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Bank account in Mauritius - a guide for expats
Overview of Mauritius banking system for expatriates. How to choose a bank and open a bank account in Mauritius?
Ranked among the leading financial centres in Africa, 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 environment
Mauritius' banking sector, which has been around for over two centuries, is known for its history and stability. Mauritius has stable banking and financial institutions, regulated by its central bank, the Bank of Mauritius (BoM).
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.
Around twenty local and international commercial banks offer a 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.
Private Banking in Mauritius
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 over 160 MCB ATMs on the island.
Mauritian bank account holders will benefit from Visa or Mastercard bank cards. MCB is the only bank in the country that issues American Express bank cards.
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. Mobile applications offer functions such as in-store payments, money transfers, group payments and payment of everyday bills (water, electricity, insurance, telephony, etc.).
MCB stands out with its application "MCB Juice", which combines bank account management and mobile payment. A pioneer in Mauritius, the bank has democratised mobile payment in shops across the island.
Opening a bank account in Mauritius
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.
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.).
Opening a bank account in Mauritius is quite quick and easy, thanks to the guidelines laid down by the BoM. It is also possible to open an account remotely by going through an intermediary approved by the Financial Services Commission.
If you are still in the process of applying for a Residence Permit in Mauritius, the Approval-In-Principle received from the Economic Development Board (EDB) will be sufficient to open a bank account under the same rules as a resident.
To open a bank account as a non-citizen resident in Mauritius, you must provide:
- A valid passport
- A proof of address in Mauritius
- A Residence Permit, Occupation Permit or the Approval-In-Principle email from the EDB
- A reference letter from your current bank.
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