Moving to a new country comes with challenges and for expats in Malta, banking remains one of the biggest hurdles.“With traditional banks offering limited accessibility and high fees, we have found in Moneybase a solution that has fulfilled this gap,” says Tom Erik Skjønsberg from Expats Malta. In this interview, he talks about the community’s growth and financial struggles and why seamless, multi-currency accounts is crucial for a smoother transition to living in Malta.Expats Malta started as a small community in 2008 and has grown steadily alongside the increasing number of foreigners moving to Malta. In recent years, its Facebook community has surged past 155,000 members.“Obviously, with the increase in new members comes increased activity, which helps increase the amount of available information for all of our members,” explains Mr Skjønsberg.Among the most common concerns for expats are residency permits, healthcare, the cost of living and banking services.“Directive 2014/92/EU clearly gives any legal resident in the EU the right to open a basic payment account, yet Maltese banks continue to routinely fail to follow their legal obligations by being notoriously difficult when it comes to opening accounts. This process is often extremely time-consuming, with a couple of exceptions – one of those being Moneybase,” he notes.On 27th February, Moneybase, a Financial Institution which is part of Calamatta Cuschieri Moneybase plc, will host the Expats Edition of its ‘Moneybase Community Events,’ at its headquarters in Birkirkara showcasing how its platform serves the expat community, including its latest enhancements as well as providing insights on its investment services.“We have learned that Moneybase gives its customers the ability to apply for and receive a Maltese IBAN account within minutes, make swift SEPA payments in just a few seconds 24/7 and free of charge. Recently, the platform has launched competitive foreign exchange rates in 24 currencies and its cross-border payment capabilities now cover 189 countries. This has made Moneybase even more accessible and appealing to our expat community,” says Mr. Skjønsberg.For most expats, easy access to a basic payment account is the top priority. Multi-currency accounts with international transfer options are also in high demand, as many expats regularly send money back home. Given that a large portion of expats in Malta come from outside the Eurozone, affordable international transfers and competitive currency exchange rates are essential – something traditional Maltese banks often fail to provide.“Most banks in Malta struggle even with major currencies like USD and GBP, let alone currencies like the Baht, Dirham and Rupee. This is a major issue for expats who need cost-effective solutions,” Mr. Skjønsberg explains.Access to multi-currency payments is crucial for expats who still have financial obligations in their home countries, such as loans and taxes. Moneybase’s capabilities and its planned growth in this area make it a strong contender in Malta’s financial landscape.According to Mr. Skjønsberg, Moneybase has become a go-to solution for many expats because it simplifies the account opening process, removes unnecessary bureaucratic hurdles and uniquely provides a Maltese IBAN – a requirement still imposed by many employers and government institutions in Malta.“Since many expats need a Maltese IBAN, Moneybase stands out from other fintech competitors,” he says. Additionally, its recent enhancements, such as lower foreign exchange rates and expanded cross-border payment capabilities, have further strengthened its appeal.When compared to traditional Maltese banks, Moneybase is in a league of its own in terms of accessibility, customer service and features. “In terms of ease of access and customer experience, there really is no comparison,” Mr. Skjønsberg notes.Expats are generally accustomed to modern digital solutions from their home countries and for them, platforms like Moneybase offer a return to that level of service.“Maltese banks have been extremely slow in introducing functional digital products, so for most expats, finding a platform like Moneybase isn’t about discovering something new – it’s about getting back to the standard they expect,” he says.While Maltese banks have attempted to cater to expats, their efforts remain lackluster. “They appear to be quite set in their ways and fail to truly innovate. The customer experience for expats remains subpar,” he adds.Looking ahead, the future of Malta’s expat community remains uncertain. “Malta has built economic growth on underpaid, unskilled labour from non-EU countries, but this model is unsustainable. To continue attracting talent, the country will need to focus on highly skilled workers in tech and finance. However, the reputation Malta has developed regarding its treatment of foreign workers could be a stumbling block,” warns Mr Skjønsberg.While Moneybase has made great strides, there is still room for improvement in Malta’s banking and payments sector. “There is no strong digital platform in Malta that offers both daily payment products and a full range of credit services. Moreover, expats expect to use their cards without fees, particularly beyond basic payment accounts. Moneybase already excels in this area by providing fee-free card usage, as well as other free payment services for all Moneybase accounts. However, it does not yet offer a full range of credit services.”According to Mr Skjønsberg, many expats don’t just move to a new country – they reinvent themselves through new careers and lifestyles and financial freedom plays a crucial role in this transformation.“If the goal is to reinvent oneself, financial freedom is a vital part of it. Without it, you’re limited in career choices and lifestyle options. You can’t focus on building a successful career without the backing of a proper financial tool. This is where Moneybase truly stands out compared to other banking services in Malta,” concludes Mr. Skjønsberg.Payment services are brought to you by Moneybase Limited (MB) C 87193 which is licensed by the MFSA to transact the business of a Financial Institution in terms of the Financial Institutions Act, Cap 376. Investment services are brought to you by Calamatta Cuschieri Investment Services Ltd (CCIS) C13729 which is licensed by the MFSA to undertake investment services business under the Investment Services Act, Cap 370. Cuschieri Investment Services Ltd is a member of the Maltese Investor Compensation Scheme (“Scheme”). Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). MB and CCIS are both subsidiaries of the Calamatta Cuschieri Moneybase plc with their registered address situated at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara, BKR 9034, Malta.Tag someone you know is interested•