Bank Account Switching

If you hold a payment account with a payment service provider (bank or other financial institution) located in Malta you can request a switch to another payment account in the same currency, in an institution located in Malta or in another Member State.

As a consumer you have the right to:

  • Receive clear and complete information about this procedure, including any applicable fees;

  • Transfer the money from your old account to the new one;

  • Move all your outgoing payments (i.e. direct debits or standing orders) and those incoming (i.e. salaries) to your new account;

  • Close your old account.

To start this process you should give authorisation to the “new” institution. This authorisation shall be as clear and detailed as possible, allowing the institutions to understand which services you want to switch and, when applicable, those you wish to keep in the “old” institution.

After that, within two working days, the “new” institution shall transmit your requirements to the “old” one and both institutions shall complete the respective assigned tasks within five working days.

Consumers shall have free of charge access to relevant information readily available at banks and shall also receive it in any durable medium, if requested.

As for each banking product or service if you have any complaint about the banks for the switching you can lodge it to the Office of the Arbiter for Financial Services.