The unit of currency of Malta is, as of 1 January 2008, the Euro.
The banking system in Malta, is well developed, highly organised, reputable and capable of providing fast and efficient service worldwide. The system is conservative, depending mostly on retail deposits rather than wholesale borrowing. Nevertheless, the banking landscape has developed swiftly in the past years, and as of March 2011, there are 25 licensed credit institutions. Although most of these credit institutions partake essentially back-office roles, over the years, most licence holders have branched out into more specialised areas of their group’s global operations, to include amongst others, wealth management, private banking, treasury options and syndicated loans.
In their effort to satisfy the diverse needs of the business community, the commercial banks are full members of the Society for Worldwide Interbank Financial Telecommunications (SWIFT) and provide a wide range of facilities. FBS can assist non-residents to open bank account in Malta and other jurisdictions.