In Malta, banks have to comply with European Union conditions. Bank laws and transactions in Malta are strictly controlled. All processes can therefore be slow and difficult. If you need a business bank account in Malta, be sure to read this article.
Malta Bank Account Types
If you want to open an account in Malta, the most preferred bank account types are:
Current account: These accounts are used to process cashless payments in some regions and are suitable for everyday use.
Basic account: Used in all EU countries. Basic accounts are a basic checking account with no monthly fees, designed for minimal, basic banking needs only.
Savings account: An account that restricts withdrawals and allows deposits while interest continues.
Why Do You Need a Bank Account?
You should choose an account type based on why you need a bank account in Malta. The best option for each need will be different. If you are a student and coming to Malta for study, it is not recommended to open a bank account. Because account creation processes are very long. If you want to establish a company in Malta, you may need a bank account. However, this process is difficult and tiring. For this reason, you can take a look at online banking solutions.
Digital or online banks are banking solutions that cover all banking services. The difference between traditional banks and online banks is that the transactions are made in the branch or in the digital environment. Digital banks are easy to use. They provide faster and more affordable service. Therefore, it is a very advantageous solution against traditional banks.
Let's talk about wamo, an advantageous digital banking solution where both resident and non-residents can create business accounts in Malta.
wamo is the preferred digital banking solution in Malta. If you need a business account, it is a great option for you. You can start your banking transactions without wasting time while establishing your company. It allows you to create a business account in just 10 minutes. The shit is advantageous thanks to its features designed for companies. You can create virtual and physical cards, create sub-accounts, pay and receive payments easily.