How can we help?

  • Accounts
  • Complaints
  • Model Portfolios
  • Morningstar
  • Safety
  • Tax matters & legislation
  • Investments
  • Transfer of assets
  • Who is MeDirect?
  • Corporate Actions
  • GDPR
Accounts
How do I open an account?
You can open an account by visiting one of our branches. We will assist you with the account opening process, which consists of submitting an account application form, an official identification document (ID card or passport) as well as a proof of address (recent utility bill or bank statement).
If you are unable to visit one of our branches, you can open an account online, by clicking on Become a customer from our website.

You will be prompted to provide an official identification document (ID card or passport) and take a picture of your face before filling the on-line application form. Once we have reviewed your application you will be notified by e-mail.
If you already hold an account with MeDirect opening additional accounts is quick and easy. You will just need to log in to your account, click on Open an account and follow the steps indicated on screen.

Are there any fees to open and maintain an account?
No charges are applicable to open and maintain an account with MeDirect. For more information about fees please read our Tariffs & Charges Schedule for Banking Services
How can I deposit funds in my account?
You can deposit funds by instructing a bank transfer from an external bank account to your MeDirect account. We also accept cheques and bank drafts.
How can I close an account?
Should you wish to close an account, you can call us on (+356) 2557 4400 or send a secure mail through your Online Banking providing us with instructions to send any outstanding balance together with any interest due to an account of your preference. Fixed Term Deposit Accounts and NOW Accounts cannot be closed prior to the maturity date. Me12 Savings Accounts require a twelve months’ withdrawal notice, while Me6 Savings Accounts require a six months’ withdrawal notice, in order to be closed. Me3 Savings Accounts require a three months’ withdrawal notice period and the Me1 Savings Accounts requires a one month withdrawal notice, prior to closing these accounts.
What are the requirements to open an account?
In order to open an account you just need to be aged 18 years or older. Minor accounts may also be opened by visiting one of our branches.
Why do I have to mention during the application process if I or any of my relatives hold any public office?
In order to comply with European regulations, MeDirect must apply enhanced due diligence procedures to politically exposed persons. Politically exposed persons are individuals who have been entrusted with a prominent public function or who are closely related to such persons.
Why do I have to tell you during the application process whether I am a US citizen, US resident alien or US tax resident?
MeDirect asks this question in order to comply with the Foreign Account Tax Compliance Act (FATCA), a US law which requires non-US financial institutions to provide the US tax authority (the Internal Revenue Service or IRS) with information on certain US persons with accounts outside of the US. If you qualify as a US person, you cannot apply for an account.
How can I register for Online Banking?
Once you open an account with MeDirect, you can register to use our Online Banking. The service is available 24/7 and is free of charge. In order to register you need to call us on (+356) 2557 4400 or visit one of our branches to request an Activation Code and Client number. Click on Login on our website and follow the steps indicated on screen.
Can I open a joint account online?
Yes, you can open a joint account with existing MeDirect clients and with new clients. Click on Become a customer and follow the steps indicated on screen.
What are the options to transfer money online?
You can move money between your accounts, to third party accounts with MeDirect or to external accounts. Once you set up a transfer you may also save the beneficiary details for future transfers.
Can I exchange currencies online?
You can exchange currencies online by moving money from a debit account to a credit account that are denominated in different currencies.
How is the currency exchange rate determined?
The Online Banking platform will provide you with an indicative exchange rate. Exchange rates shown in the newspaper and on some currency conversion sites are generally interbank rates available only to banks for high-value transactions. These rates are not generally available to the public. MeDirect’s spread on foreign exchange is low compared to most banks and other exchange rates services providers, and it is transparent since there are no hidden commissions or other charges.
What is the maximum daily amount that I can transfer to another bank through Online Banking?
For security reasons, transfers to an external account and to a third party MeDirect account are subject to a daily limit set by the Bank. Transfers between your MeDirect accounts are not subject to any limit. If you would like to transfer an amount exceeding the daily limit, you will be prompted with a notification to contact our Customer Service Centre, where you will be guided accordingly.
Can I access my account statements online?
Yes, you can view and download your statements through Online Banking by clicking on My Transfers > Bank Statements.
How can I communicate with the Bank online?
You can send and receive secure mail through Online Banking by clicking on Mailbox.
Is it possible to change my security or contact details online?
You can change your security or contact details by logging in to your Online Banking, clicking on Settings and then selecting the details you wish to modify.
Can I set up standing orders?
Yes, you can instruct us to send a fixed amount of money at regular intervals to an account of your choice. If you would like to set up a standing order, you may contact us on (+356) 2557 4400 or send a secure mail through your Online Banking.
What happens to my standing order if there are insufficient funds on my account?
Standing Instructions will be processed on the date scheduled, as you originally requested. After the initial attempt, two further attempts will be made to process the Standing Instructions, when there are insufficient funds in your account.
Can I set up future dated payments?
Yes, you can set up future dated payments up to twelve months, through your Online Banking (My Transfers > Move Money), if the debit and credit accounts have the same currency.
How can I withdraw funds from my Me Accounts?
You can place a Me Account withdrawal notice at any time, for Me1, Me3 and Me6 accounts, whereas you can place a Me12 withdrawal notice after the first three months from the date of account opening. You can place a notice for free by logging on to your Online Banking (by clicking on the Transfers/Statements tab > Me Withdrawals) or at a charge by calling our Customer Service Centre or by visiting one of our branches.
Where and when is the interest earned paid out?
Different accounts have different rules for interest payments.
  • NOW Account: all interest is paid 10 working days after opening the account into your Savings Account
  • Fixed Term Deposit Account: you can opt for your interest to be paid monthly, quarterly, semi-annually, annually or only once at maturity of the deposit into your Savings Account
  • Me1, Me3, Me6 and Me12 Savings Accounts: interest is paid semi-annually on the last working day of June and December and is compounded into your Me Savings Account
  • Savings Account: interest is paid semi-annually on the last working day of June and December into your Savings Account
  • Investment Cash Account: interest is paid semi-annually on the last working day of June and December into your Investment Cash Account

