Students from all around the world choose Malta to get a good quality college education.
When settling into the Maltese environment, one of the most critical tasks of an international student is to find the best bank and set up a bank account. Choosing the most suitable one out of the several banks in Malta is essential. Banking choices might be overwhelming for international students in Malta. Here’s a list of banks in Malta that might help you sort out your finances and enjoy a stress-free study abroad experience in Malta.
This article focuses on the banks in Malta that will accurately fit you depending on your finances.
The different types of banks in Malta
Local Banks: The local banks of Malta play a pivotal role in the country’s finances, balancing between offering personal banking services and supporting the island’s business environment. Bank of Valletta (BOV) and APS Bank are the most popular local banks in the nation. BOV is the largest bank in Malta. It has several branches in the country. These well-established banks provide various services, such as savings accounts, loans, mortgages, and investment solutions. Local banks mainly cater to locals, but non-residents can also use their banking services. There are several branches of these local banks in Malta, and it is essential to know the procedures for opening a bank account in these banks. The process should take about two weeks.
International Banks: Sparkasse Bank Malta and HSBC are examples of International Banks in Malta. Malta has a string of international banks, but they have fewer branches than the local banks. If you already have an account in one of these banks back home, this might be a convenient option.
Online Banks: Online banking is popular in Malta, and a mix of local and international banks provide digital platforms. Banks like OhentPay and MeDirect operate digitally without physical branches. This is a convenient option for international students as it allows them to avoid the hassles of offline procedures, and online banking is considerably cheaper.
Banks in Malta
1. HSBC Malta
HSBC, a subsidiary of the global banking giant, is one of the largest banks in Malta. It provides various services such as Retail Banking and Wealth Management, Commercial Banking, and Global Banking and Markets.
The HSBC Student Package is available for both Maltese and International full-time students. It will be convenient for students who already have an HSBC account back home. Students without a stipend can also apply by providing an acceptance letter from their university confirming full-time studies.
2. Bank of Valletta
BOV is the largest and one of the most well-established local banks in the country. It has several branches and offers a wide range of services.
The BOV Club Student Package is available for students of Maltese or foreign nationality aged between 16 and 30 who are studying full-time in a post-secondary institution or at a tertiary level in Malta. It is the perfect choice for those who are comfortable with traditional banking.
3. APS Bank
APS Bank in Malta provides several services that are suitable for international students.
APS Student account offers several benefits for its account holders. When a full-time student aged 16 or above receives their first stipend, they can receive a €60 cash gift. APS Bank’s student accounts may have minimal to no monthly fees, making them affordable for students managing a tight budget. Other benefits include free myAPS internet, mobile banking, and financial planning advice.
4. MeDirect
MeDirect is the third largest bank in the country. Formed in 2004, it specialises in savings and investment services.
Even though it’s not explicitly made for students, most features can be used to their advantage. It offers lower fees associated with online-only operations. Savings Accounts can be easily opened without monthly maintenance fees, making it affordable for students on a budget.
5. Revolut
Revolut is a widely used digital bank in Malta. It is considered a quick and user-friendly platform. Revolut is accepted in 150+ countries, and currency conversions are handled as well.
Students who are not used to traditional banking options prefer Revolut.It is an excellent option for international students in Malta due to its low-cost international services and flexibility in handling multiple currencies.
Overview
In brief, Malta’s banking system has many options for international students. From the traditional Bank of Valletta to the digital Revolut, the Maltese banking system has banks that will fit any international student’s preferences. It is essential to consider all factors when opening a bank account in a different country. They should prioritise banking convenience, affordability, and suitability to fulfil their banking needs. Students should look for banks that provide low or no account fees, student-specific accounts, easy and low-cost international transfers, multi-currency support, accessibility and branch networks. Prioritising these features allows international students in Malta to secure a bank account that caters to their needs for managing expenses.
