions on withdrawals and access to funds
• Deposit accounts - higher interest rates, but limited or no access to funds until account maturity date.

Offshore banking
Malta used to be a popular offshore banking destination. However, in recent years it has moved to more mainstream banking, and is no longer considered to be a tax haven.

Opening a bank account when you arrive in Malta

Subject to applicants meeting the required conditions (e.g. non residents must prove they are debt free and have a good credit rating), opening a bank account in Malta is relatively simple, even as a non-resident.

You will be asked to provide documentation to support your application - typically this will include a copy of your passport, proof of address, a recent utility bill as well as a reference from your current home bank.

Opening a bank account before you arrive in Malta

A convenient alternative to a local bank account in Malta is an international account. In addition to giving you access to a wide range of international banking services, you will also benefit from a range of other services and banking facilities. These services include tax efficient offshore account options, online banking and a debit card available in major currencies.

An international bank account can be used by clients living or working in Malta or Gozo, and when travelling between international locations.

Credit and debit cards
Major credit cards are widely accepted in Malta (particularly MasterCard and Visa). Look out for signs displaying the card logos in restaurant, hotel and shop windows. It should be noted that not all debit cards (such as UK Solo/ Electron cards) are accepted in Malta.

Cash machines (ATMs) can be found throughout Malta, and will generally accept both credit and debit card cash withdrawals. You are likely to incur a fee if the ATM you are using is not within your own bank's network, and cash withdrawals using a credit card will incur higher charges.

Foreign exchange
Banks, bureaux de change and a number of hotels, shops and restaurants will exchange currency and traveller's cheques. Most bureaux de change are open 24 hours a day. In general, you'll get a better rate of exchange at a bureaux de change than at hotels and retail outlets.

Money transfers to and from Malta

As of April 2010, amounts over €10,000 EUR being brought into or taken out of Malta must be declared to Customs upon arrival or departure.

Currency regulations relating to the import and export of currencies are subject to frequent change. For further information, visit: http://finance.gov.mt/.

SEPA
Malta has joined the SEPA (Single Euro Payments Area) initiative, which treats all electronic payments in euros as domestic transactions, making them simpler and cheaper. By the end of 2010, SEPA payments will become the dominant form of electronic payments, replacing all other payments within the zone by 2011.

Bank charges in Malta

With competition between banks and financial institutions to attract new customers, it is worth shopping around to compare the products and services being offered. Charges vary between banks, although typically you should be prepared to pay higher charges than in the UK.

Banking in Malta - other information

Malta ombudsman
If you have a complaint, you should contact the Malta Financial Services Authority (MFSA), which is at http://www.mfsa.com.mt.

More information on banking with Barclays International

For more information on opening an International Bank Account before you move to Malta, you can speak to Barclays International by calling +44 (0)1624 684316†.

Alternatively, find out more about the overseas banking services available to expats, by visiting Barclays International online.