Opening a business account in Malta (as anywhere) can be notoriously tricky. Especially if you decide to go the traditional banking route. Mostly this is because traditional banks can’t be as agile as newer alternatives - due to history, size and deeply entrenched procedures that still require time and effort on everybody’s part. Challenger banks that are digital-first or digital-only have managed to automate and solve for speed and efficiency, allowing business owners to open business bank accounts in Malta quickly. However, being official banks (meaning that they operate with a full banking licence), they will still usually have a number of hurdles in place that some business owners won’t be able to clear - like the need to do a credit check or the requirement that your business is registered in a specific country.
When banking alternatives can be better
There are other options worth exploring and they go by a few names: financial management platforms, e-Money platforms, neobanks and payment platforms. Some, like PayPal and Wise, focus on providing easy global payments with multiple currencies. At wamo, our focus is on making sure that everyone that needs a business bank account in Malta gets a fair chance at having one. We hear many stories of frustration from new customers who come to us because they’ve been refused business bank accounts. Some who failed credit checks for reasons they should not be forever limited by, some who want to have a go at building a business but aren’t able to get an account because they can’t register a business as a non-resident… the reasons are endless and too often unfair or unclear.
wamo’s best features: Everyone’s business account
If you own a registered business and need a business account in Malta, here’s how to register with wamo in minutes. The key is to have your relevant documents (your ID) ready and your best camera-face on.
How to open a wamo business account in Malta as a Company
Have the company director’s and the UBO’s passports, IDs or driving licences ready Download the wamo app from Google Play or the App Store.
Once you’re on the app:
- Pick a passcode and enable face ID (this is optional but much faster and more secure)
- Select your business type, country, and industry
- Enter your company name, address and registration number.
- Next you’ll add your director’s name (or names) and details and scan their IDs.
- Add the company’s Unique Beneficial Owners (UBO) details: name, residence, date of birth.
- Lastly choose the account holder and scan their ID
That’s it! Your documents are then reviewed and once clear you will be able to use your account (start taking payments, for example) instantly.
Advantages of wamo
At the end of the registration process for your wamo business account you'll get to our subscription plan choices. Now it's all about choosing the right plan to suit your particular business needs. If you're just starting out or you are a very small team, maybe it's just you!, then the Start plan is a great place to, well, start. For bigger or more established businesses and teams it's worth calculating how much you will save by paying a slightly higher subscription but enjoying the free cards and local payments as well as the lower fees. It's all up to you!
Sinan Elver
So, if you're ready to try an alternative to the traditional bank, great! The good news is that with the options and technology available today more and more people are opting for alternatives because they can be just as reliable, secure and feature-rich as challenger and traditional bank account options. They tend to be created with the customer’s rather than the institution’s needs at the front and they generally work hard to ensure your satisfaction.
If you’ve struggled to open a business account in Malta or are frustrated with your experience so far, give wamo a go! We really couldn’t have made it easier.
