Opening a bank account in Malta is one of the first and most important steps expats should take when moving to the country, as it allows them to manage their finances smoothly. Whether it’s managing daily expenses, sending and receiving payments, or receiving a salary into a local Maltese IBAN account, having the right banking solution is essential for a seamless transition to life in Malta.
There are several traditional banks in Malta such as Bank of Valletta, HSBC and APS, that provide local bank accounts, debit and credit cards, lending and other banking services. However, these typically require in-person visits, extensive documentation and lengthy processes, which tend to be very time-consuming for expats. Such banks also charge ATM and maintenances fees and up to 7% on international transfers, amongst other fees.
With all this in mind, expats relocating to Malta can broaden their perspective on banking solutions and explore the various options available to suit their financial needs.
An alternative to a bank in Malta
For those seeking a more modern and flexible payment experience, digital financial platforms offer an innovative alternative to traditional banks. These services adopt a digital-first approach, allowing expats to manage their finances conveniently and efficiently.
At Moneybase, which is part of one of Malta’s largest financial services firms – we offer a modern, digital-first approach to managing your finances. Our platform provides transfer services to 189 countries, instant payments, physical and virtual Mastercards, currency exchange, Maltese IBAN and access to over 20,000 investments across 40 markets, with extended trading hours for US markets. Whether you’re handling everyday payments or building your investment portfolio, Moneybase is designed to give you control, flexibility, and convenience – all in one place.
Why choose Moneybase?
Recently endorsed by Expats Malta, Moneybase stands out due to the all-rounded digital platform, allowing account opening in minutes with a unique Maltese IBAN, a gap constantly suffered by expats when seeking to open an account with certain traditional banks in Malta.
Moneybase comes with numerous benefits such as:
- Both app and web versions to manage your finances, from wherever you are
- Easy process to send payments, locally or even abroad in literally seconds
- The best currency exchange rates in Malta, with 24 currencies available, including GBP and USD
- Welcome bonuses, travel savings and cashback offers
- A physical or virtual Moneybase Mastercard, which can be added for contactless payments on Apple Pay, Google Pay, Garmin Pay or Xiaomi Pay
- Access to global and local stocks including those from the Malta Stock Exchange , ETFs, bonds and funds, with one free trade per month and low-cost trading options
- Robust security measures to protect your finances
- ISO-certified customer support, available 7 days a week through in app live chat, over the phone or at one of our Calamatta Cuschieri Moneybase branches.
Opening an account with Moneybase
The process is simple, quick, free and most importantly, fully digital! Download the Moneybase app, provide an identification document (passport or ID), proof of address, and a video to confirm your identity – all via the app itself, in just a few minutes.
Whether you’re already settled in Malta, or still looking to make the move, Moneybase is an efficient digital alternative to traditional 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.
If you’re planning to move to Malta, we recommend you go through our comprehensive guide to all you need to know before moving to Malta!
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.
