If you wish to open a bank account in Mauritius without delays and enjoy all of its advantages being a foreigner, you should contact the professionals. Our experts will advise you on any key issues. We will tell you what documents you need to prepare and introduce you to the operating conditions of Mauritius banks.
Banks of Mauritius
Since the beginning of the 19th century, Mauritius banks have played a significant role in the development of the local economy. Thanks to its good geographical position at the intersection of Asian and African trade routes, the island nation is financially thriving. And the oldest banking sector in Africa, Mauritius contributes to economic prosperity in the region.
Entrepreneurs and private individuals can choose among many banking institutions. There are more than 20 of them in the island. To improve their competitive appeal, Mauritius banks are pro-actively competing for each client, offering the most convenient and beneficial terms of cooperation.
What Does a Bank Account in Mauritius Give a Foreigner?
A private non-resident bank account in Mauritius makes it possible to effect fast payments on business transactions to your partners from the Asian or African region. When you open a bank account in Mauritius, you get access to a large number of banking and other financial services, as well as to the opportunities of e-acquiring.
So, let us list the main advantages that the Mauritius bank account gives its holder:
- Access to a full range of banking products, from cards to online banking;
- Individual approach to service;
- Remote account control;
- Free internet banking;
- SWIFT payments;
- Free bank transfers within the country;
- Low fees;
- The possibility of connecting to internet banking of up to 3 users;
- The possibility of using a checkbook;
- English-speaking support;
- Access to trust and counseling services;
- A large selection of customized credit products.
Who Can Open a Bank Account in Mauritius?
In order to open a private bank account in Mauritius, you should take into account a number of exceptions set by the financial institutions. Find out all the requirements set by banks from the specialists. Seek advice as soon as you decide to open a current or investment account with a Mauritius bank.
Restrictions on opening of a bank account in Mauritius for a foreigner are imposed on people from a number of countries with a dysfunctional political situation or military conflicts. Below is the list of countries with which the island nation’s banking institutions will not work:
- Disputed territory the Peninsula of Crimea;
- North Korea;
Comment: If you are a citizen of one of the above mentioned countries or permanently reside in such an area, please do find out what the solution is. Our consultants will show you several options for resolving these difficulties associated with opening a private non-resident account with the Mauritius bank. In particular, please learn how to obtain a second citizenship from another jurisdiction.
Please note that residents of countries that have not signed the Hague Convention must legalize their documents before filing. Please ask the professionals about it.
Restrictions on Business Activities
Mauritius banks do not impose restrictions on their clients’ types of activities and the sources of income. Please note, however, that they do not work with clients involved in the financing of terrorism and the illegal money laundering. You do not have to worry if you are not involved.
Private Bank Account in Mauritius for a Non-Resident. Rates
If you decide to open a private or a business bank account in Mauritius, you are guaranteed to get access to a large number of banking operations carried out on client-friendly terms, and a lot of other advantages. You can count on individual attention from the bank’s managers. This is their policy.
Currency for Account Opening and Transfers
A bank account in Mauritius allows a foreigner to make regular transactions in the world’s most popular currencies (USD, EUR, GBP, CAD, AUD) and save on fees. As soon as the balance reaches 1,000 units in any of the currencies, at once it becomes possible to receive interest. This all becomes possible if you work with foreign currencies.
Payments are accepted and sent in the above currencies using SWIFT. This is the most widely used format for international transactions.
Types of Accounts
Individuals are given the opportunity to discover the following types of accounts:
- Current account for internal operations in rupees (MUR);
- Foreign currency account for making international payments;
- Card account;
- Credit (including mortgage, overdraft) account.
Types of Bank Cards
Payment cards by the Mauritius bank allow individuals to make payments in online stores and at retail outlets, withdraw cash from ATMs, pay for hotel rooms, tourist and other services. Visa card will allow you to withdraw cash worldwide. It provides access to more than 2 million ATMs.
Types of payment cards of the Mauritius bank:
- Credit cards;
- Debit cards.
As per loyalty programs, the following payment cards can be distinguished:
Note: To find out what conditions are in place for a credit card, what is the credit limit and the terms of service, please contact our advisors.
Private individuals are offered better rates than corporate clients. Please find the main rate plans in the chart below.
|Fees for:||For foreigners|
|Account opening||T.b.d. individually|
|Incoming SWIFT payments||0.125% per month|
|Outgoing payments:- internal transfers- outside the bank||free of charge0.15%|
|Account closing||T.b.d. individually|
|Monthly maintenance||T.b.d. individually|
|Internet banking||free of charge|
|Withdrawals or cash deposits||1%|
|Interest rates:- loans- deposits||6.7% per annumfrom 1% per annum|
To be able to use their Mauritius bank account, foreign clients should ensure that they have a minimum balance of 25,000 rupees. The minimum foreign currency balance is 1,000 units.
For a savings account, the minimum balance must be at least USD 1,000 (or the equivalent in another currency), and interest will be accrued starting from this amount. The minimum fixed-term deposit in national currency is MUR 50,000.
It is important: If you want to earn on your deposit, please feel free to ask consultants for the basic rules. Thus, interest will not be accrued (even with a minimum balance) if the funds are withdrawn within 3 months of the deposit opening. In addition to that, a fine may be imposed.
How Do I Open a Private Bank Account in Mauritius?
To open a non-resident account, you must fulfill all the conditions set out by the bank. Please ask our professional consultants about the basic requirements.
Procedure of Opening a Private Bank Account:
- Please contact us by email to firstname.lastname@example.org if you wish to open a private account in Mauritius.
- After that we will ask you to pay for our professional services. Payment can be made in any convenient way: SWIFT transfer, payment card, via PayPal, WebMoney or Western Union. The service cost is from 2999 EUR.
- We will immediately start preparing your documents for filing with the bank as soon as we receive your payment. All the documents requested by the bank must be translated into English and apostilled.
Documents Required for Opening a Private Bank Account in Mauritius
First of all the pre-approval will be carried out. You will be required to present the following papers for it:
- Passport copy;
- Proof that you do have the means.
Note: If necessary, additional documents may be requested by the compliance department. We will notify you about that.
Timelines for Opening a Private Bank Account in Mauritius
As soon as the Mauritius bank has processed your papers and got ready to open your account, a set of necessary documents will be submitted. We will notify you about the timing of the account opening. If the bank has no other questions, it usually takes no more than 7 to 10 days.
If you are interested, please do not hesitate to contact us by email email@example.com as soon as possible, so as not to lose time and take advantage of the opportunities.