Banking solutions have never been a scarcity in Malta, with several banks such as Bank of Valletta, HSBC Malta, and APS Bank among others, providing financial services such as savings accounts, payment cards, and online banking platforms. When opening a bank account, it is important to evaluate all the alternatives and see which solutions best apply to your needs.
Even in a market with such legacy names, the Moneybase platform is steadily carving out a leading role, continuously pioneering a more digital-first approach in Malta’s financial services industry. By putting innovation and customer experience at the heart of our product, we are a digital alternative outperforming local banks on several key fronts.
Account opening in minutes
Most traditional banks in Malta such as BOV, APS Bank and HSBC Malta still require in-person visits to a branch and paper documentation for basic services such as account opening.
At Moneybase, we prioritise convenience, quick processes, and digital security by operating entirely through a secure, user-friendly platform, available on both web and mobile. With Moneybase, you can open an account in minutes, with a secure and simple verification process – all done online, with no queues and no paperwork.
No account opening or maintenance fees
When it comes to opening a bank account, not all banks in Malta charge a fee, but most do charge a maintenance fee if the account is not being used.
Bank of Valletta charges an annual €35 maintenance fee if the combined average balance across all savings and call accounts falls below €200. HSBC Malta charges an annual €60 maintenance fee if you don’t deposit at least €2100 over a 3-month period or receive government benefits such as pensions directly into your account. APS Bank does not charge any maintenance fees, but still necessitates an annual €20 dormant account fee if the account is inactive for 12 months.
With Moneybase, you can open an account for free, with no maintenance or inactivity fees. You can also receive your salary or pension on Moneybase for the first time, and we will deposit €50 as a welcome bonus or €60 for stipends.
ISO Certified Customer Support – Available 7 days a week
When it comes to financial matters, easily accessible and quality customer support is essential. Traditional banks in Malta are still heavily reliant on phone and email customer support, which often forces customers into waiting queues and sometimes even gives up on trying to reach out for assistance. Bank of Valletta and HSBC also established a virtual assisted live chat, which some might find inhuman and not suitable enough to see to their unique queries.
At Moneybase, we adopt a digital-first approach to prioritise quick and efficient customer support. Our ISO-certified customer support is available 7 days a week through our in-app live chat, email, and over the phone. While we take a digital-first approach, customers preferring other methods can also visit any of our branches in Fgura, Birkirkara, Mosta, and Sliema. Below is an overview of how traditional banks in Malta compare to Moneybase when it comes to customer support.
| Bank/Platform | Certification | Availability | Live chat | Phone support | Email support | Knowledge base |
|---|---|---|---|---|---|---|
| BOV | None specified | Customer service available for all queries between 8am and 8pm. Only card related queries serviced from 8pm onwards and on Sundays | Virtually assisted chatbot on website and Facebook with availability of live agents | Yes | Yes | No centralised information system for clients |
| HSBC Malta | None specified | Customer service representatives available from Monday to Friday, 8:00-16:00 | Virtually assisted live chat available | Yes | Not specified | Help and support section with guides and FAQs |
| APS Bank | None specified | Monday to Sunday, 8:00 -21:00 | Not specified | Yes | Yes | Help centre with guides and FAQs available on website |
| MeDirect Bank | None specified | Monday to Friday, 8:00-18:00. Saturday, 9:00-13:00 | Not available | Yes | Yes | FAQs and support documents available on website |
| Moneybase | ISO-certified | 7 days a week, 8:00-22:30 (cards can be blocked and frozen online) | In-app live chat directly with local agents | Yes | Yes | Knowledge base with useful tips, guides and FAQs |
Faster & cheaper to send money worldwide
Payment solutions on Moneybase are more complete when compared to those offered by Maltese banks. We lead the way with instant SEPA payments, which are completely free without any additional fees or charges. SEPA Payments with APS Bank and MeDirect Bank are also free. On the other hand, Bank of Valletta and HSBC Malta charge a €4 fee on SEPA transfers over €10,000.
We also provide one of the cheapest solutions to facilitate SWIFT payments across 189 countries in 24 different currencies. With Moneybase you incur €5 per transaction if you choose the ‘Shared’ (SHA) option and €17.50 when you choose the ‘Originator’ (OUR) option.
| Bank/Platform | Incoming SEPA | Outgoing SEPA | Incoming SWIFT | Outgoing SWIFT (SHA) | Outgoing SWIFT (OUR) | P2P Payments |
|---|---|---|---|---|---|---|
| BOV |
Free up to €10 000; €4 above. Foreign currency: Free up to €5 000; €10 above. |
€1 ≤ €1 000 (online); €4 > €1 000 (online); €30 at branch. | Free up to €10 000 (EUR) or €5 000 (foreign); €4/€10 above. | €12 (online banking) | Not listed; typically by arrangement or passed intermediary charges. | Free internal transfers between BOV accounts |
| HSBC Malta | Free up to €5 000; €10 above. | €1 ≤ €1 000 (online); €4 > €1 000 (online); €30–€40 at branch. | €10 for incoming FX or EUR > €5 000. | €4 (EUR); €12 (foreign) online. | Not listed separately; OUR on request, may include third-party fees. | Free internal transfers |
| APS Bank | Free | Free online; €40 at branch. | Free | €12 online; €40 at branch. | €12 + possible intermediary fees (OUR not separated). | Free internal transfers |
| MeDirect Bank | Free | Free | Free | €5–€35 fee | €55 fee, phone only (not via app/web). | Free MeDirect → MeDirect transfers |
| Moneybase | Free & instant on any amount | Free on any amount received | €5 fee | €5 fee | €17.50 fee | Free & instant internal transfers to Moneybase accounts |
Among the best currency exchange rates in Malta
Something as simple as exchanging money has often become relatively expensive to carry out with traditional banks, including those in Malta. Traditional banks in Malta usually apply exchange rate markups between the range of 3.5% to around 5% above the actual interbank rate*. At Moneybase, this is something we worked on changing, to ensure our customers get more of their money when investing, spending online and abroad, or sending money abroad to 189 countries.