You can contact us on (+356) 2557 4400, write a secure mail or visit one of our branches if you would like your interest to be paid to a different account.
What happens if interest rates go up or down?
Should the Bank announce a change in interest rates, the interest rate on your existing Fixed Term Deposit Account or NOW Account will remain unchanged as agreed upon opening. Interest rates on other products might change at any time.
The Bank is required to announce changes in the interest rates of the following Accounts, prior to effecting changes, as indicated below respectively:
  • Me12 Savings Account: revised interest rates will be effective one year after they are announced
  • Me6 Savings Account: revised interest rates will be effective six months after they are announced
  • Me3 Savings Account: revised interest rates will be effective three months after they are announced
  • Me1 Savings Account: revised interest rates will be effective one month after they are announced

For more information about the Bank's interest rates please read the Interest Rate Sheet
Once I open a Fixed Term Deposit Account, can I later change the amount, rate or term?
Once a Fixed Term Deposit Account is opened, you cannot change the amount deposited, the rate or the term.
How do I complete a W-9 Form?
You need to submit a W-9 Form if you are a US citizen, US resident alien or US tax resident. The W-9 Form can be found on our website under Support > Document Centre. The W-9 Form can be completed in either blue or black ink. If correction fluid (Tip-ex) or correction tape are used the form will be rejected. Please complete the fields as indicated below.
General Information
Row 1: Enter your full name Row 3: Check the box which indicates the appropriate tax classification Rows 4 and 5: Enter your permanent address.
Part I: Taxpayer Identification Number (TIN)
Enter your TIN: for individuals this is the Social Security Number (SSN)
Part II: Certification
Sign and date the form, keeping in mind that the US date format is mm-dd-yyyy so for example 25th of September 2012 should be written 09-25-2012.&
Please note that the information above is for guidance purposes only and should be read alongside the official IRS instructions that are available on the IRS website. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.
Will my Fixed Term Deposit/NOW Account be automatically rolled over upon its maturity?
The Bank will send you a letter three weeks prior to the maturity date to remind you of the upcoming maturity of your account. By default, unless instructed otherwise by you, funds held in your Fixed Term Deposit/NOW Account will be automatically transferred to your Savings Account.
What happens if I pass away?
In the event that an account holder passes away, all accounts in his or her name will be blocked until the heirs' notary provides the documentation needed to liquidate the funds. An administration fee will apply as specified in our Tariffs & Charges Schedule for Retail Banking Services
Complaints
Who shall I contact if I have a complaint?
Your feedback is important to us. If you have a complaint you may email us at complaints@medirect.com.mt, call us on (+356) 2557 4400 or send us a letter to the following address:

