bank accounts/tax - split from other thread

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Postby gozomark » Mon 30 Sep 2013 06:56

My bank in the UK has allowed me to keep it open, with a Malta address, for over 10 years now, but I cant open any new accounts with them. Another bank account I had in the UK closed it as soon as I told them I'd moved to Malta.
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Postby gozomark » Mon 30 Sep 2013 07:11

steveclv wrote:
So until we land in Malta and can establish a local bank account we are having to carry travelers checks (max $10,000)

The legal limit coming intoMalta is € 10,000 per person (in cash and equiv) - above that still permitted, but has to be declared. Not sure what the limit is on leaving the US.
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Postby Playbyte » Tue 01 Oct 2013 21:05

Thanks for all the input to this thread.

I will be walking to my bank this thursday and asking them to open an account for me in Malta so as they say watch this space.
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Postby steveclv » Tue 01 Oct 2013 23:25

$10,000 is the undeclared limit when leaving the US and that's per group not per individual - however it's simply a case of declaring how much you are carrying.

As we are traveling through London, I am a little confused as to whether we have to declare it in London as we are only transiting through to get to Malta - albeit another EU country. Yep, it get's confusing quickly.

Playbyte, will be interesting to hear how you get on - from what I have been told, I have to physically be in country to start the process. Hopefully you might find it easier.
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Postby Playbyte » Thu 03 Oct 2013 17:52

My visit to the bank today.

I have an ordinary account at HSBC with little or no savings.

• On the payment of a fee of £100 my bank would introduce me to the international service who would set up the following in a Malta branch:

• Current account using a UK address that would be changed to a Malta account once it was known.

• Send the account details to me within 5 days of completion of paperwork.

• Send Credit/debit cards to my UK address within 20 days.

o I was advised that arrangements could be made for credit/debit cards to be collected from the branch in Malta if required therefore removing the risk of post.

• Arrange for a face-to-face appointment with the branch to validate me on production of my passport when I next go to Malta

Once I have moved to Malta and got an address then I can update both the UK account and the Malta account with the address in Malta.

It is recommended that the UK branch have two addresses, the Malta address and a correspondence address in the UK.

We intend to have a member of the family in the UK responsible for receiving any mail and then scanning it in and sending it to us by email.

I was also advised that if an account is not used for a period of 3 months then it would be made dormant When I discussed this further it transpired that I could inform the UK branch of my dates for visiting the UK and the account would become available again. However, as we intend to send small amounts of money back to the UK regularly then the account should never become dormant.

One concerning items of discussion was the Internet banking. Apparently it would cost £17 per transaction to arrange for funds to be moved from the UK account to the Malta account if we only had an ordinary account in the UK.

We discussed the use of a premier account but that can only be obtained if you have an excess of £50,000.

I would have access to a personal premier account manager for the introduction to the international service to set up the Malta account for no fee, and for managing both accounts

I would have both accounts available in the same window online for Internet banking which will negate the need for the transfer fee over the Internet.

One final thing; we will be attempting to open an account in Malta, with a UK address, no credit/debit cards or cheque book, when we come over in April next year ready to receive funds for when we make the final move.
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Postby JJ » Fri 04 Oct 2013 00:15

Things may have changed but I got all of that without charges by going to the expat department of a <cough> leading Maltese bank.
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