Opening a business bank account in Malta (as anywhere) can be notoriously tricky. Mostly this is because traditional banks can’t be as agile as newer alternatives – due to history, size and deeply entrenched procedures. 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 products are a better alternative
There are other options worth exploring. 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. wamo focuses 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 are refused business bank accounts for reasons they shouldn't be forever limited by and the reasons can all too often be unfair or unclear.
How to open a wamo account in Malta as a company
You will need the company director's and Unique Beneficial Owners' passports, IDs or driving licences ready. Download the wamo app from Google Play or the App Store. Once you're on the app, choose a passcode and enable face ID (this is optional but much faster and more secure). Choose your business type, country and industry; then enter your company name, address and registration number. Next you'll add your director's names (or names) and details and scan their IDs. Add the company's Unique Beneficial Owners' (UBO) details: name, residence, date of birth. Finally 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).
You can choose a business account based on your type of business and your particular needs. The good news is that with the options and technology available today, more and more people are choosing alternatives because they can be just as reliable, secure and feature-rich as traditional bank account options, even more so. They tend to be designed around the customer’s rather than the institution’s needs, and they generally work hard to ensure your satisfaction.