Opening Savings Account

17POSTS

13 years ago

I would like to share my experience.
I recently moved in Malta as I already had a job offer. The employer asked for a Bank account so that I could get paid.
Having only 1 week in Malta I didnt have any "papers" and I thought as a member of the European Union what problems could there be.

So I went to BOV to open a savings account with a letter from the employer stating the status of the employment, salary, dates, etc. But this was not enough, they wanted to cross check with my Bank in Greece to see my status. I thought that was weird, and until I found out that they have to send by POST in 2013 a request to another bank for validating my Greek address. 2 weeks later and still no bank account. In the meantime, I spoke with my bank in Greece to see that the have received the letter, because BOV is very arrogant, we sent the letter, we dont care... and my bank said that the paper received from BOV is illegal. Its illegal a third party to request private information on a customer and so still 3 weeks later and no bank account. Then I decided to go to HSBC were they follow the same procedure, they have to ask another bank of who you really are in order to open you an account!

Does any body else faced a similar problem? If so any ways to bypass the stupid Banking system of Malta?

Thanks!

See also

How to open a bank account in Malta - Guide
Savings Account For Expats - 4 Replies
Opening bank account on Malta - 20 Replies
Opening a bank account in Malta - 26 Replies
Opening a maltese bank account - 30 Replies
Opening a bank account in Malta - 18 Replies
Opening a bank account - multiplicity of criteria - 34 Replies

paako1 Member

17POSTS

13 years ago

Ok I got it.
Having read the rest of the blog, its impossible to open a bank account in Malta without an Id, especially now that they dont issue any more ID cards.

They are simply crazy!!!

Good old fashioned money or pay cheques :-)

James ViP

11272POSTS

13 years ago

Hi paako1,

If you think you've got it bad in Malta, you should try Brazil where the Central Bank regulations prohibit foreigners without Permanent Visas from holding bank accounts of any kind. The problem you are facing is not necessarily the banks you've applied with, but the rules imposed upon them by the Central Bank.

Brazil has the most complex banking system in the civilized world with regulations up the ying-yang. I've been living here for over eleven years now and as Brazil Animator for the Expat-blog Team I have always made one strong recommendation to anyone contemplating a long-term move to ANY other country...

HSBC has operations in almost every country. If you plan to leave home you would be wise to open an account (recommend checking) with HSBC in your home country. Next speak to the branch manager and ask for a referral to the HSBC International Banking Center who will assist you in opening accounts in any nation they operate in. This will save you all kinds of headaches. Also when using HSBC in most nations you can withdraw funds from all HSBC ATMs and their network ATMs. In many countries if you have any other bank at home your ATM international withdrawals may be very restricted.

I'm not connected with any bank, so I have no personal agenda or anything to gain by telling people this. I am just speaking from personal experience in hopes that I can help keep others from having to go through many of the problems that I faced here when I first arrived.

Cheers,
William James Woodward - Brazil Animator, Expat-blog Team

paako1 Member

17POSTS

13 years ago

Thanks for the reply. The problem is that we are talking about "European Union" and the only thing we are is "Union"...

Unfortunately I am already in Malta and cannot go back home to open a bank account in HSBC in Greece and then get back to Malta to open an account here as well...

Seems crazy to me, we are in the European Union, you have a letter of recommendation from an employer stating that you are hired already and need a savings account for the salary, not transactions, money laundry, buying property,overdraft, credit card etc... just a simple savings account for the salary :-)

Toon Cyprus Expert

10235POSTS

13 years ago

why not email your complaint to

mantonas Serial expat

707POSTS

13 years ago

Hi paako1,

I actually had the same experience today when I went to open a bank acc at HSBC in Mellieha. I wasn't aware that the banks here in Malta, need a recommendation letter from your previous banker.
They also confirmed that the all process should take approximately 2 weeks.

I thought was a bit strange too but it seems that this kind of procedure, is quite recent over here from what I was told by the branch assistant that was dealing with my request.

Well, unfortunately that's how things work at the moment and I just hope they get the recommendation letter from my previous bank, asap.

Good luck for you!

Antonio

Rocking Ken Serial expat

402POSTS

13 years ago

Hi,

I read about this a while back on the forum so I'm opening an HSBC account here in the UK and then getting it transferred to Malta at a cost of 拢100, HSBC told me it would take about two weeks and by the time I arrive it would be all set up.

Ken

tearnet ViP

2179POSTS

13 years ago

Rocking Ken wrote:
Hi,

I read about this a while back on the forum so I'm opening an HSBC account here in the UK and then getting it transferred to Malta at a cost of 拢100, HSBC told me it would take about two weeks and by the time I arrive it would be all set up.

Ken

Would it not have been possible to keep your UK HSBC account and just open another one in Malta. You could use your UK account while waiting for the Malta account to be set up and save tourself 拢100! (its what we did when moving from France).

Terry

michael78 Contributor

160POSTS

13 years ago

Was the same with me when I opened with HSBC last year in June. Took almost 1 month util it has been opened.

My swiss and my german bank both stated that it was illegal for them to respond to a letter or request from HSBC.

