A list of the top banks in Malta

Planning a move to Malta? Perhaps you’re working or starting a business there, studying abroad or simply visiting family. Whichever is the case, you could find it useful to have a local bank account.

To open a bank account in Malta, you’ll first need to compare all the available banks offering current accounts. We’re here to help, with a handy list of the top banks in Malta and the everyday banking options available at each.

You’ll find all the details below, including info on all the biggest banks in the country.

But first, a quick overview of what banking is like in Malta.

Banking in Malta (an overview)

Within the Mediterranean region, Malta is becoming known as an international banking hub.

It doesn’t have a large number of banks, but there are plenty of choices available for retail, business and private banking customers. The sector is supervised by the Central Bank of Malta.

To open a bank account in Malta, you’ll usually need the following:¹

• Your passport or ID card

• A residence permit

• Proof of address in Malta.

Some banks may also ask for proof of the source of funds, or a reference letter from your current or previous bank.¹

In terms of fees, you can expect some sort of monthly or quarterly maintenance charge for current accounts - although some banks have free accounts. You may also pay fees for debit cards, withdrawing cash at an out-of-network ATM and making an international transfer.

If you need to manage your money internationally and want to save money, check out Wise instead.

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Top 10 banks in Malta

Here’s an at-a-glance look at the biggest and most popular banks in Malta, so that you can start to compare options. Read on for more info on each below.

Bank name	Operational HQ
Bank of Valletta	Santa Venera
HSBC Malta	Valletta
APS Bank	Birkirkara
FIMBank	St. Julian’s
MeDirect Bank	Sliema
Lombard Bank Malta	Valletta
BNF Bank	Gzira
Sparkasse Bank Malta	Sliema
Multitude Bank	Gzira
Izola Bank	Valletta

Bank of Valletta

Established in 1974, Bank of Valletta is the largest bank in Malta in terms of market share and assets. It offers a full range of personal, private, business and corporate banking services.

Its range of everyday banking accounts includes the BOV Current Account, which comes with everything you need for day-to-day money management.

Services for businesses at Bank of Valletta include accounts, cards, payments solutions and financing options.

HSBC Malta

Part of the HSBC global banking group, HSBC Malta has its headquarters in the country’s capital city of Valletta. It too offers a full range of banking services, including commercial, global and retail banking, plus wealth management solutions.

If you’re looking for daily banking products, you’ll find a similar selection of accounts as HSBC offers in the UK. This includes the HSBC Advance account, which comes with a credit card, travel insurance and other perks.²

Businesses can access accounts, loans and credit cards at HSBC Malta, with tailored services available for SMEs.

APS Bank

Launched in 1910, APS Bank is a Maltese credit institution. Its main shareholder is the Archdiocese of Malta and the island of Gozo in the Maltese archipelago.

APS Bank is a retail banking specialist, with products including its APS Current Account. This comes with online and mobile banking, a debit card, chequebook and overdraft (subject to approval).³

The bank also offers corporate banking services and wealth management solutions.

FIMBank

Formerly known as First International Merchant Bank, FIMBank is part of the Middle East-based KIPCO Group. It began operations in Malta in 1995, and today specialises in trade financing and factoring for businesses.

It doesn’t have retail banking services such as current accounts.

MeDirect Bank

Formed in 2004 and previously known as Mediterranean Bank, MeDirect Bank specialises in savings, wealth management and investments.

The bank also has everyday banking products, such as MyCard. This plan comes with a debit card and online current account.

Services for businesses at MeDirect Bank include cash flow management, investments, payments and foreign exchange.

Lombard Bank Malta

Lombard Bank Malta was established in 1955, and used to be part-owned by the Government of Malta. It was listed on the Malta Stock Exchange in 1994.

The bank serves personal, business and private banking customers.

The Lombard current account comes with everything you need for basic money management, including online banking and a debit card. The bank also offers savings accounts and term deposits.

For businesses, there’s a choice of bank accounts, loans and financing, international banking services and cards.

BNF Bank

BNF Bank (formerly called Banif Bank) was launched in 2008 and is now headquartered in the town of Gzira in the Central Region of Malta.

The bank provides retail, business and corporate banking services of all kinds. This includes a current account for deposits and withdrawals, payments and transfers. It comes with a debit card.

For businesses, BNF offers corporate and business packages, customised micro business solutions and call accounts.

Sparkasse Bank Malta

The Maltese-owned Sparkasse Bank Malta has been in operation since 2022, and specialises in private banking. It also offers investment, depository and custody services.

Sparkasse Bank Malta doesn’t offer any current accounts for retail customers.

Multitude Bank

Previously known as Ferratum Bank, Multitude Bank is part of the Finland-based Ferratum Group. It’s a commercial bank established in 2012, which offers both retail and SME banking.

To find out about current accounts and other consumer banking products though, you’ll need to contact the bank.

For businesses, there’s a corporate account along with financing and investment solutions.

Izola Bank

Owned by the Belgian plumbing and heating company Van Marcke Group, Izola Bank was founded in 1994. It specialises in custom financing solutions for SMEs and larger businesses based in both Malta and Belgium.

However, it also offers some products for personal customers. This includes the Izola Saver, an online savings account.

Best online bank accounts and money management alternatives in Malta

A bank isn’t the only way to manage your money overseas. There’s also the option of using a money app or digital account.

Here are a few of the most popular choices in Malta:

• Revolut - an all-in-one financial app with a debit card and banking services.

• BlackcatCard - a Malta-based neobank offering app-managed personal accounts and debit cards.

• Vivid Money - a German mobile banking platform available across the EEA. It offers accounts and cards for personal and business customers.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and great exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150+ countries, including Malta. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee*, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

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After reading this, you should have a better idea of what’s out there when it comes to opening a bank account in Malta.

We’ve run through all of the country’s top banks, including some of their most popular accounts.

So you should be all set to compare options and choose the right bank for you. Good luck!

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Sources used for this article:

1. Immigrant Invest - How to open a bank account in Malta

2. HSBC - Advance

3. APS Bank - Deposit Accounts

Sources last checked on 06-May-2024.