Bank account in Mauritius - a guide for expats

Ranked as the leading financial platform in Africa and 13^th in the world, Mauritius offers a wide range of financial products and services, a regulatory framework that meets international standards, and qualified professionals, while maintaining the principles of sound governance. 

To invest and set up in Mauritius, you need at least a local account with a Mauritian bank. Through this account, you will have access to other services dedicated to investment and business for non-Mauritians. 

Here is an overview of the financial and banking framework in Mauritius.

Mauritius’ banking landscape 

Mauritius’ banking sector, which is over two centuries old, is known for its history and stability. Mauritius has stable banking and financial institutions, supported by its central bank, the Bank of Mauritius (BoM). In 2019, Mauritius ranked 31^st out of 139 economies in terms of the soundness of its banks.
The Mauritian banking landscape offers a wide range of services, from commercial banking to specialised services such as fund administration, private banking, financing and investment solutions and custody services.

19 local and international commercial banks offer the full range of transaction management and savings services through their branch networks or online services. 

The Mauritius Commercial Bank (MCB) has been in business since 1838. With over one million customers, MCB is the largest bank in the country. 

Opening a bank account in Mauritius

Opening a bank account in Mauritius is possible for both foreign residents and non-residents. You can opt for an account in Mauritian rupees or other currencies (euro, dollar, rand, etc.)

When choosing your bank, it is important to check the status of collaboration with your home bank. This will enable you to benefit from shorter transaction times, lower interbank charges and greater ease of proving the origin of funds for larger deposits.

It is also possible to open an account remotely by going through an intermediary approved by the Financial Services Commission. Opening a bank account in Mauritius is quite quick and easy, thanks to the guidelines laid down by the Bank of Mauritius. 

If you are involved in the process of obtaining a residence permit in Mauritius, the prior agreement of the EDB to obtain your residence permit will render the conditions imposed by the banks on non-residents null and void. To open a resident account, you will need to present a valid passport, a proof of address in Mauritius, a work or residence permit or prior approval from the EDB and a reference letter from your current bank.

Private Banking 

Private Banking is a high-end offering combining personalised banking services and wealth management. In Mauritius, private banking is governed by the BoM’s Guideline on Private Banking. Your banker will be happy to tell you about the conditions of access to these services. 

For example, the MCB "M" Private Banking solution provides you with a dedicated banking advisor for wealth management, access to premium MCB lounges, a dedicated concierge service, offers with partner organisations, a priority pass for most private airport lounges, and loans at preferential rates.

Bank cards and withdrawals

Visa and Mastercard international bank cards are accepted by most retailers.

Mauritius has a large network of cash dispensers, including 160 MCB ATMs on the island.

Banks focused on digital banking

Mauritian banks offer online services and mobile applications to facilitate day-to-day banking without the need for a physical bank presence. 

MCB stands out with its application "Juice", which combines bank account management and mobile payment. A pioneer in Mauritius, the bank has democratised mobile payment in shops across the island.

Other applications offer functions such as in-store payments, money transfers, group payments and payment of everyday bills (water, electricity, insurance, telephony, etc.).

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CONTACTS

MCB
‍www.m.mcb.mu
+230 204 7300
[email protected]

Bank of Mauritius
www.bom.mu
+230 202 3800
[email protected]