MeDirect Bank (Malta) plc
The Centre, Tigné Point
Sliema
TPO 0001
Malta 

You may further address your complaint as described in our General Terms and Conditions.
Model Portfolios
What is a Model Portfolio?
A Model Portfolio is a basket of mutual funds. By investing in a Model Portfolio, you spread your investment over a selection of funds, which helps to mitigate the overall risk of your portfolio. This enables you to invest your money efficiently and diversify your portfolio at one go.
What are the criteria for the selection of funds?
The funds are selected based on the ratings given by Morningstar – an independent market leader in investment research. Morningstar’s professional financial analysts determine fund ratings based on past performance, as well as future market projections. Morningstar’s fund evaluation is based on five pillars, which are management team, fund house, investment process, yields and costs. This enables Morningstar to weigh the fund’s potential for outperforming similar funds.
How can I invest in a Model Portfolio?
You can start investing in a Model Portfolio by visiting one of our branches. If you would like to know more about Model Portfolios, you can call us on (+356) 2557 4400 or send us an email at info@medirect.com.mt
What is the minimum amount to invest in a Model Portfolio?
You can start investing in a Model Portfolio from as little as €5,000.
How much does it cost to invest in a Model Portfolio?
Investing in a Model Portfolio will cost you just 0.5% of the amount invested if this is over €40,000, and 1% of the amount invested otherwise. We do not charge any exit fees or other transaction charges.
The mutual funds that we buy on your behalf carry their own charges that impact your portfolio performance. You would incur the same charges regardless of whether you invest with us or with any other investment manager. We work hard to keep these fund costs as low as we can in our portfolios, so that you can benefit from better net returns.
What type of Model Portfolios can I choose from?
You can choose between income and accumulator Model Portfolios, where the former aim to provide you with a regular income, while the latter aim to grow the value of your investment over the long term. The income Model Portfolio has a balanced risk profile, while the accumulator Model Portfolio is available in five different risk profiles, from defensive to dynamic. A defensive portfolio contains mainly fixed income funds, whereas a dynamic portfolio mostly contains equity funds. The profit expectations of a dynamic portfolio will be higher than those of a defensive portfolio, but so will be the risks associated to it.
How do I know which Model Portfolio is best for me?
It is important that we get to know you and understand your needs before advising which Model Portfolio best suits you. Based on what you tell us about your finances and plans, our Branch representatives will be able to recommend a Model Portfolio with a suitable risk profile that is tailored to your financial needs. You should still carefully read all the legally required documentation about the funds. These documents include the prospectus, the (semi) annual report and the KIID (Key Investor Information Document). MeDirect will not manage the Model Portfolio for you, and therefore you should check your investment on a regular basis.
How long do I have to keep the Model Portfolio?
Although it is recommended to keep Model Portfolios over a longer term, you may redeem the investment at anytime.
How and when is the dividend payment of the Income Model Portfolio?
Whenever a dividend is paid on one of the funds included in your Income Model Portfolio, the dividend will be paid to your Investment Cash Account.
Morningstar
Who is Morningstar?
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia and Asia. They offer an extensive line of products and services for individuals, financial advisors and institutions. Morningstar is highly respected for their independent investment information. Their strength lies in their independent status, expert research and well tested rating and equity scoring models.
What is the Morningstar Star Rating?
The Morningstar Star Rating is derived from a quantitative method in which mutual funds are ranked on the basis of their historical returns (adjusted for risk and costs) over periods of at least three years. These "risk-adjusted returns" are based on the monthly returns of a fund, where downward variations result in a lower score and a consistently good performance is rewarded with a higher score. Another important aspect is costs, making it more difficult for relatively expensive funds to receive a high star rating.
The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star.  This Star Rating is calculated over periods of the past three, five and ten years.  If possible, Morningstar will also calculate these ratings for all periods in its Overall Morningstar Star Rating.
What is the Morningstar Analyst Rating?
The Morningstar Analyst Rating is a qualitative assessment that is issued by Morningstar fund analysts. This rating represents a forecast on the future performance of funds relative to peers and/or relevant benchmarks.
In order to issue a rating, the Morningstar fund analysts base their assessment on five pillars: investment team, investment process, performance, costs and fund house.
A rating of ‘Gold’, ‘Silver’ or ‘Bronze’ is attributed to investment funds that are expected to perform better during a future full market cycle than the category and/or risk-adjusted relevant benchmarks. The difference between these ratings is determined by the degree of conviction of the fund analyst of the ability of the fund to achieve outperformance. Funds that are not expected to distinguish themselves will receive a 'Neutral' rating, while funds that perform below par on several levels will be assessed as 'Negative'.
What is the Synthetic Risk and Reward Indicator (SRRI) rating?
The Synthetic Risk and Reward Indicator (SRRI) was defined in 2009 by the Committee of European Securities Regulators (CESR) with the aim of providing investors with a method of assessing a fund's risk. The SRRI measures the volatility of the fund. A higher volatility means there is greater uncertainty about the size of the changes in a fund's value. This means that the price of the fund can change dramatically over a short time period in either direction. A lower volatility means that a fund's value is not expected to fluctuate dramatically, but to rather change in value at a steady pace over a period of time. The table below shows the mapping between the volatility and the SRRI value. The table shows the differences in percentages that the value of a fund may experience over one year (Annualised Volatility). The percentage is linked to the respective SRRI rating. The more limited the variation is, the lower the SRRI Rating of a fund. The higher the variation, the higher the SRRI Rating.
SRRI Annualised Volatility
1 0 - 0.49%
2 0.5 - 1.99%
3 2 - 4.99%
4 5 - 9.99%
5 10 - 14.99%
6 15 - 24.99%
7 25% +

The SRRI is calculated based on the fund returns over the last five years. If a fund is less than five years old, the returns of a comparable benchmark is used for the period before the fund was launched.
What are the selection criteria of funds for the Model Portfolio?
Fund Selection Process
MeDirect works closely with Morningstar Investment Management Europe (MIME) to define a bespoke fund universe or portfolio of funds to support specific investment goals. The fund selection process is comprised of the following quantitative and qualitative phases:
1. Determining asset allocation
Before selecting individual funds Morningstar looks at the composition of the portfolio in terms of stocks and bonds (the so-called asset classes) and examines its geographical and sectorial allocation. This determines the composition of the portfolio.
2. Quantitative Screening
Morningstar applies a ranking process that considers the Morningstar Risk Adjusted Return benchmark. Other factors that are taken into consideration are:
  • Performance consistency – if a manager has consistently performed poorly in three out of the last four calendar years, the fund will typically be removed at this stage. Empirical evidence suggests that long term poorly performing funds will continue to perform poorly going forward.
  • Manager Tenure – If a manager has been running a fund for less than three years, they will typically be removed from the selection.
  • Style – If the fund displays erratic changes in style, it will typically be removed at this stage.
  • Currency – If a multi-regional fund search is undertaken, those funds that do not have an offering in the base currency of the intended users will typically be removed from the selection.

3. Qualitative Evaluation
The purpose of the qualitative selection methodology is to instil discipline into the manager research process by appraising critical factors that can help determine a fund’s ability to outperform. Funds are evaluated across the five pillars that Morningstar has identified as being helpful in predicting the future success of funds: Parent, People, Process, Performance, and Price.
  • Parent - The culture and structure of an asset management firm can have an impact on its ability to attract and retain talent and its penchant for serving in the best interests of fund shareholders.
  • People - Evaluating the depth and capabilities of an investment team is critical in attempting to identify funds that have a competitive advantage over their competition.
  • Process - Morningstar favours managers who employ a disciplined, consistent, and repeatable investment process. Ultimately, Morningstar is looking for traits that give the investment team an edge over its competition.
  • Performance - The goal is to identify management teams that in the past have demonstrated skill which we define as the ability to outperform their respective benchmark/peer group on a risk-adjusted basis in a consistent fashion.
  • Price - Research indicates that expenses are critical in predicting future fund performance. A fund’s expense ratio should be evaluated within the context of the relevant region and relative to its Morningstar peer group and also consider the trend in expenses and assets in the fund.

