Professional Bank Accounts in Malta

As an expat running a business in Malta, one of the first challenges you'll face is setting up a business bank account. Having gone through this process myself, I want to share my firsthand experience and help you navigate the sometimes frustrating Maltese banking landscape.

Traditional Banks: Why They're No Longer the Go-To Option

Let me be honest - the traditional banking scene in Malta isn't what it used to be. HSBC Malta has completely stopped accepting new business accounts, and Bank of Valletta (BoV), while still an option, can test your patience with their lengthy processes.

The reality with BoV is that you're looking at a 3-5 month waiting period, and that's just for a personal account! For business accounts, the journey is even more complex. They'll require you to open a personal account first, and even then, there's no guarantee they'll approve your business account. In fact, I've yet to meet anyone who's successfully opened a business account with a traditional Maltese bank recently.

The Digital Banking Revolution: A Game-Changer

Thankfully, the rise of digital banking solutions has opened up new possibilities for entrepreneurs in Malta. Let me share my personal journey trying different options:

My Experience with Revolut Business

I initially tried Revolut for my business banking needs. While they're a popular choice, I hit some roadblocks. They required a business website, and when I explained that I run a solo consulting business, my application got stuck in limbo. It's worth noting that your experience might differ, especially if you have a more traditional business model.

Why Wamo Became My Go-To Solution

After my Revolut experience, I discovered Wamo (wamo.io), and it's been a complete game-changer. Here's why I recommend it:

The entire account opening process took just 3 days - a stark contrast to the months of waiting with traditional banks
Their 24/7 chat support actually works (and trust me, this matters when you're running a business)
The application process is user-friendly - you can even pause and resume without losing progress
They understand the needs of modern businesses in Malta

I'm so satisfied with their service that I'm planning to use them for my Cyprus holding company as well.

Tips for Choosing Your Business Banking Solution

Based on my experience, here's what you should consider:

Speed of Setup: If you need to get your business running quickly, digital banks are your best bet
Account Management: Look for solutions offering robust online banking and mobile apps
Support Quality: Ensure you can get help when you need it - this is where many digital banks excel
International Compatibility: If you're dealing with international clients or suppliers, choose a bank that handles foreign transactions efficiently

Looking Ahead

The banking landscape in Malta continues to evolve. While traditional banks are becoming less accessible, digital banking solutions are filling the gap with more efficient, business-friendly services. For now, Wamo stands out as the most reliable option for new businesses in Malta, offering a balance of convenience, speed, and modern banking features.

Remember, banking needs can vary significantly depending on your business type and requirements. What works for my consulting business might not be the perfect fit for your venture. However, I hope sharing my experience helps you make a more informed decision for your business banking needs in Malta.