We’re proud to be providing among the best currency exchange rates in Malta! This helps our customers save money whether they’re paying with their multicurrency Moneybase Mastercard abroad or online! And the great thing about our multicurrency card – when using your multicurrency Moneybase Mastercard abroad, we’ll automatically exchange your money live using our best rates globally!
*The markup rate represents a comparison among all local traditional banks, encompassing their exchange rates for card usage, bank transfers, investment exchanges, and both in-branch and online manual currency exchanges.
Invest in the stock market through the app
Unlike most local banks, we integrate investing directly into our online platform. The only bank in Malta to provide this is MeDirect Bank. MeDirect Bank provides access to 4000 investment instruments, whereas through the Moneybase platform, you can trade more than 20,000 global and local stocks, ETFs, bonds, and funds, while enjoying 0% custody fees and one free trade every month on U.S. exchanges.
We also provide several resources for you to keep yourself informed about emerging market opportunities through regular equity research reports – highly detailed and analytical analyses prepared by trading experts and advisors from Calamatta Cuschieri.
Great rewards and discounts
At Moneybase, we reward our customers with promotions, giveaways, and discounts that other Maltese banks rarely match. Customers receiving all or even a part of their salary, pension, or stipend for the first time directly on Moneybase receive a welcome bonus. Customers using their Moneybase Mastercard for their daily payments can also benefit from exclusive travel savings and discounts from global brands such as Booking.com, Heathrow, and EasyJet, among others.
Finally, one of the most popular rewards among our customers – the cashbacks! Just by using their virtual or physical Moneybase Mastercard for daily payments, customers earn €10 cashback every week. Check out how the Moneybase Mastercard cashback works .
More flexibility for businesses
Most of the banks in Malta allow individuals and companies to open a business bank account, but vary in procedures and fees. The table below provides a brief comparison between local business bank accounts and Moneybase Business Accounts with key details about account opening.
| Bank/Platform | Online application | Branch visit required | Key features | Costs | Estimated time to open |
|---|---|---|---|---|---|
| BOV | No | Yes | Business loans, web and mobile banking | Account opening fees vary between €300 – €3000. Administration fees vary between €60 – €600 per month | May take months |
| HSBC Malta | Partially | Yes | Integrated personal and business banking, 24/7 online access | HSBC Fusion accounts (for small businesses) include no account opening fees, but involve a quarterly €10 minimum balance fee Regular HSBC Business accounts come with an account opening fee of €100, a quarterly €10 minimum balance fee, and a monthly maintenance fee varying between €12 and €175 | May take months |
| APS Bank | No | Yes | Business loans, merchant services, online banking | New application fees varying between €50 and €100, more fees such as maintenance fees provided during an in-branch appointment | May take months |
| MeDirect Bank | Partially | Possibly (case-dependent) | Multicurrency accounts, investment platforms | Account opening fees vary between €400 – €1000. Maintenance fees vary between €25 – €500. | Not specified |
| Moneybase | Fully online | Not required | Multicurrency wallets, payment flows, liquidity management through investments, access from app and web | No account opening fees, monthly fees starting at €9.99 | Open within 48 hours |
Open a personal account today
The process is simple, quick, free, and most importantly, fully digital! Download the Moneybase app, provide an identification document (passport or ID), and a video to confirm your identity – all via the app itself, in just a few minutes.
Whether you’re moving to Malta, or already settled, or local, Moneybase is an efficient digital alternative to banks. For assistance, you can easily speak to our customer support through the in-app live chat, by calling us on +356 25 688 688, or simply visit any of the Calamatta Cuschieri Branches in Mosta, Birkirkara, Fgura, and Sliema.
Payment services are brought to you by Moneybase Limited (MB) C 87193 which is licensed by the MFSA to transact the business of a Financial Institution in terms of the Financial Institutions Act, Cap 376. All investment services are brought to you by Calamatta Cuschieri Investment Services Ltd (CCIS) C 13729 which is licensed by the MFSA to undertake investment services business under the Investment Services Act, Cap 370. Calamatta Cuschieri Investment Services Ltd is a member of the Maltese Investor Compensation Scheme (“Scheme”). Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). The value of investments may go up as well as down and investors might not get back the original amount invested. MB and CCIS are both subsidiaries of the Calamatta Cuschieri Moneybase plc with their registered address situated at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara, BKR 9034, Malta.
Sources:
HSBC Malta Commercial Banking Tariffs
