Payment Services Directive (PSD 2)


What is PSD2?

PSD2 stands for ‘Payments Services Directive 2’
It is a Directive that is applicable from 13 January 2018 that will make your payments more secure by protecting you against the risk of fraud, abuses and payment incidents, while also safeguarding your financial data. The Directive will translate to better payment protection for you in case of an unauthorised transaction related to a lost or stolen payment instrument (such as your debit card), you will only incur a cost of not more than €50, except in cases where you have used the card in an illegal manner.

Which financial service providers will be affected?
PSD2 will apply to Banks. However, companies in the payment services industry and other entities involved in the carrying out and / or management of payment transactions will also be affected. These are known as Third Party Payment Providers. All these companies will have to seek your consent before transferring funds from one account to another. Upon getting your consent, these companies will have the authority to request, in your name, details of accounts you hold with other banks.

Additional benefits
Your debit cards containing a magnetic strip (located at the back) will include an EMV Chip & Pin for enhanced security;
Payment services companies are obliged to provide you with a free communication channel where you can report a lost or stolen card;
You will receive monthly and annual statements of your accounts by your bank/s, free of charge

Questions and Answers

Will I be charged for ATM cash withdrawals with any APS debit cards?

As an APS Cardholder, you can continue to effect cash withdrawals with the APS Premier Card, APS VISA Card and APS Student Card on any APS and BOV ATM free of charge. However, cash withdrawals from other banks’ ATMs are still subject to a charge as per the Bank’s Tariff of Charges

If I make a payment in a currency other than Euro, will this be covered by PSD2?
Yes. PSD2 applies to payments in all currencies, as long as the payment service provider is located within the European Union (EU) / European Economic Area (EEA).

When transferring money, will the payer or the recipient incur related fees?
Bank transfer fees will be shared between you and the person receiving the money, or vice versa – when both the payer and the recipient are located within an EEA country. Also, merchants cannot charge extra for payers opting to pay with cards.

Can merchants charge extra if I use my card to make a payment?
No. PSD2 prohibits all merchants from charging extra on all electronic methods of payment, including cards.

How long will it take for the bank to give feedback on PSD2-related complaints?
Banks have to reply within 15 business days. This may be extended to 35 business days if the complaint is of a more complex nature.

Can I request for my statements to be sent less often?
Yes. As an account holder, you may request your bank/s to send statements less often by indicating the frequency and communication method desired. This comes at no extra charge.


Where there any changes to the terms and conditions?
The Bank has carried out a number of changes by means of amendments to the Payment Services Directive General Terms and Conditions and the Cards Terms and Conditions. You can download a copy by clicking the links below:

• Payment Services Directive - General Terms and Conditions

• Cards Terms and Conditions


More information can be obtained from the Malta Bankers’ Association recently-issued leaflet 'Towards Safer and More Competitive Electronic Payments' or website:


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