Opening a bank account in Mauritius

Hi Julien

I know for instance that the MCB opens bank account for foreigners / expats.  They need to provide a Bank reference letter, copy of their passport and proof of address.  Same is applied by the MPCB.  They open the account on the spot.

As for Barclays and HSBC I do believe that they have longer procedures if the person is not already holder of an account with these banks in his country.

As for loans, I have the knowledge that this can be quite a tricky procedure for banks and the clients as well.  It all turns around security and guarantees.  Some loan require immoveable property... and if its a local bank (MCB or MPCB, for instance) - they find it impossible to act on properties found outside Mauritian jurisdiction.  This issue is best tackled when the banks have business also in the jurisdiction where the property is found (easier then for HSBC and Barclays type of banks).

When there is no security require (in case of expats, having a confirmed employment and source of revenue) - some banks do accept salary pledges.  Banks hate risks (in Mauritius even more) and thus offering loans to an expat / foreigner who may easily quit and leave to his country...is quite tricky.

Thanks for these tips Nadeem!

Harmonie.

it says under any post recommended services "Expat banking" Expat banking

Do any of the banks have internet banking facilities? That is internet banking facilities that allow me to make international transfers? 

I will be working in Mauritius in a full time position with a view to staying.

MCB have internet banking facilities.
We have done international banking transfers with MCB but not by internet.

we found that opening a bank account is a time consuming excercise and we actually used a management company to do it for us.  Much easier and it leaves you with more time to concentrate on your job.  would say it is worth paying the extra few bob to just have it done.

Actually we open bank accounts free for our clients.  I can say that that MCB has quite a heavy and time consuming Internet banking procedures.  They give you a special password generator and it's quite a complex procedure to launch and understand the thing!  SBM offer a simple Internet banking platform and so does most of the other banks (MPCB, BANK ONE, BARCLAYS, HSBC). 

Internet banking is available with most banks.  Honestly I don't think that in this era any bank can afford not to offer this service.

Nadeem,
Thats what put us off using MCB's internet banking system - plus the fact that I had read in the local press that security could be an issue with this method.

MCB online banking system is good and continuously being improved and adapted. When you do business in Mauritius, its always a plus to have an MCB account as most merchants have an account there as well. Also an advantage if you do local EURO transactions (MRU > MRU) to be at the same bank as your partner to avoid expensive IBAN/SWIFT fees.
The password token device adds additional security. You'll need to spend sometime and make the effort to understand how it works, once through you'll see that some functions are great especially that you need to confirm a transfer twice gives room to check in case you made a mistake. I haven't come across any institution in Mauritius where any registration of any sort was particulary "paperless" or just a simple stop and go
I am not even surprised when they loose your application forms
Even there I found that the MCB did a great job with pre printed forms and most of it could be filled on the spot and what was missing just handed in later on, depending on who you meet at the bank, in general all very helpful with good advice on how to proceed etc. I also have good email support - and it might occur that I do need to send a reminder or just call through but thats how things are if you want to get your information. Maybe Afrasia might serve it to you on plate.

Hello Dietmar,

Thanks for your help.

Rouma.

I have a LLC here in the USA, I have business interest to open a Bank account in Mauritius.

Hello everyone,

Well i use the services of the HSBC Bank, below are some details which might be helpful:

is it difficult for expats to open a bank account in Mauritius ?

Eligibility:
Foreign nationals have to produce a letter of reference from their main overseas banks

Which documents are required to open a bank account in Mauritius ?

Proof of identity - Identity card or Passport
Letter of Reference from main bank overseas (for expatriates)
Proof of address - CEB or CWA utility bill
Bank statement of last 3 months
For large cash deposits, evidence of source of funds must be produced

How long does it take to open it ?


Is there any restriction for expats regarding the services (loans for instance)  ?

url : http://www.hsbc.co.mu/1/2/personal/loans

Which bank would you recommend ?

I would recommend the HSBC as its an international bank and the internet banking also is secure.

We use Bank One and so far all been very good - Customer Service is excellent - and we use internet banking and also transfer to our UK bank account with no problems - takes about 5 days for it to hit our account though.

What level of conversion or exchange fees do your banks levy for transferring money to or from Mauritius?

I was wondering which bank(s) have the most reasonable rates.

Thanks,

David.

I use Shibani Finance to transfer money to South Africa. The rates are great,far better than any of the banks and they charge Rs300 per transfer irrespective of the amount. If I do the transfer 1st thing in the morning, it refelcts in my SA account the next day

"Which bank would you recommend ? I would recommend the HSBC as its an international bank and the internet banking also is secure"

I support exactly what Kush said. We opened recently account with HSBC and it took not more than three days after we submitted all docs required.
haven't used it much yet so no experiences at hand now.
Advantage for us: HSBC treats with the German Trinkaus Bank
http://www.hsbctrinkaus.de/global/display/home
in DUS, so any transfer, once arrived at Trinkaus is credited immediately to the MRU HSBC account.
:)aquawatch

We also use Forex direct to transfer funds to the UK, there is one of their shops in Tamarin so very easy

The bank that I have been dealing for the couple of years since my return to Mauritius is HSBC.

Very easy to do your internet banking or money transfer, etc.

Regards,
Dave P.

have been at sbm today

ony required:
-passport
-foreign account which is well maintained
- foreign permanent adress

thats it

Julien wrote:

Hi all,

is it difficult for expats to open a bank account in Mauritius ?

Which documents are required to open a bank account in Mauritius ?

How long does it take to open it ?

Is there any restriction for expats regarding the services (loans for instance)  ?

Which bank would you recommend ?

Thanks in advance for your participation,

Julien

Thanks for the advice on transfer charges Stormers and Rosie. Had been considering HSBC and MCB. Had not considered using a money transfer shop like Forex Direct, as had assumed that they'd be expensive.

Any banks support Paypal payouts?

My business pays my monies into a paypal account from where i purchase goods in UK and USA and the rest need to payout.

I was just on the HSBC expat bank website, and it says I need a minimum of 25,000 pounds (or the currency equivalent in AUD or USD) to be eligible.

Am I reading that right? Or am I on the wrong site?

Adrian!