Home Banking Revolut Solves Banking Problems in Malta

Revolut Solves Banking Problems in Malta

8 January, 2019 16 comments

Banking is one of my biggest pet peeves in Malta. The banking system is an absolute mess. Being a foreigner (the big F word in Malta) puts you at an instant disadvantage, but even things like the online banking, customer service and the mobile apps are miles behind other developed countries. But I have found a quick and easy solution to bank problems in Malta and you can too, by trying Revolut in Malta.

Bank Problems in Malta

Internet banking and mobile apps exist but are incredibly basic. I can’t even see a running balance in mine, just a list of transactions, usually showing up a week after they were made. It genuinely takes 5-7 working days to update transactions in your statement. Customer service is slow and unhelpful. They don’t have any authority or permissions to do anything. If you lose a card, good luck getting a new one within 3 weeks. If you’re abroad and you have issues, just good luck! If you’re a foreigner and you want a visa debit card, HAHA. Need to pop into the bank? Don’t even bother. They open on part time hours and never have enough staff so you’ll be waiting for at least an hour, often longer.

In short, bank problems in Malta are something you have to work around. Something to try and survive. So when my boyfriend told me about Revolut, I was super excited. There are a number of different companies doing a similar thing but Revolut has exploded recently as they just do everything that little bit better. There are a bunch of reasons to use Revolut and they have so many features and services but I’ll talk through the bits that I love.

What Bank Problems Does Revolut Solve?

Revolut Ltd is authorised in the UK by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900562.

You simply download the mobile app, set up an account and receive your debit Mastercard within, generally 3 business days. Revolt reached Unicorn status in 2018, just 3 years after launching, making them one of the fastest ever companies in Europe to get there. Their app is what banking has always needed and best of all.. their service is free. 

Revolut solves a lot of banking problems that you’re likely to experience in Malta. The biggest being:

  • instant balance updates
  • transparent mobile app
  • free cash withdrawals
  • great exchange rates
  • spending analytics
  • help with saving
  • great budgeting tools

How I use Revolut in Malta 2019

I get paid into my BOV account. As my company uses BOV, it makes the salary transfer process as easy as possible. I transfer anything I want to save into my BOV savings account. I then upload around €200 – €500, instantly into Revolut. I just click ‘Top Up’ insert my card details (which it’ll remember for next time) and the cash appears instantly in Revolut.

This act of transferring an amount already helps me keep a closer eye on how much I’m spending. Then each transaction sends a notification to my mobile so nothing ever goes unnoticed. I often check the Analytics to see where I’m spending my money each month, so I know exactly where I can cut back or improve. Then throughout the month, I top up as needed.

Free Revolut Account Malta

Some of my favourite features include:

  • CONTACTLESS (not that anywhere in Malta knows what this is yet, but it’s fun when travelling!)
  • app updates instantly with all transactions (none of this ‘book balance’ vs ‘available balance’ and waiting 5 days to see what transactions are pending)
  • it sends notifications to your phone when money goes in or out
  • super handy analytics feature which helps you visualise how/where/what you are spending
  • you can freeze and unfreeze cards at a tap of a button (really handy if you think a card is lost, but then find it again!)
  • €200 free cash withdrawals per month (in Malta if you have a BOV card but withdraw at an HSBC ATM for example, you’ll be charged €4)
  • industry best exchange rates
  • request money from friends
  • instantly send money to friends
  • split bill

Signup NOW for your FREE account!

I love how user-friendly and informative the app is. I really like that I can see all transactions as soon as they have been made and analytics helps me understand how I’m spending my money, thus helping me manage it much better. If I need to borrow cash from a friend (so many places in Malta still don’t accept cards!) I can Revolut it to them and it’ll appear instantly in their Revolut account. If a friend owes me money, I can request it, sending them a reminder and allowing them to pay right away. If a group of us are having lunch, or dinner, one of us can pay then ‘split bill’ enter our phone numbers and request our share from each of us.

Benefits of Revolut Premium in Malta

Revolut is a free service but extra paid Premium services or Metal services are also available. Premium gets you even more amazing features like:

  • comprehensive travel insurance
  • 2x standard limit on free ATM withdrawals
  • free global card delivery within 3 days (especially great if you lose your card when travelling!)
  • 24/7 support
  • discounted device insurance
  • cryptocurrency exchange
  • free unlimited FX
  • Vaults
  • spare change round up
  • wider choice of card designs (I am OBSESSED with the pink one!)

Upgrade to Premium NOW!

Benefits of Revolut Metal in Malta

Then Metal has some added benefits such as:

  • very cool black card made of actual metal
  • cashback on every purchase
  • concierge service
  • with more options to come

Order your Metal card TODAY!

As someone who travels a lot both for work and for pleasure, the monthly fee is already worth it just to make sure I am always insured. I checked over the policy and it’s as fully covered as you could hope from any plan. I also sleep a lot more soundly knowing I can get a new card delivered to me, almost anywhere in the world, within just 3 days.

