MeDirect Bank Malta review

The account fee is €0, so there is no monthly charge to budget for. Among the accounts on the site it ranks 1 of 419 on monthly fee, which puts it in the cheapest group. Extra charges still apply for things like currency conversion.

Converting money costs 1.5%, which is above the site median of 1% and leaves MeDirect Bank Malta at 141 of 259 on this measure. Anyone who spends abroad often pays that rate on every conversion, so it matters more than the monthly fee.

Free cash machine withdrawals are set at €0, so treat cash as a costed extra rather than a standard feature. On the site's ranking of 115 brands, MeDirect Bank Malta places 41 on this measure, which is low. Paying by card avoids the charge.

The card is a debit card rather than a prepaid or credit card, so spending comes straight from the account balance. Alongside it the account offers a virtual card, listed under multi currency and virtual card, which is useful for online shops or for keeping card details separate from the physical card.

The account is built for several currencies at once, which suits people who buy in more than a single currency without moving between accounts. Converting between them still costs 1.5%, so holding several currencies only pays off if you are not converting often.

On cost MeDirect Bank Malta scores 5.2, the same mark as its overall score of 5.2. The monthly fee is €0, while conversion at 1.5% compares with a debit ranking median of 1%.

It suits people who want a plain debit card with no account charge and a virtual card for online payments, both covered by multi currency and virtual card alongside the €0 monthly fee. It suits people less well if regular foreign currency spending is the priority, given the 1.5% conversion charge.

It sits among the cheapest accounts on the site for running costs, ranking 1 of 419 on monthly fee, while the overall score is 5.2. The gap between that strong fee position and a 1.5% conversion charge is the trade-off to weigh.