4. Portfolio Construction
Morningstar firmly believes that asset allocation is a primary determinant of investment returns within a global fund portfolio. Hence, an important consideration for our final selection is how the fund will complement the remainder of the portfolio or select list.
Safety
Are the MeDirect accounts guaranteed by the Depositor Compensation Scheme?
All MeDirect accounts are guaranteed up to €100,000 by the Malta Financial Services Authority (MFSA) under the Depositor Compensation Scheme.
What is the Depositor Compensation Scheme?
The Depositor Compensation Scheme is a rescue fund for depositors of failed banks which are licensed by the Malta Financial Services Authority. Compensation is paid only if a bank is unable to meet its obligations towards depositors or has otherwise suspended payment. The Scheme is based on the EU Directive 94/19 on deposit-guarantee schemes. The scheme is managed by a single Management Committee which is appointed by the MFSA, for more information please read Depositor Compensation Scheme Information Sheet.
How can I be sure that my investment assets are protected no matter what happens to MeDirect?
All client holdings are held in separated client custody accounts with robust, investment grade rated global providers of custody and safekeeping services. Such accounts are held in the name of MeDirect as nominee for its clients and not in MeDirect’s own name. As a result, no matter what happens to MeDirect, all client investment holdings will remain in these segregated client custody accounts and would continue to be held for your benefit.
Is MeDirect a participant in the Investor Compensation Scheme?
Yes, MeDirect is a member in the Investor Compensation Scheme.The Investor Compensation Scheme is a rescue fund for customers of failed investment firms which are licensed by the Malta Financial Services Authority (MFSA). The Investor Compensation Scheme can only pay compensation if a licensed investment firm is unable or likely to be unable to pay claims against it. Find out more at www.compensationschemes.org.mt
Tax matters & legislation
What type of income or capital gain is subject to withholding tax in Malta?
If you have elected to have tax withheld, MeDirect will deduct withholding tax on:
  • Interest income earned on Savings Accounts, Me1 Savings Accounts, Me3 Savings Accounts, Me 6 Savings Accounts, Me12 Savings Accounts, Fixed Term Deposits and NOW Accounts.
  • Coupons paid on bonds’ holdings.
  • Dividends paid on equities, ETFs and funds’ holdings.
  • Capital gains earned from the sale of securities.

MeDirect will pay your income/trade consideration net of withholding tax due and remit the withholding tax to the Maltese tax authority. Please note that the information above are for guidance purposes only. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.
Is the income I earn from savings and investment products subject to foreign withholding tax?
Interest income earned on Investment Cash Accounts, Savings Accounts, Me1 Savings Accounts, Me6 Savings Accounts, ME3 Savings Accounts, Me12 Savings Accounts, Fixed Term Deposits and NOW Accounts is not subject to foreign withholding tax. Income from securities issued by foreign companies may be subject to withholding tax in the country where the security was issued. However, a Maltese investor may benefit from a lower foreign withholding tax rate or be entitled to a refund of foreign withholding tax by virtue of the double taxation agreement between Malta and the country where the issuer of the security is located. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.
What is a W-8BEN form?
The W-8BEN Form is issued by the Internal Revenue Service (IRS) with the purpose of allowing non-US persons to benefit from a reduced rate of taxation on dividends and coupons paid by US companies. If you wish to invest in US securities, you will have to provide us with a duly signed W-8BEN form. The W-8BEN form is valid for three calendar years after the year in which it was signed and submitted to IRS. A new form must be submitted when the existing one expires or if there is a change in circumstances making any information on the form incorrect.
How do I complete a W-8BEN form?
The W-8BEN form should be completed in either blue or black ink. If correction fluid (Tip-ex) or correction tape are used the forms will be rejected. As an individual, you should complete only the fields indicated below.
Part I: Identification of Beneficial Owner
  • Point 1: Enter your full name
  • Point 2: Enter your country of citizenship
  • Point 3: Enter your permanent residential address. Do not enter a PO Box, "Care of" or any other mailing type addresses. Country name should be completed without any abbreviations used.
  • Point 4: Enter your mailing contact address only if it is different from your permanent address. Country name should be completed without any abbreviations used.

Part II: Claim of Tax Treaty Benefits
  • Point 9: Enter your country of residency for tax purposes.

Part III: Certification
  • Sign and date the form, keeping in mind that the US date format is mm-dd-yyyy so for example 25th of September 2012 should be written 09-25-2012.

