Bank account for malta company

[ImABotnet]

Hello everyone,

I have now successfully registered my company in Malta, which was finalized since 1 week!

I would really appreciate your advice on one final and crucial point: Which bank would you recommend for my business?

I run three e-commerce stores generating around €100K in monthly revenue (total). My business is relatively new, operating since September 2024. My stores are not in a high-risk sector (no gambling, crypto, or finance/ adult).


I’ve heard mixed opinions on fintech solutions—some say they are great, others mention account freezes and compliance issues. Also, I read that opening an account with HSBC Malta is very difficult, and Bank of Valletta (BoV) is even more complicated.

Considering my situation, which banking solution would you recommend ?

 

[ilke]

Try Moneybase, it's a Maltese EMI from CCIS so you can receive send SEPA/SWIFT (EUR, USD, GBP) at good pricing while also investing business funds from the account (they have savings cash funds as well, which are quite low risk and almost match money market rates).

Otherwise, wamo.io is also quite good. Classic EMI running on top of BCIR, nothing special, but you get multi-currency IBANs and corporate cards for a fair price.

You can also look at the usual mass-market business EMIs like Worldfirst, Currenxie, Zen, Okeo, OneMoneyWay; all quite decent.

Personally I avoid Maltese banks, and it's usually difficult to open accounts in jurisdictions you don't have a connection to (e.g., if you were Slovak, it would not be particularly hard to open accounts for a Maltese Ltd in Slovakia) so I would rather recommend these FinTech solutions.

 

[PhantomOf ThePits]

Hello everyone,

I have now successfully registered my company in Malta, which was finalized since 1 week!

I would really appreciate your advice on one final and crucial point: Which bank would you recommend for my business?

I run three e-commerce stores generating around €100K in monthly revenue (total). My business is relatively new, operating since September 2024. My stores are not in a high-risk sector (no gambling, crypto, or finance/ adult).


I’ve heard mixed opinions on fintech solutions—some say they are great, others mention account freezes and compliance issues. Also, I read that opening an account with HSBC Malta is very difficult, and Bank of Valletta (BoV) is even more complicated.

Considering my situation, which banking solution would you recommend ?

Wise.com as well as Revolut.com open biz accounts for a Maltese TradeCo.

Dont waste your time with local Maltese banks, 'trust me Bro'...

 

[JustAnotherNomad]

I have no personal experience, but you should probably set up as many accounts as you can. Any account can get frozen, so then you should have a backup ready.

 

[undercover]

Try Moneybase, it's a Maltese EMI from CCIS so you can receive send SEPA/SWIFT (EUR, USD, GBP) at good pricing while also investing business funds from the account (they have savings cash funds as well, which are quite low risk and almost match money market rates).

Had a look at them, looks like a regular but good EMI, do you have used them in the past and for how long ?

 

[alpakiwi]

Revolut works nicely IMHO

 

[IMEXMalta]

Wise doesn't open for maltese banks, Revolut yes, but if you are looking for a established bank there is APS and Raiffeisen Bank, avoid HSBC and BoV as you will need a substance to open with them.

 

[ImABotnet]

Thank you all for your advice!

I can no longer open an account with Revolut since I had issues with them two years ago—I am systematically rejected. Wise is not accepting new clients in Malta at the moment. I managed to open an account with Wamo.

I am also in contact with HSBC Malta; they don’t seem to have rejected my application despite my lack of substance in Malta. Today, they asked me to provide a two-year business plan, which I have just submitted. I will keep you updated on the progress.

I will also look into APS and Raiffeisen Bank.

 

[ImABotnet]

Things are going well so far with opening a bank account at HSBC Malta, even though I’m not yet a Maltese resident.

Ive already submitted my business plan, and today they asked for a structure chart of my company. For now, it seems quite positive.

It’s a far cry from everything I’ve read here and online about HSBC and physical banks being difficult to deal with—especially when there’s no local substance.

I’ll keep you posted on how it develops!

 

[IMEXMalta]

Keep an eye on it, as HSBC Malta is going to be sold soon, bidders are APS bank, a local consortium of business owners and the owner of the hungarian bank OTP which is a good friend of Mr. Orban. Nobody can estimate at the moment how things are turning.