Payment Account with Basic Features

A Payment Account with Basic features is a basic bank account that allows consumers legally resident in Malta or in another EU Member State that do not have other bank accounts in Malta to have access to a set of banking services considered as essential, free of charge or at a reasonable cost.

Besides the consumers described above, if you:

  • have no fixed address;

  • have no permanent identification documents;

  • have been resident in a correctional facility and/or any rehabilitation centre; and/or

  • may require stricter due diligence to be carried out by the Bank, you can still apply to open this account subject to the Bank’s due diligence procedures.

A Payment Account with Basic features allows you to:

  • Open, operate and close the account;

  • Place funds in the account;

  • Withdraw cash at the counters of the credit institution or at ATMs within Malta and other Member States;

  • Make payments through the use of a payment card, including online payments;

  • Make credit transfers, including standing orders at terminals and counters and via any online facilities provided by  the credit institution;

  • Execute direct debits within the European Union.

You can also be provided with an overdraft facility, if you request it and if your credit institution agrees to provide it to you.

In addition to the above, when opening a Payment Account with Basic Features you can have access to other products and services being offered by the credit institution. However, these would be provided in addition to the ones included in the Payment Account with Basic Features, and the credit institution will charge for the provision of such products or services as described in its tariff of charges.

This account shall be offered, at least, in Euro, but can also be offered in the currency of any other Member State, at the sole discretion of the credit institution offering the account.

Credit institutions with five or more branches in Malta are obliged to offer the payment account with basic features. Credit institutions with four or less branches may also provide this account but are not obliged to do so.

For more information you may visit your preferred branch, check the credit institution’s website or this leaflet.