Please note that the information above are for guidance purposes only and should be read alongside the official IRS instructions that are available on the IRS website. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.
What withholding tax options can I choose from?
You can choose either to have 15% Maltese withholding tax, if any is due, automatically deducted from the gross amount of dividend or interest earned from your investments or not to have Maltese withholding tax automatically deducted at source. We suggest you to consult your tax advisor in order to asses which option is better for you.
Does MeDirect offer foreign tax relief or foreign tax refund services?
You can benefit from foreign withholding tax reduction on income paid on US equities, ETFs and bonds. In order to claim the benefit on your behalf, we need you to submit a W-8BEN Form. We do not offer foreign tax refund services.
Investments
How do I open an Investment Account?
You can open an Investment Account by visiting one of our branches. We will assist you with the Investment Account opening process, which consists of submitting an Investment Account application form, an official identification document (ID card or passport) as well as a proof of address (recent utility bill or bank statement).
If you are unable to visit one of our branches, you can also open an Investment Account online by clicking on Open an Account from our website.
Once you fill in the online account application form you need to log in to your account using the details provided via email, upload an official identification document (ID card or passport) as well as a proof of address (recent utility bill or bank statement) on the dashboard and make a first payment of any amount to your Investment Account.
If you already hold an account with MeDirect opening additional accounts is quick and easy. You will just need to log in to your account, click on Open an account and follow the steps indicated on screen.
How much does it cost to have an Investment Account?
No charges are applicable to open and maintain an Investment Account with MeDirect. For more information about fees please read our Tariffs & Charges Schedule for Investment Services.
How can I fund trades made through my Investment Account?
You can fund your trades by depositing funds in your Investment Cash Account, either from another account you hold with MeDirect or from an external bank account. Money in your Investment Cash Account can be used to fund your buy orders on a cleared funds basis. You will earn some interest on the cash balance held on your Investment Cash Account.
How do I place an order?
Once you have opened an Investment Account and accessed your Online Trading platform, you can place an order in a number of ways.

 

If you know the name, ticker or ISIN of the security, you can access the “Place an order” screen from your dashboard by:

  • Clicking on Invest > Place an order
  • Clicking on My Investments > Place an order

You can also place orders through the Navigator, which helps you search for investments and enables you to place orders by clicking on the "Buy" button located next to each security. The Navigator tools can be accessed by clicking on Invest, where you can choose any one of the investment categories.
You can also buy or sell securities that you already hold by clicking on your “Investment Details” available on your Dashboard. You can then use the Buy and Sell buttons next to each securities in your portfolio.
How can I find the security I want to buy?
You can explore our universe of tradable securities on your Online Trading platform (My Investments > Place an Order). You can search for individual securities by ISIN, ticker or name, or you can view securities with specific features, such as from a specific sector, with a specific currency, etc.
Can I trade or transfer securities that are not currently offered on the Online Trading platform?
If you wish to trade or transfer a security that is not currently available on our Online Trading platform, please call us on (+356) 2557 4400 or send us a secure mail and we will let you know whether or not it is possible for the requested security to be added to our universe of tradable securities.
What is the minimum order size?
Generally for shares, the minimum order size consists of one share. For bonds the minimum order size normally ranges from 1,000 to 100,000 in the currency of denomination. For mutual funds there is no specific minimum order size. The minimum investment level will be disclosed to you in the order placement screen.
How do I know if my order has been executed?
Once an order has been executed, you will receive a secure mail in your Online Banking. You will also be able to download your contract note with all the details of the executed trade from the Trade History section of your Online Trading platform. Executed orders will be reflected in My investments > Overview, while pending trades will be shown in My investments > Pending trades and moved into My investments > Overview once executed.
What order types are available?
You can purchase or sell securities on our Online Trading platform in accordance with the following rules:
  • Orders to buy or sell bonds and equities listed on the Malta Stock Exchange are to be placed as limit orders. When submitting a limit order, you will have to provide a limit price. Buy orders will only be executed at a price equal to or lower than the limit price, while sell orders will be executed at a price equal to or higher than the limit price. Such orders will be left pending for up to 14 calendar days after the order was submitted. The part of the order not executed after 14 calendar days will be cancelled.
  • Orders to buy or sell international bonds can be placed as limit orders or market orders. When submitting a limit order, you will have to provide a limit price. Buy orders will only be executed at a price equal to or lower than the limit price, while sell orders will be executed at a price equal to or higher than the limit price. If you place a market order, your order will be executed at the best available market price in accordance with our Best Execution Policy, which is included as Annex 2 of our Investment Services Terms and Conditions. Such orders will be left pending for up to 14 calendar days after the instruction was given. The part of the order not executed after 14 calendar days will be cancelled.
  • Orders to buy or sell international equities and ETFs can be placed as limit orders or market orders. When submitting a limit order, you will have to provide a limit price. Buy orders will only be executed at a price equal to or lower than the limit price, while sell orders will be executed at a price equal to or higher than the limit price. If you place a market order, your order will be executed at the best available market price in accordance with our Best Execution Policy, which is included as Annex 2 of the Investment Services Terms and Conditions. For such orders, you can choose any one of the following “Time in Force” options:
    • Fill or Kill is available for equities and ETFs traded in the US while the markets are open. Your order will be executed immediately in its entirety or cancelled.
    • Immediate or Cancel orders will be executed immediately in whole or in part, otherwise the order (or any unfilled parts of it) will be cancelled. Partial fills are accepted with this type of order, unlike a “Fill or Kill” order, which must be executed immediately in its entirety or cancelled.
    • Good for Day orders will automatically expire if not executed by the end of the day when the order was placed. A “Good for Day” order is an order that is good for that day only, during which time, partial fills can take place. If it is not filled, the order (or any unfilled parts of the order) will be cancelled.
How are limit orders executed?
A limit order may be split into several orders and executed at different prices during the same business day or any following business day. If your order is only partially filled, and any part of the unfilled portion of the order is completed on subsequent business days, you will be charged separately for each partial order. As a result, the total charge may differ from the original estimate provided.
In the case of securities traded on the Malta Stock Exchange, there may be instances where a minimum amount needs to be held by the investor in accordance with the terms and conditions of the security’s prospectus. In such circumstances, when an order is only partially filled and the minimum holding requirement is not met, the remaining unfulfilled part of the order will remain pending until the trade is settled in full.
How do I place a limit order?
Limit price on sell orders must not be more than 5% below nor more than 30% above estimated price. If you would like to submit a sell order with a limit price outside such boundaries, you will need to place your limit order offline by calling us on +356 2557 4400 during opening hours. Limit price on buy orders must not be 5% above nor more than 30% below estimated price. If you would like to submit a sell order with a limit price outside such boundaries, you will need to place your limit order offline by calling us on +356 2557 4400 during opening hours.
As from the 3rd of January 2018, in line with the provisions of the second Markets in Financial Instruments Directive (MiFID II), prices on equities and ETFs for limit orders are to be entered in accordance with the applicable decimal price increments (tick size) for the respective financial instrument.
A tick size is the minimum upward or downward price movement of a security, and is determined by the stock exchange where the security is traded. For example, if the tick price of a security is EUR 0.01, when submitting a limit order on that security, the limit price that you enter must be a multiple of EUR 0.01 as the price of the security can only vary by multiples of EUR 0.01.
Limit orders placed with an incorrect tick size multiple may be rejected.
You can check the tick sizes of equities traded on the Malta Stock Exchange by clicking here.
Can I cancel an order that I have submitted?
Cancellation of pending orders is subject to the following rules:
  • Orders for mutual funds cannot be cancelled.
  • Orders for international equities and ETFs can be cancelled from your Online Trading platform by clicking the Cancel button on the Pending trades screen
  • Orders for bonds, local equities and local ETFs can be cancelled by sending a secure mail through your Online Banking

