Can a Foreigner Open an International Bank Account in Malta?10 min read
Reading Time: 4 minutesWhile globalization and remote work have continued to expand the connection between people around the world, the need for access to an international bank account is stronger than ever.
For individuals and companies seeking to conduct money business from one place to another or leverage offshore options, setting up an international bank account in a secure location such as Malta can offer multiple benefits.
Malta is a hotbed for offshore banking due to its political and economic stability, membership of the European Union and an open regulatory space for international investors and digital businesses.
However, opening a local bank account for residents who do not reside in Malta isn’t as easy as it sounds.
In this article, we will find out whether and how non-residents could remotely access foreign banking services in Malta.
Can a Non-Resident Open an International Bank Account in Malta?
The quick answer is yes – it is absolutely possible for foreigners to open an international bank account in Malta. The banks in Malta are generally willing to service foreign clients, as long as they are satisfied with the requirements for ID and residence documents.
The following are some of the reasons why Malta is a desirable location for non-resident international banking:
- Malta has European Union Anti-money laundering and Know-Your-Customer (AML/KYC) regulations that ensure full transparency and security.
- The country has a thriving financial services sector and a regulatory structure under the umbrella of the Malta Financial Services Authority (MFSA).
- Bank account holders can access funds worldwide through wire transfers, debit/credit cards, and online/mobile banking services.
- Deposit interest and capital gains are not subject to Maltese taxes for non-residents.
If all the application criteria are met, legally qualified foreigners may indeed set up an international banking account in Malta. Let’s explore the process further.
Is It Possible to Open an International Bank Account Remotely in Malta?
With the advancement of digital banking, you can open an international account in Malta without being in the country. Indeed, many reliable Maltese banks now provide you with the option to get the whole account opening process online from start to finish.
This online application process generally involves uploading ID documents such as passport and proof of residence, completing an online form, and video-identification testing using services such as IDnow. The money is then withdrawn digitally and the account opened online and on mobile devices.
This is especially easy with a digital offshore bank such as The Kingdom Bank that caters to global clients remotely.
Because we are a fully licensed bank both in Malta and in Europe, The Kingdom Bank makes it easy for eligible individuals to open an international bank account without having to meet face to face. Our seamless digital ecosystem and multilingual support makes borderless banking simple.
Can I Access Online Banking With My International Bank Account in Malta?
Yes – online and mobile banking is one of the key advantages of having an international banking relationship with Malta.
Only legitimate Maltese banks offer robust digital accounts which allow account holders to control their finances from any place on the planet where they have access to an internet connection.
The most common online and mobile banking functions of an international Maltese account are:
- Balances and transaction history are displayed in real-time.
- Domestic and international funds transfers
- Bill payments
- Currency exchange
- Debit card management
- Check deposit imaging
- eStatements and notifications
- Multi-factor authentication for security
The innovative offshore digital bank such as The Kingdom Bank offers innovative online and mobile banking services that genuinely provide borderless convenience to global customers.
Account holders can securely log in to check balances, pay bills and move value from one country to another – literally taking full charge of their global banking operations from their phone or computer. This digital transparency makes managing money overseas easier than ever.
What Documents are Required to Open an International Bank Account in Malta as a Foreigner?
If you’re a non-resident applying for an international banking account in Malta, then the normal KYC requirements will be applied:
- Valid passport/national ID Card.
- Proof of address (utility bill, bank statement, etc.) dated within the last 3 months
- Evidence of funding such as stubs, income taxes, or the financials of a company.
- A letter of recommendation from a well-established bank where you have an account.
Some banks may ask for more documentation such as a criminal history report, a reference from a job, or an incorporation certificate of a company, depending on the type of account and expected transaction volumes.
Any online offshore bank catering to omni-national clients such as The Kingdom Bank aims at making requirements straightforward.
Our easy to use app typically asks for just basic KYC information such as ID, address details and wealth – no extra steps needed. We also allow for submitting documents remotely through our online portal to make account opening international from abroad as easy as possible.
Best Digital Bank to Do International Banking in Malta Online
For individuals and corporations who are looking for the best of regulatory compliance, digital ease, and personal service – The Kingdom Bank is the best choice when it comes to international banking in Malta.
Because it is a locally licensed digital bank, The Kingdom Bank complies with all Maltese and European AML, KYC, and financial transparency requirements. Yet, we also deliver an excitingly contemporary online and mobile experience.
Account holders can access their global funds at any time via The Kingdom Bank app or client portal. With borderless payments, multi-currency accounts, investments, and 24/7 support, we’ve totally realized the promise of borderless digital banking.
Importantly, The Kingdom Bank also makes it easy for overseas clients to apply. The correct people and entities may open an account completely online in a few minutes, upload documents securely, and validate their identity at home.
We don’t require a minimum deposit or any monthly fees either.
If you are looking for a reliable partner to fulfill cross-border banking requirements, then look no further than The Kingdom Bank.
We combine regulatory rigour, technology innovation and personal services to make borderless finance even more accessible than ever.
Get an account with The Kingdom Bank today and enjoy global banking in one click through our award-winning digital platform – banking without borders.
