Foreigners must find suitable information about how to open a bank account in Malta. Mainly for those who plan to move to this country and will stay in the country for a certain time. Dealing with financial transactions can be confusing. Therefore, keeping your existing bank account from your origin country might not be the best solution for your day-to-day financial activities.
That is why it is recommended to open a bank account in a local bank in Malta. There are many options of a local and international bank in this country that can support your daily transaction here.
See Video How To Easily Send Money Abroad
Therefore, it will be good to get one bank as your primary account to cover all your money transactions while in Malta. For those of you who need further overview and information related to the opening of a bank account in this country, the following paragraphs will help to explain more.
Prepare The Required Documentation
Before stepping into the ways of how to open a bank account in Malta, the first important thing to provide is the documentation. Each country can have specific requirements related to this documentation. Therefore, you need to prepare accordingly so that your application can be accepted. In general, the documentation to open a bank account in this country includes the following lists.
• You will need a valid passport and VISA to show your identity and your purpose of living in the country. You shall prepare the original document for showing and a copy for the administration record.
• The next needed document is the proof of address and phone number. Each bank will require this data to help with the administration terms for a new bank account. Therefore, you have to provide this letter accordingly.
• Some banks will also ask for a reference letter from your existing bank in your country. So that it can help to define that your finances are healthy enough to trust.
• Another documentation that might be required is the company reference letter, which states your current job in Malta and your income while staying in this country. You may also need to provide your job permit letter along with this reference document.
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Various Bank Services in Malta
Once you get a new bank account, usually you will be able to use various services provided by your selected bank. Most banks normally will provide you with a savings account so that it can help you to store and save money here.
Additionally, there is also a deposit account that can help you to get higher interest through your saving. So that not only secure your fund, but the bank will help to optimize your investment.
Another service that is important and also provided in most bank is the credit card service. With this benefit, you can get many advantages such as reservation, installment payment, and many more. Therefore, it is one of the services required by most people in the country.
The bank usually also provides mobile banking and internet banking service. So that you can easily perform money transfers or transactions according to your needs every time. With this service, you can make a payment with less effort and limited time too. This can consider being a more effective way to perform any financial transaction with the bank.
Steps to Open a Bank Account in Malta
After understanding the importance of opening a bank account in Malta, then know what steps to take. For ordinary people, this may be confusing and not easy. So complete information is needed to do step by step in creating a new bank account. For more details, just follow some of the following steps below.
The first step is to come to the bank branch and ask the bank officer to help you with open a bank account in Malta. So that you will be given some forms and paper to sign and fill out. After that fill out the form and the paper with sufficient information according to your valid ID.
Remember that you must write the exact data as per your passport and VISA for the ease of validation. Then you can pass back the form to the bank officer. The bank officer will manage to validate your data and your supporting documents. Once it is confirmed, then the bank account will be processed.
Once your bank account number is provided, then you will have required to put in some amount of deposit. You will receive a bank book and debit card so that you can activate the bank account after that. If the activation process is finished, it means that you can directly use your bank account for any financial purposes.
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Those are all the ways how to open a bank account in Malta. It is not as difficult as it though, as long as you follow the above recommendation. Through a suitable way of preparing the needed document and following all instructions above, you can directly open a new bank account in the local bank of Malta. So that it can help to support your daily financial activities while staying in this country.