We cannot guarantee that requests for cancellation of orders will be executed, in particular if such requests have been validly received after the order has already been executed, or if such cancellation is not possible because of the regulation and operational rules of the markets concerned.
When do I receive the proceeds from a sale?
Proceeds from sales of investments will be reflected in your Investment Cash Account immediately after the trade is executed. The sale proceeds shall be available for withdrawal or further investment once the trade has settled.
How can I track the securities in my portfolio?
The securities in your portfolio can all be viewed in one place by logging onto your Online Banking and clicking on My investments > Overview. This is where you will be able to find information about the value of your investments, their book cost and an estimate of the unrealised gains or losses related to each security in your portfolio.
Are the prices quoted real time?
The prices quoted on the Online Trading platform are normally delayed by 15 minutes, with the exception of bonds and mutual funds for which previous day closing prices are provided. These price quotes serve only as an indication of the real-time market price.
What are the opening hours of the trading platform?
The trading platform is available 24/7, but you can trade only on working days during the following hours:
  • Equities and ETFs - 8 am to 6 pm for European and UK markets, 2.30 pm to 10 pm for US markets (with the ability to place orders from 8 am for execution at market opening)
  • Bonds and Mutual Funds - 8 am to 6.30 pm (with the ability to place orders until 10 pm for execution the next day)
Are there any transaction charges for trading?
Transaction charges can be found in ourTariffs & Charges Schedule for Investment Services.
Do I have to pay custody fees?
No, the custody service is provided at no additional cost.
Where will my securities be held?
Your securities will be held in a segregated custody accounts with robust, investment grade rated global providers of custody and safekeeping services. Such accounts are held in the name of MeDirect as nominee for its clients.
Does MeDirect offer investment advice?
Our qualified team of investment advisors can help you reach your financial goals by making sound investment decisions. Give us a call on (+356) 2557 4400 to book an appointment or visit one of our branches, and we will help you get the most out of your money.
Which stock markets can I invest on the Online Trading platform?
You can invest on the following stock markets across the world:
  • Malta (Malta Stock Exchange) – Euro, Pound Sterling, US Dollar
  • Italy (Borsa Italiana)
  • Belgium, France, Netherlands and Portugal (Euronext)
  • Sweden (Stockholm Stock Exchange)  
  • Denmark (Copenhagen Stock Exchange)
  • Finland (Helsinki Stock Exchange)
  • Norway (Oslo Stock Exchange)
  • Spain (Madrid Stock Exchange
  • Switzerland (Six Swiss Exchange) 
  • Germany (Xetra)
  • United Kingdom (London Stock Exchange)
  • United States of America (Nasdaq, NYSE, AMEX, ARCA)
Which bonds can be traded on the Online Trading platform?
You can trade over 300 bonds on the MeDirect Online Trading platform. These have been selected to provide you with a wide variety and choice and cover the following areas:
  • Issuers: governments, corporate, financial institutions, super-national bodies
  • Domicile: Malta, US, Germany, UK, France and many more
  • Maturity: short term (less than two years), medium term (two to five years), long term (over five years)
  • Currencies: EUR, USD, GBP and more
Which mutual funds can be traded on the Online Trading platform?
We have selected a list of about 400 funds in which you can invest. They cover a range of investment objectives, markets and asset classes in order to help you diversify your portfolio.
Which ETFs can be traded on the Online Trading platform?
You can trade over 200 ETFs on the MeDirect Online Trading platform, covering a wide range of investment objectives, market indices, and asset classes in order to help you diversify your portfolio.
Transfer of assets
Can I transfer my existing portfolio of assets to MeDirect?
You can transfer your existing portfolio of securities apart from complex financial instruments or other financial instruments which we are unable to accommodate for online trading. You can send us a summary of your portfolio or send a duly filled in Asset Transfer Form, and we will analyse your holdings to confirm whether or not we can add the securities you hold to our tradable universe of securities.
Are there any fees for transferring my existing portfolio of investments to my Investment Account with MeDirect?
We do not charge any fee to transfer your securities from your current broker/financial institution to your account with MeDirect. We will reimburse third party transfer-out fees, up to 0.5% of the total value of the securities being transferred in. Please speak to your Relationship Manager in order to discuss how MeDirect can assist you in transferring your existing investment portfolio to us.
What are the steps for transferring my portfolio?
If you would like to transfer your portfolio, you need to download and send us a signed Asset Transfer Form. MeDirect will liaise directly with your existing broker to arrange the transfer on your behalf.
Who is MeDirect?
Is MeDirect a Maltese Bank?
MeDirect is a fully licensed Maltese credit institution, regulated by the Malta Financial Services Authority (MFSA).
What is the background of MeDirect?
MeDirect was established in June 2004 and one year later became a fully licensed Maltese credit institution, regulated by the Malta Financial Services Authority (MFSA). In July 2009, MeDirect was acquired by new shareholders, a fund managed by AnaCap Financial Partners LLP, a UK private equity firm, and was recapitalised.In September 2014 MeDirect bought Volksbank Malta Limited, a subsidiary of Volksbank Austria providing banking services to the Maltese retail and corporate sectors, and incorporated it under the name of Mediterranean Corporate Bank Limited. In 2017 the activities of Mediterranean Corporate Bank were merged with the existing corporate banking services offered by MeDirect. In 2015, the holding company of MeDirect, completed the acquisition of Charts, a local investment services company, thus further strengthening its presence in the local market.As well as growing locally, MeDirect has also grown internationally, through its Belgian subsidiary operating an online savings, investment and wealth management platform.
Who are the directors of MeDirect?
More information about the Bank's directors can be found on the Management Team  page.
Who are the shareholders of MeDirect?
The ultimate shareholders of MeDirect are AnaCap Financial Partners II L.P., a fund managed by AnaCap Financial Partners LLP, a UK private equity firm focused on investing in the European financial sector. Senior management of the Bank are also shareholders with a minority stake in the Bank’s equity.
Corporate Actions
What is the difference between a mandatory and a voluntary corporate action?
A mandatory event does not require any investment decision from you, it is simply for your information. An example of a mandatory event would be a spin-off, where part of a company is spun-off to create a new company. If you have shares in the original company, you will receive shares of the new company whilst retaining your original investment.
A voluntary event invites you to take part in an offer, but you may also decline to take part, in which case the default option will apply. Usually the default option for a voluntary event is to ‘take no action’. A tender offer is an example of a voluntary event, where a third party wants to buy a portion of equity in your invested company, you will have the option to tender all or part of your investment. The event could eventually become a mandatory takeover where the third party attempts to buy the entire share capital leaving you without the choice to tender or not.
What do I need to do if I hold an investment that is undergoing a corporate action?
You should await contact from us. You will receive a secure mail through your Online Banking for any corporate actions that require your attention.
You may be required to make a decision for certain corporate actions. If this is the case then we will indicate which options are available. Your instruction must be delivered by return secure mail. We will also confirm the date by which your response must be received on our corporate action notification.
How will I receive corporate action information?
Notifications of corporate actions will be sent via secure mail through your Online Banking. You will also be sent an email alert to let you know that you have a new message to read.
Do you charge for administering corporate actions?
No, it is free to participate in corporate actions.
Are there certain corporate actions not offered by you?
Your investment is safely kept in our nominee account, this allows us to give you the lowest execution fees under our scalable business model. However this means we have certain restrictions on the corporate action types we can offer.
Below are some corporate actions which are currently not offered:
  • Dividend reinvestments/dividend options on international markets. Where possible we will offer this option on the Maltese market.
  • Odd lot offers, typical in the United States market, e.g. mini tenders.
  • Non official offers, or offers that are not supervised or regulated by an official entity.
  • French loyalty bonus offers.
  • Company meetings, proxy voting and consent offers.

