If you wish to open a private bank account in Mauritius, you will find it difficult to fill out all the forms without advice. Bank managers do not provide advisory services, but only work with the data submitted by the clients. With our assistance, you are guaranteed to open an account and be able to enjoy its numerous advantages.
Banking System of Mauritius
A private account with the bank in Mauritius will help you use your funds beneficially and dispose of them at your discretion, having unlimited access to your account. Mauritius is a very promising country with a developed banking sector. The economy here is one of the strongest in the region.
Mauritius has a conventional European banking system with a Central Bank based on English norms and traditions. Banks (the number of which is over 20) have been maintaining the economy since the early 19th century. And recently, offshore services have started to develop here. At the same time, banks demonstrate classic stability and predictability that attract private investors.
Banks of Mauritius are eager to cooperate, offering their clients acceptable service fees and rates and the top-quality service which you do not often come across in the island jurisdictions. Here, accounts are opened quickly, and clients only have to meet the minimum requirements.
What Does a Bank Account in Mauritius Give a Foreigner?
The country has a low level of corruption, banks work steadily and provide the most sought-after services at reasonable rates. It is a real paradise for tourists and those who want to spend their vacation, but at the same time the country has a business-friendly environment. In addition to that, Mauritius is located at the intersection of Asian and African trade lines, so commerce is very much developed.
This island region is very popular with the Europeans. And this is not surprising, because it is never cold or frosty here. The temperatures are very comfortable.
Choosing the Mauritius bank for opening a private account is justified by the fact that this financial institution does not have overstated and inflated requirements to their clients compared to most European banks. Here, you have a better chance of opening your account quickly and without bureaucratic obstacles. In addition to that, you will be able to control your account remotely. Apart from that, the bank can be a good solution for keeping and multiplying your savings and assets.
Here are some advantages of opening a private bank account in Mauritius:
- Very affordable service fees and rates;
- Remote access to the account via online banking;
- Complete privacy for the client;
- English-speaking support.
Who Can Open an Account in Mauritius?
The Mauritius bank does not impose restrictions on the opening of private accounts by foreigners. The main condition is that clients must provide comprehensive tax information about themselves. This information is specified in the questionnaire.
If this it is an issue for you, the bank recommends that you study the requirements set out in the OECD website or consult a specialist. It is important to specify your tax number (taxpayer identification number or its functional equivalent) assigned in the country of your residence.
Useful tip: If for some reason you are not able to get such a number, then you will have to specify the reason why it is so in your questionnaire. It is possible that your country does not assign tax numbers or they are not required, or the taxpayer does not receive a number because of his religious beliefs. And here you will not do without our help.
Only foreigners who live in the countries that are on the international sanctions lists will not be able to open a private bank account in Mauritius. It is because of the sanctions lists that people from Russia and Ukraine (and several other countries and the post-Soviet region) will not be able to open an account.
It is important: If you wish to open a private bank account in Mauritius, but live in one of the above mentioned countries, then we are happy to make you the following offer. We will help your to obtain residency in the country to which these restrictions do not apply. Please feel free to contact us by email to firstname.lastname@example.org and find out the details.
Client Notification on Information Disclosure
Banks of Mauritius, in full compliance with the national legislation on the disclosure of certain types of information, fulfill the condition of disclosing the following information:
- Information on credit rating for the Mauritius Credit Information Bureau (MCIB);
- Information provided upon request under the international tax agreements signed between Mauritius and other countries (for example, information on residency status or tax number may be requested);
- Information on any suspicious transactions that can be related to money laundering and terrorist financing under the Financial Intelligence Act (FIAMLA). Financial monitoring includes transactions worth more than 500,000 rupees (or the equivalent amount in foreign currency) if they have not been exempted from verification by the financial intelligence.
Private Bank Account in Mauritius for a Non-Resident. Rates
The Mauritius bank provides a fairly convenient and favorable conditions to foreign clients. The opening of your account can be carried out within a reduced period of time (within 24 hours) provided that all the fields of the questionnaire are properly filled out and the required documents are duly certified and notarized. If you want these conditions to be ensured, please feel free to contact us. We will help you fill out everything and explain the required documents.
You can manage your account remotely using an online platform. You can access it not only from a personal computer, but also from your mobile devices (tablets, phones). The Mauritius bank offers reasonable fees, and carries out SWIFT transactions within the same business day upon receiving client’s instructions.
Currency for Account Opening and Transfers
Clients are free to open current accounts and multi-currency settlement accounts. The main currency is the US dollar (USD), but operations in euro (EUR), pound sterling (GBP), Mauritian rupees (MUR), Australian dollars (AUD), Swiss francs (CHF), UAE dirham (AED) are allowed. Others currencies require a special request.
Types of Accounts
Clients are encouraged to open the following accounts:
- Deposit account in USD, GBP, EUR, CHF, AUD and MUR;
- Current account (multi-currency).
In order to open a deposit account, you must provide a minimum balance of USD 100,000 (or 3,000,000 rupees).
Types of Bank Cards
The Mauritius banks issues prepaid MasterCard payment cards. Using these cards, foreign clients will be able to easily make payments at stores and retail outlets. You can also use these payment cards issued by the Mauritius bank to withdraw cash from both local ATMs and foreign ATMs during your trips abroad.
Account Opening Terms and Service Arrangements
To open a private bank account in Mauritius, a foreigner must secure a minimum deposit of USD 200,000. Subsequently, you will have to maintain a minimum balance at the same level in order to be able to make payments and use your prepaid cards.
Here are the best rate plans for foreigners:
- Foreign Currency Account;
- Inward telegraphic transfer (MUR);
- Outward telegraphic transfer (MUR).
- Transfer (incoming) from USD 25
- Outgoing payment 0.1% (minimum USD 40);
- Monthly maintenance from USD 50.
How Do I Open a Private Bank Account in Mauritius?
If you want to open a private bank account in Mauritius as soon as possible, do not hesitate to contact us and use our assistance. To start our cooperation, please provide all the required information and documents that the bank will request during the adaptation phase.
It is important: Please note that in the future, the compliance department can request other documents from the client at any time.
Procedure of Opening a Private Bank Account:
- To open a private bank account in Mauritius, please submit you application to: email@example.com.
- After that we will send you the invoice to be paid. The service cost is from 2999 EUR. You can use one of the ways that you find convenient, i.e. payment cards, bank transfer, WebMoney, PayPal, Western Union.
- As soon as we receive your payment, we will contact you and find out all the details.
Documents Required for Opening a Private Bank Account in Mauritius
- A clear copy of your identity document valid internationally.
- Confirmation of your actual address of residence.
- Reference letters, and statements on the account for the last six months from you current banks.
- A completed bank’s questionnaire and your application.
It is important: The compliance department may request other documents. We will help you figure it all out.
Timelines for Opening a Private Bank Account in Mauritius
To open a private non-resident account with a bank in Mauritius, you must complete all forms in English. We will help you fill out the questionnaire should you have any issues with it. Please also send us the scans of your documents for verification.
Having received the confirmation that you will be able to become a client of the Mauritius bank, we will send the documents to your postal address within 24 hours. You will need to sign them.Please contact us by email to firstname.lastname@example.org if you wish to open your private account in Mauritius.