Save Better with Revolut Malta

To save into your vault you can set a recurring payment, daily, weekly or monthly. Or you can use one of my favourite things ever; spare change roundup. This will round up every transaction you make to the nearest € and pop those extra pennies into your vault. Over a month this can be a really nice little change savings pot. And if you want to accelerate those savings you can, by choosing to multiply the roundup by x2, x3, x4, x5 or x10. So if, for example, you spend €1.50. Automatically the roundup will round up the transaction to €2 and put the extra €0.50 into your vault. If you have the accelerator on x3, it’ll actually put €1.50 into your vault.

Should I use Revolut in Malta?

YES!

In short, Revolut makes banking in Malta totally stress-free. Their app is perfect for keeping track of my spending. I save without realising by having spare change roundup and the x5 accelerator. Cash withdrawals are free, so I don’t have to panic about not being able to find the right cash point (we have hardly any in Malta and a €4 charge to withdraw from the ‘wrong’ ATM is hard to swallow!) and being able to transfer cash to my friends instantly and split bills in just a few taps of the app has really taken some of the little, but common stresses out of life.

16 comments

Kevin 17 June, 2018 - 5:04 pm

Thanks for the review! I downloaded Revolut but haven’t used it yet.

Reply
Charlotte 20 June, 2018 - 6:26 pm

My husband and I have been using Revolut for a few months in Malta and we do get charged for cash withdrawals. Around 2% I believe. But I think you have a limit of 200 euros per month that you can withdraw for free.

Reply
Rhi 20 June, 2018 - 7:09 pm

Correct :) I wrote in the post how with the free account you get €200 in free WD per month and with premium you get €400. Then the charge is 2% above that which works out much better than the €4 flat charge per transaction that bov/hsbc take!

Reply
William 22 January, 2019 - 11:12 am

Hi Rhi, love your Revolut explanation, very very well written, its a shame they don’t reward you for recommending them.

How about this then for your next article, are you fed up with disappointing service from TV on the island, dislike having to pay extra for Netflix or Apple TV to get what you want ? Tried cheap TV boxes that are unsupported and super painful to operate? Annoyed about being tied into internet contracts with indifferent quality ?

Subscriptiontv.co.uk is actually a Maltese service and by far and away the best system out there!

I can supply you with a free demo box, no problem. If you like it write about it !

Reply
Ruth Mamo 1 March, 2019 - 1:20 pm

Hi
I m trying to install revolut but code is not sent to me on my mobile. Csn you help pls?

Reply
Santosh devkota 21 March, 2019 - 11:01 pm

My card is cancelled can u send please cause I already paid I didn’t know how to use thats why canncled

Reply
Rhi 22 March, 2019 - 2:04 pm

Hi, please contact the bank or Revolut directly. I don’t work for them. Good luck!

Reply
Sam 29 March, 2019 - 7:08 pm

HI Rhi,

I was out of Malta for a year so they closed my HSBC account. I have just started a new job now I am back in Malta and have found out when trying to put money into my HSBC account that they have closed it due to it not having any activity for a while!!! SO i’m not without a Maltese Bank account. Will a Maltese company be willing to pay my salary into revolute? I have received a form to fill in with all my banking details, its this possible with revolute?

Many thanks,
Sam

Reply
Rhi 29 March, 2019 - 7:28 pm

Oh no! If you need a Maltese account try BOV. But if you can use Revolut, it’ll save you a headache. Most companies are happy to pay there. You get an IBAN like with any bank account so there should be no issue :) good luck!

Reply
Jason 27 April, 2019 - 10:55 am

I cancelled all bank services in malta. Start from rude hsbc to money grabbers bov. These two control the system and think they do as they please. All salaries monies transfers goes in revolut . I have metal service. Never had issues . These revolut are a hard hit for them and serves them right.

Reply
Haldane Murray 6 May, 2019 - 9:43 am

I have been trying to contact Revolut since 9am Friday (it is now 9.39 Monday) and am not getting any response to the chat they have on the account. There are no phone numbers or email contacts. How do I contact Revolut? I was advised on Friday morning that my account was limited waiting verification of document. It indicates this will be within 24 hrs. I have heard nothing and payment I tried to make are not going through. It is extremely frustrating trying to work like this with NO communication. What are my options? Has Revolut taken my money???

Reply
Rhi 6 May, 2019 - 11:19 am

Oh no, sorry to hear that. As a licensed financial institution, there’s no way they’ll have taken your money for no reason at all. But it’s frustrating when you don’t get good/fast service. Maybe you can try some of the following:

Help Centre: https://www.revolut.com/en-MT/help
Submit a complaint: https://www.revolut.com/en-MT/legal/complaints-policy/ (this also includes an email address)
Contact them on FB: https://www.facebook.com/RevolutMT/ (this is the Malta page, if you’re not in Malta, make sure to find the correct page)

Good luck

Reply
Peter 2 August, 2019 - 3:57 pm

“Revolt” – defeated by spellchecker

Reply
Rhi 2 August, 2019 - 4:33 pm

Oh no, somewhere in the post?!

Reply
Romina Sammut 26 September, 2019 - 9:34 pm

If i recevied money on revoult card can i transfer them to my bov account ? If yes there is a charges please .

Reply
Rhi 27 September, 2019 - 11:33 am

Yes you can. I am not sure about the free accounts but with premium and metal there are no fees.

Reply

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