A Payment Account with Basic features is a basic bank account that allows, when legally residing 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.
Am I eligible to apply for a Payment Account with Basic Features?
If you are a legal resident of the EU country you are entitled to open a “Payment Account with Basic Features”. Banks cannot refuse your application for such account just because you don’t live in the country where the bank is established. If you are legally residing in Malta or in another EU Member State and you do not have other bank accounts in Malta and/or:
- have no fixed address;
- have no permanent identification documents;
- have been resident in a correctional facility and/or any rehabilitation centre.
This right does not apply to other types of bank account, such as savings accounts.
What are the features of a Payment Account with Basic features?
Applying for a Payment Account with Basic Features facilitates you to:
- Open, operate and close the account;
- Place funds in the account;
- Withdraw cash at the counters of the bank or at ATMs within Malta and other Member States;
- Make payments using a payment card, including online payments;
- Make credit transfers, including standing orders at terminals and counters and via any online facilities provided by the bank;
- Execute direct debits within the European Union.
What additional features/ benefits are provided with this type of account?
You may also be provided with an overdraft facility, if you request it and if your bank agrees to provide it to you (not applicable for PABF bank accounts). Relevant documentation including Terms and Conditions should be provided.
In addition, when opening a Payment Account with Basic Features you can have access to other products and services being offered by the bank. However, these would be provided in addition to the ones included in the Payment Account with Basic Features, and the bank 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 bank offering the account.
Which banks offer this type of Account?
Banks with five or more branches in Malta are obliged to offer the payment account with basic features. Banks 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 bank’s website or this leaflet.
When banks can refuse you a Payment Account with Basic Features?
- You can be refused a Payment Account with Basic Features in case if you do not comply with the EU rules on money laundering and terrorist financing;
- In some countries you may be refused if you already have a similar account in another bank in the same country;
- If you’re applying for a Payment Account with Basic Features outside the country where you live, banks may want you to provide clarifications for doing so.
