Whether you are thinking to come live in Mauritius, or you wish to buy or invest in a property, opening a bank account is necessary for you, be it to manage your finances or to be able to proceed with foreign purchases. As a non-citizen, you can open a bank account in Mauritius for your financial needs. Learn more about the requirements, main banks of Mauritius and important information to know before choosing your bank. If you are moving to the island soon and looking for a new home, check out our article on the best areas to buy property in Mauritius
What to know before you open a bank account
Before you start opening your bank account in Mauritius, make sure to check beforehand if there are international relationships between the country where you are from and the Mauritian bank you will choose. This is to show proof of your initial source of funds for particular deposits in a Mauritian account. The banking industry on the island consists of both local and international banks which are licensed by the Bank of Mauritius. A lot of Mauritian banks offer features such as mobile payments and online banking services that allow foreigners to manage their accounts online and proceed with transactions.
Accounts and requirements for non-citizens
As a foreigner, you can open a savings account allowing for regular transactions, withdrawals and transfers.
You may also open a current account with local or foreign currencies.
To open an account as a resident, you must:
- Provide a copy of your passport and up-to-date relevant visa
- Provide proof of address (a utility bill under your name such as CEB, CWA…) that is less than 3 months old
- Provide a certificate stating the origin of income or assets
- Provide your approved residence permit
A chequebook, debit card and access to internet banking with then be provided to you. You must also make a minimum deposit that can vary from each bank. The general minimum amount is usually between Rs 1,000 and Rs 5,000.
To open an account as a non-resident, you should be physically present and:
- Provide a copy of your passport
- Provide your proof of residence in the country of origin
- Provide a bank reference from your country of origin stating that the account is properly managed and presents no anomalies whatsoever
- Provide a CV mentioning your professional status
It is important to note that foreign currency accounts are allowed to receive funds through domestic and international bank transfers solely. The deposit required depends on the chosen bank’s rules.
There is a possibility to open an account online as long as the application is made via a management company in Mauritius which needs to be approved by the Financial Services Commission (FSC). You can also get in touch with your chosen bank in order to know if they have a dedicated department for expatriates that can help you with the application.
The main banks present in Mauritius
Here is a list of main banks in Mauritius you can contact for your financial needs:
- The Mauritius Commercial Bank (MCB)
- SBM (Mauritius) Bank
- Standard Chartered Bank (Mauritius)
- AfrAsia Bank Limited
- Bank One Limited
- Absa Bank (Mauritius) Limited
- ABC Banking Corporation Limited
- HSBC Bank (Mauritius) Limited
- MauBank Limited
- Bank of Baroda
- SBI (Mauritius) Limited
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