So as far as I recall, I organized a letter of recommendation from my swiss bank, wich has actually been sent directly from the bank to HSBC in Malta. The letter cost me 100 EUR

Bank acoount now works more than fine and I am happy with it.

mantonas Serial expat

707POSTS

13 years ago

#10

Ohh well! I hope my bank in Ireland don't decline to send the recommendation letter over to HSBC in Malta! Fingers crossed

tearnet ViP

2179POSTS

13 years ago

#11

Do you have to open a bank account in Malta? Can you not just use any bank these days and use a credit card to withdraw funds?
This is the age of the internet after all.

Terry

paako1 Member

17POSTS

13 years ago

#12

No because if the put money in a bank account abroad you have to pay extra money for the transaction. Anyway i will go with the flow and see what happens. Now that i know that i am not the only one facing this problem and that its a policy of the Central Bank to give us the hard time :-)

georgeingozo ViP

3703POSTS

13 years ago

#13

I thought they allowed you to open a really basic bank account without the residency paperwork

mantonas Serial expat

707POSTS

13 years ago

#14

tearnet wrote:
Do you have to open a bank account in Malta? Can you not just use any bank these days and use a credit card to withdraw funds?
This is the age of the internet after all.

Terry

Well, I have a bank account in Ireland from when I was working over there, but if I don't intend to go back to Ireland, why keep it open and use it from another country?
I am now living in Malta and therefore, makes sense to open an acc over here, so I can get my wages on this account and be able to pay my bills from here as well.
Another thing is, all the credit cards have an expiry date and for that reason, I would need to go back to Ireland to renew it at some point, which does not make much sense if I do not have an address over there anymore.

GuestPoster708 Guest

0POSTS

13 years ago

#15

Hi Mantonas

It would be great if you kept us updated on how you got on with the recommendation from your bank in Ireland as we will be facing the same challange - moving from Ireland to Malta at the end of May. I suppose we should check it with out bank and any costs involved..

mantonas Serial expat

707POSTS

13 years ago

#16

That's no problem at all Tinna9! Will give an update as soon as I get a feedback from HSBC.
To be honest, I would advise you to check with your bank over in Ireland, to see if you could bring a recommendation letter from them, prior to your arrival here, just in case.

georgeingozo ViP

3703POSTS

13 years ago

#17

mantonas wrote:
To be honest, I would advise you to check with your bank over in Ireland, to see if you could bring a recommendation letter from them, prior to your arrival here, just in case.

I believe the banks in Malta will ignore such a letter as it could easily be forged

michael78 Contributor

160POSTS

13 years ago

#18

Yes the letter has to be sent directly from your bank to HSBC in Malta then it might work.

mantonas Serial expat

707POSTS

13 years ago

#19

Ok then! Thanks for clarifying, did not know about that.

Cheerio,
Antonio

Toon Cyprus Expert

10235POSTS

13 years ago

#20

mantonas wrote:
tearnet wrote:
Do you have to open a bank account in Malta? Can you not just use any bank these days and use a credit card to withdraw funds?
This is the age of the internet after all.

Terry

Well, I have a bank account in Ireland from when I was working over there, but if I don't intend to go back to Ireland, why keep it open and use it from another country?
I am now living in Malta and therefore, makes sense to open an acc over here, so I can get my wages on this account and be able to pay my bills from here as well.
Another thing is, all the credit cards have an expiry date and for that reason, I would need to go back to Ireland to renew it at some point, which does not make much sense if I do not have an address over there anymore.

i have had a uk credit card for years and its been renewed ok without me ever going to the uk - and it has my Malta adddress on it

tearnet ViP

2179POSTS

13 years ago

#21

Yep, same as Toon, UK credit card and never had a problem renewing.

Terry

georgeingozo ViP

3703POSTS

13 years ago

#22

Different UK banks have different policies - some will cancel all accounts as soon as you tell them you have moved overseas, some are happy for a number of years, others seem happy for ever.

Rocking Ken Serial expat

402POSTS

13 years ago

#23

tearnet wrote:
Rocking Ken wrote:
Hi,

I read about this a while back on the forum so I'm opening an HSBC account here in the UK and then getting it transferred to Malta at a cost of 拢100, HSBC told me it would take about two weeks and by the time I arrive it would be all set up.

Ken

Would it not have been possible to keep your UK HSBC account and just open another one in Malta. You could use your UK account while waiting for the Malta account to be set up and save tourself 拢100! (its what we did when moving from France).

Terry

We have an account at Barclays but to avoid the hassle of trying to open one up in at HSBC in Malta we will open it up in the UK and then transfer it across.

Ken

michael78 Contributor

160POSTS

13 years ago

#24

HSBC Uk normally does not open accounts for foreigners which do not live there or?

georgeingozo ViP

3703POSTS

13 years ago

#25

michael78 wrote:
HSBC Uk normally does not open accounts for foreigners which do not live there or?

nothing about being foreign, but about being non-resident - its almost impossible to open an account in the UK unless you are resident

michael78 Contributor

160POSTS

13 years ago

#26

Yeah noticed that myself some time ago

Toon Cyprus Expert

10235POSTS

13 years ago

#27

yes they do we opened ours here as part of the living abroad package they offer...its not a problem - debit cards credit cards accounts ovrdraft etc were all ready for us before we arrived. as far as i am aware that service is stil available

but to be honest my advise is not to close the uk account keep it open if you can as its really hard to open one again once you have left.

GuestPoster566 ViP

3692POSTS

13 years ago

#28

I have an HSBC account in UK and I am in the process of opening an account in Malta.
This is all being done before we return and we have NOT been asked for our address on Gozo. (Costs 拢100 for this though.)