Bank Accounts / References / Please Help

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Bank Accounts / References / Please Help

Postby Neoxia » Tue 15 Oct 2013 16:59

Hi guys

I’m new to the forums and thought I’d say hello! =) I have loads of questions to ask, but thought I’d ask the first (which is the most important to me at the moment). Sorry if this is in the wrong place, feel free to move the thread moderators, if you like.

Basically, to cut a long story short, me and my partner love Malta and wouldn’t mind moving there. Been on many holidays and just adore the island. However, going on holiday is obviously different to living there. My parents are moving there later next year, as they too love the Island.

My questions are, how do you go about obtaining a bank account if you have bad credit in the UK? From what I understand, a credit check and a reference is required from your bank in your home country (In our case the UK). A little odd, but that’s the rules apparently. Our problem is, neither of our credit is brilliant, and although mine is currently acceptable, my partner has had a bankruptcy in the past and obviously his credit score is still rather naff from that. How would we obtain bank accounts there if we both don’t have good credit scores?

Neither of us aren’t fussed about having overdrafts or credit cards, we don’t have them in the UK. We have basic accounts with debit facilities etc. Would we be able to get basic accounts there, and if so, is a reference and credit check still required? Or would they point blank refuse us (especially him)? I am confused and a bit worried about it, as we do have cash saved and are about ready to make the move, but I don’t like the idea of walking around with 10 grand in my suitcase lol Also, I’m not sure I could live without a bank account and direct debits etc.

Everything else is pretty much fine, as we both have decent education levels and wouldn't have a problem getting jobs. It’s just the bank accounts that worry me, as I’m not sure how one can live without them? I understand that unlike the UK where having a bank account is a right, in Malta it is more of a privilege?

Has anyone had a problem like this or can shine any light or give any info in regards to this?

Thanks in advance for any replies,

Neo x
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Postby gozomark » Tue 15 Oct 2013 17:18

Hi Neo, and welcome to the forum :-)

Yes, banks in Malta are much more conservative than in the UK, and setting up a bank account before you actually move is tricking even with a perfect credit record. Once you take up residency and get your eResidency card, and have a job, it will be alot easier.
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Postby gozomark » Tue 15 Oct 2013 17:19

ps the following is a good place to start your research on moving ... hp?t=21114

1. An EU citizens legal rights - residency, working, students
2. what sort of residency is available ?
3. what do I need to apply for if I want to reside in Malta ?
4. do I need to apply for residency before coming to live in Malta ?
5. do I need an accountant to apply for residency ?
6. do I need health insurance ?
6.1 Do I qualify for public health cover, and if I do, what cover do I have ? Are prescriptions free ?
7. can I work in Malta ?
7.1 How much is income tax ?
7.2 How much are social security contributions ?
8. where do I apply for my residency certificate ?
9. where can I get the residency application forms ?
10. where do I apply for my ID card ? - EDIT no longer applicable as ID cards no longer issued to foreigners
11. what documents do I need to apply for residency ?
12. can I vote in Malta ?
13.1 buying a property FAQ
13.2 selling a property FAQ
14. renting a property FAQ
15. Importing a vehicle FAQ
16. What's the procedure for importing/exporting a pet ?
17. Can I use my driving licence in Malta ?
17.1 Applying for driving licence
18. Long term residency certificate
19. EHIC
20. electricity/water bills - domestic v residential
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