Unregulated/unprotected corporate actions offered by third parties will also not be offered.
How do I give you my instruction?
You can provide your instruction by sending us a return secure mail through your Online Banking. Instructions must be very clear and not be subject to interpretation, clearly stating the option number you are opting for.
Why is your deadline for elections earlier than the company registrar deadline?
The company's registrar will set a deadline for security holder responses to a corporate action, we must ensure that all the instructions of our clients reach the registrar by this deadline. Therefore our deadline will always be before the company registrar's deadline to give us time to process and forward on client instructions.
Can MeDirect advise me on which election option I should take?
Our investment services are on an 'execution-only' basis. This means we shall not provide personal financial advice about the suitability of an account or an investment you hold within it.
What happens if I miss the deadline for returning my election?
If you have missed our deadline then the default instruction option will be applied on your investment.
Can I change my mind after sending you my election?
If you wish to alter an instruction you have sent us please contact us on (+356) 2557 4400 or send a replacement secure mail and we will do our best to accommodate your request. If your election has already been acted upon, and forwarded to the company's registrar, this may not be possible.
Will you always have the same default election as the company registrar?
The company's registrar will often set a default election option for security holders to be used when no reply is received. We will tend to use the same default option however there may be some occasions when we will set a different default option. We will always advise the default option on our corporate action notifications.
I submitted an election for a corporate action. Why can I no longer sell my related investment?
In certain scenarios your investment will be blocked from market trading upon receipt of your submitted corporate action election. An example of this scenario would be a tender offer or a company repurchase offer: if you submit an election to sell your shares under the offer then it is necessary to block your holding from market trading.
I have heard that a company is planning a corporate action, when will you contact me about it?
This will vary, but generally will not be until the company has sent out the official documentation to shareholders. We will not contact clients as a result of press releases or market speculation. We also validate and second source the corporate action before distributing the information to you.
What do I do if I have not received information on a corporate action I was expecting to have received by now?
If you believe you should have received correspondence from us please call us on (+356) 2557 4400 or send a secure mail through your Online Banking.
How can I find out why a company has decided to undertake a corporate action?
If you believe you should have received correspondence from us please contact us on (+356) 2557 4400 or send a secure mail through your Online Banking.
How do I attend and/or vote at a company meeting?
Your investment is safely kept in our nominee account, this allows us to give you the lowest execution fees under our scalable business model. However this means we cannot offer the ability to submit votes or to attend company meetings.
How do I receive new shares or rights arising from a corporate action?
Any new shares or rights resulting from a corporate action will be automatically credited to your Investment Account on the date specified in the corporate action notification. However due to market or operational constraints there may be a delay of 1 or 2 days.
How is cash arising from a corporate action paid to me?
Cash entitlements resulting from corporate actions will be paid straight to your Investment Cash Account, in the same currency of denomination of the security. Should you not have an Investment Cash Account in the currency of denomination of the security, a new Investment Cash Account will be automatically opened to allow the processing of this entitlement.
How do I obtain a bonus share tax certificate for my Maltese equity investment?
If you received an entitlement of bonus shares in relation to your investment in a Maltese equity and you wish to request a tax certificate, you can call us on (+356) 2557 4400 or send us a secure mail through your Online Banking.
Do you provide cash dividend/coupon tax certificates?
We do not provide cash dividend/coupon tax certificates however, your statement is sufficient for submitting your local and foreign withholding tax obligations to the Malta Inland Revenue Department.
GDPR
What is GDPR?
GDPR stands for General Data Protection Regulation and is the new European Union Regulation set to replace the Data Protection Directive (DPD). GDPR was approved by the EU Parliament on April 14th 2016 and involves the protection of personal data and the rights of individuals. Its aim is to ease the flow of personal data across the 28 EU member states. GDPR came into effect on the 25th May 2018.
How does it affect my rights?
GDPR introduces 8 fundamental rights under GDPR. These are:
  1. The right to be informed – Organisations must be completely transparent with regards to how they use personal data.
  2. The right of access – Data subjects (identifiable people) have the right to access their personal data and supplementary information. This means that you are aware of and able to verify the lawfulness of the processing of your data.
  3. The right to erasure (or right to be forgotten) – You are entitled to have your personal data erased or removed without the need for a specific reason as to why you wish to discontinue.
  4. The right to object – You have the right to object to the processing of your data based on legitimate interests and/or direct marketing and/or processing for scientific, historical research or statistical purposes.
  5. The right to rectification – You have the right to rectify or complete any personal information that an organisation holds about you.
  6. The right to data portability – You have the right to obtain and reuse your personal data for your own purposes, across different services. You are also entitled to move, copy or transfer your data from one organisation to another.
  7. The right to restriction of processing – You have the right to restrict or suppress access to your personal data.

