Malta has established itself as a premier hub for international banking over the past few decades. With its strategic location in the heart of the Mediterranean, political and economic stability, and developed financial services sector, more and more people from around the world are choosing to handle their banking needs through Malta.
If you're interested in doing international banking but aren't sure where to begin, here are 5 top reasons why Malta should be at the top of your list.
Why is Malta Often Preferred for International Banking?
There are several factors that have made Malta a popular destination for people interested in doing their banking internationally.
1. Strategic Location
Malta sits right in the middle of Europe, North Africa, and the Middle East. This provides ideal access to serve clients from a wide range of countries and regions. Being an EU member also allows Maltese banks to seamlessly facilitate banking activities across Europe.
The central location makes Malta a very convenient choice for those doing business or with interests in multiple countries and markets.
2. Political and Economic Stability
Malta has a long record of political stability as a democracy. Even during periods of unrest elsewhere, Malta has continued operating smoothly. The country also has a robust and growing economy supported by sectors like tourism, online gaming, ship registrations, and of course, international banking.
This stability provides confidence that your money and assets will remain secure when banking through Malta.
3. Developed Financial Services Sector
Over decades, Malta has proactively developed its financial services landscape into one that can rival any global financial center. Regulations and standards are in line with the strictest international norms.
Banking operations are securely facilitated online or through global networks. A skilled local workforce supports the entire sector. This means top-notch financial services aligned with your needs as an international client.
4. Attractive Tax System
Malta operates a very attractive tax system for those doing international banking through the country. Several categories of foreign-sourced income incur no tax liability at all. Capital gains tax rates are also lower than most other jurisdictions.
And being in the EU allows easy movement of funds without additional taxation. This makes Malta an excellent choice from a tax efficiency standpoint.
5. Ease of Account Opening and Use
Setting up an international banking account in Malta is straightforward with streamlined processes and easy account opening procedures. Necessary documentation requirements are minimal and can usually be submitted remotely.
Thereafter, managing your account is simple through the bank's digital platforms or by interacting with their experienced staff. Malta aims to make international banking highly convenient.
Which Bank Offers the Best International Banking Service in Malta?
When it comes to choosing a bank for your international banking needs in Malta, Jetonbank is generally considered the top option.
As a fully licensed digital bank, we specialize exclusively in serving global clients through convenient online platforms.
Some key reasons why Jetonbank is preferred include:
- Easy to open private and corporate accounts remotely with minimal documentation required.
- Highly secure digital banking platform allows easy management of accounts from anywhere worldwide.
- Wide range of supported currencies and ability to conduct banking activities in multiple currencies.
- Competitive interest rates on deposits and flexible fee structures.
- Integrated payment solutions facilitate smooth international money transfers at low costs.
- Multilingual customer support services available 24/7 through phone, email and live chat.
- Regulated by top international standards including PCI DSS, ISO27001 and more.
Jetonbank offers a best-in-class digital banking experience designed specifically with an international banking clientele in mind. This makes us the top choice for many seeking a licensed and trusted bank in Malta.
What Documents are Required to Open an International Banking Account in Malta?
The documentation requirements to open an international banking account in Malta are relatively straightforward.
In general, you will need:
- Valid government issued photo ID (passport or national ID card).
- Proof of address, such as a recent utility bill mailed to your location.
- Source of funds documentation like bank statements or tax returns.
- For corporations, additional documents like certificates of incorporation or business license.
Most Malta online bank accounts can now be opened remotely by uploading digital copies of these common documents.
Some banks like Jetonbank also allow account opening without the need for proof of address if certain balance thresholds are met. The process is designed to be quick and efficient for people doing overseas banking in Malta from anywhere in the world.
Who Can Open an International Banking Account in Malta?
Pretty much anyone from anywhere in the world can open an international banking account in Malta subject to a few standard criteria:
- Individuals aged 18 years or older. Accounts can be opened for minors by guardians too.
- Companies, trusts, and other legal entities are allowed corporate accounts.
- Non-residents, expatriates, and digital nomads can all bank through Malta without requiring residency.
- Citizens of most countries are eligible except those under sanctions or politically exposed persons.
- Businesses and entrepreneurs generating foreign revenues can establish professional banking relationships.
- High-net-worth clients can access private banking solutions and wealth management services.
Whether you're doing regular financial activities or operating an international business, setting up an online banking account in Malta is quite straightforward as long as you meet basic identification and compliance standards. The country aims to welcome global banking clients of all types.
Sending Money Internationally with a Malta International Banking Account
Once your international banking account is set up in Malta, transferring money globally is incredibly simple.
Licensed banks in Malta facilitate instant overseas payments in all major currencies through integrated payment platforms.
Some of the ways you can easily send and receive international funds include:
- Wire transfers processed within 1 business day for most countries at low fees.
- Real-time bank transfers to Europe and certain countries worldwide.
- Secure payments via SWIFT, SEPA, Target2 and other domestic and cross-border clearing systems.
- International debit card withdrawals at competitive forex rates from partner ATM networks globally.
- Online banking bill pay and P2P services to remit money person-to-person internationally.
- Digital asset transfers and trading are supported natively on some digital banking platforms.
Plus, being an EU financial center means seamless transfers anywhere within the Eurozone at domestic costs. A Malta bank account streamlines your international banking transactions globally.
With its many advantages, Malta has established itself as one of the top destinations worldwide for conducting international banking. Whether you are an individual, business, or high-net-worth client, Jetonbank offers an excellent one-stop solution through our world-class digital banking platform.
Visit Jetonbank to explore how we can help handle your global financial needs securely and conveniently. Malta could very well be the ideal overseas banking jurisdiction for your requirements.
