Banking services are offered in Maltese and English. There is at least one bank located in every village in Malta, with major banking centres in Sliema, Birkirkara, and Valletta.

Opening times for banks in Malta is 830hrs/8:30am to 1230hrs/12:30pm Monday to Thursday, 830hrs/8:30am to 1630hrs/4:30pm Friday, and 830hrs/8:30am to 1230hrs/12:30pm Saturday. Extended hours and evening service are offered at select banks throughout the islands.

All bank branches and offices are closed on the following bank holidays:

• 1st January
• 10th February
• 19th March
• 31st March
• Good Friday
• Easter Monday
• 1st May
• 7th June
• 29th June
• 15th August
• 8th September
• 21st September
• 8th December
• 13th December
• 25th December
• 26th December

Currency

The local currency in Malta is the Euro (€). Malta adopted the Euro in 2008, after joining the EU in 2004. The previous currency used in Malta was the Maltese Lira (Lm).

ATM and Credit Cards

It is very easy to find ATMs/ABMs in Malta. Most ATM's are serviced by the Bank of Valletta (BOV) or HSBC Malta. If you are using a foreign card to withdraw money, be aware you may be charged fees. Visas and Mastercards are widely accepted; American Express, Maestro and Cirrus cards are accepted in limited locations.

ATMs in Malta can issue €10, €20, €50, and €100 Euro bills.

Not all foreign debit cards are accepted in Malta, such as UK Solo/Electron Cards. Check with your financial institution before visiting or moving to Malta.

Debit cards for Maltese banks can be used at most locations where credit cards are accepted, however, debit cards from Maltese banks typically do not work outside of Malta. Check with your Maltese financial institution before travelling, or open a credit/debit card account such as Visa Debit.

Exchange

The Central Bank of Malta publishes exchange rates daily. You can exchange currency at a bureau d'échange in Malta, which normally charge a commission or fee.

There is also a currency exchange machine at the Malta International Airport, located in the Arrivals hall.

Traveller's cheques can be exchanged at financial institutions throughout Malta. If you exchange traveller's cheques at a bank, remember to cash them at no commission, rather than deposit them into an account at a commission rate.

Electronic Transfers

Malta has joined the SEPA (Single Euro Payments Area) initiative, which treats all electronic payments in euros as domestic transactions.

Most banks in Malta offer full electronic and online banking services, including electronic transfers between local and foreign accounts.

Open an Account

Opening a bank account in Malta is relatively easy. Non-residents of Malta must prove they have a good credit rating. Individuals opening accounts will also be asked to provide documentation to support their application. This typically includes:

• A passport
• Proof of address (lease or letting agreement, recent utility bill)
• A reference from your current home bank

You may also be asked to provide:

• Proof of employment and/or income
• A clean criminal record

Students opening bank accounts will be asked to provide proof of studies from their educational institution.

Opening a bank account in Malta typically takes two to four weeks. Some credit cards and bank accounts require a deposit when opening an account. Note that banking correspondence, such as new PINs, are typically provided via post.

Bank Accounts

The main types of bank accounts in Malta are current accounts (used for everyday banking), savings accounts, and deposit accounts.

• Savings accounts offer lower interest rates with some restrictions on withdrawals and access.
• Deposit accounts have higher interest rates but limited or no access to funds until the maturity date.
• Current accounts typically include a debit card and cheque facility, giving easy access to available funds.

Banks

Major banks in Malta include:

• BOV (Bank of Valletta) (Largest)
• HSBC Malta (Largest)
• APS
• Lombard Bank
• Mediterranean Bank
• Banif
• Deutsche
• BNP Paribas Fortis

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