The right of automated decision-making and profiling – GDPR has introduced controls to protect individuals against the risk that a potentially damaging decision is made without human intervention. For example you can choose not to be the subject of a decision where the consequence has a legal bearing on you or is based on automated processing.
What did MeDirect do about it?
MeDirect has worked on a GDPR compliance programme. Different initiatives have been carried out with both customers and employees in mind, including:
  • Updating our Data Protection Policy
  • Providing Data Privacy awareness training to all our employees
  • Delivering training to employees on how to deal with GDPR requests
  • Revising our Privacy Notices, Terms and Conditions and Cookie policy
  • Revising our Marketing Consent statements
  • Updating our internal policies to ensure that they are in line with GDPR legislation
How do we protect client information?
MeDirect ensures that your data is stored securely. Therefore, we have implemented and constantly updated our technologies to ensure that your personal data is protected from unauthorised access, unauthorised modification or loss.
In instances where a third-party provides a service to MeDirect we ensure that they are contractually bound to implement adequate information security controls to safeguard access to your data including encryption. Data provided to those third-parties shall only be utilised for the sole purposes stipulated in the contractual agreement.
How do we communicate privacy information?
We have updated our Privacy Notice to reflect GDPR requirements. The Notice provides an explanation of what information we gather about you, what we use the information for and who we give the information to. The Privacy statement also sets out your rights as a Data subject and provides the MeDirect point of contacts to clarify any questions you might have on Data Privacy.
What lawful basis do we use for processing data?
GDPR requires that at least one of the following six ‘lawful basis’ apply, in order for us to process your data:
  • Consent – As a Data subject you must provide clear consent to process personal data for a specific purpose. For the purposes of documentation, your declaration of consent must be obtained in writing, electronically or through a recorded oral statement.
  • Contract – Processing your data is necessary to fulfil the obligations of a contract.
  • Legal obligation – Processing your data is necessary to comply with a legal obligation.
  • Vital interests – Processing your data is necessary to protect someone’s life.
  • Public task – Processing your data is necessary to perform a task in the public interest or for official functions. In this scenario the task or function must have a clear basis in law.
  • Legitimate interests – Processing your data is necessary for the legitimate interests of an individual or the legitimate interests of a third-party, unless there is good reason to protect the individual’s personal data which overrides those legitimate interests.
How can you submit your consent to receive updates from us?
MeDirect uses a number of channels to inform its customers on new products, services and promotions including post, telephone, email and SMS. We give an option to our clients to specify whether they would like to receive marketing communications together with the channels they would like to receive communication on. Following submission of your marketing consent preferences these may still be updated in the future through one of the following ways:
  • Calling our Customer Service Centre
  • Emailing our Data Protection Officer (DPO) on dataprotection@medirect.com.mt
  • Visiting any one of our branches
  • Updating your profile on our secure online banking platform