July 18, 2022
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Do you find yourself in the difficult position of being a non-resident of Malta who needs a business bank account? We know that it’s not easy to do and that sometimes it can feel like the banks are actually working against you. But it has certainly been made easier for non-residents over the last few years.
Let’s take a look at the traditional bank options in Malta and some alternative options.
If you’re a non-resident looking to open a business account in Malta and just want to get on with it - we understand! Go check out wamo - you can have a business account up and running in 10 minutes.
The most popular and largest banks in Malta are HSBC Malta plc, Banif, APS, Bank of Valletta (BOV) and Lombard. There are other banks but these are likely the ones who have streamlined the process as much as is possible for a traditional bank to do.
As a non-resident person wanting to start a business in Malta, you’ll need the following documents to open a business bank account for your company (which you really should do, more on why that is, here). Requirements may vary slightly from bank to bank and will depend on whether you are requesting a business account as a company or a sole trader.
They are:
For most Maltese banks you will start by submitting an application form online after which the bank will set up a meeting with you and you will take it forward from there.
There are other options for non-residents looking to open a business bank account in Malta. ‘Challenger banks’ like Revolut and e-Money platforms like Wise. This is also where wamo comes in. To see a comparison of Revolut, Wise and wamo to help you see which would best suit your budget and your business, we have created this comparison table: https://wamo.io/blog/wise-vs-wamo-comparison
These challenger banks and financial management or e-Money or Payment platforms offer full suite business accounts with features and a user experience that is well suited to today’s businesses. You’re generally able to open a business account faster (with wamo this can be done in 10 minutes) and need far less in the way of documentation than you do with regular banks. Prices are more competitive and customer service is generally good. At wamo we pride ourselves on our friendly and efficient customer service in particular and customer queries are answered in Chat in under 3 minutes.
To open a business account as a non-resident in Malta with wamo you’ll initially need
Once your information has been verified you’ll be able to start making and taking payments straight away. Ultimately your choice will come down to your business needs. If what you need is an easy, fast application process, personal attention through good customer service, great rates and excellent features - look no further than wamo.
© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner
wamo.io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.
© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner