No local bank account - what do you do?

TorFx is good. You get good exchange rate specially if you can fix it in the market.Used it personally and found Hazel extremely helpful.
Do not forget that Mauritius is relatively backwards in terms of finance, despite the propoganda in the international market as being the most advanced market in Africa.Well might be advanced in Africa but still in dark ages as compared to western world. Cash is king in most places. Otherwise best to use a debit card with no international fees on withdrawl.Top up using your UK bank account.

So specifcally how do people pay their rent - by cash? Not necessary a trivial sum to obtain...

Tor fx is really good Stephen and i found ABSA bank very helpful when looking to open an account before our arrival - but there is a LOT of paperwork to supply if trying to do it remotely.

Hi
I am from Mauritius but engaged in international business development for a SA co.
I would recommend Mauritius Commercial Bank Limited - I have opened bank accounts for my counterparts from SA / with credit cards. Their international desk very helpful as long as you in compliance with all their paperwork requirement.

If you are looking for office space to set up your business, you can contact me. I have my own office ready with all facilities (Electricity / Water/ Internet / camera / parking. Location: centre of Quatre Bornes, near all amenities - market, post office, banks...

Thanks for your suggestions. I've contacted ABSA so let's see what happens.

Does anyone use Revolut or Monese or equivalent?

Revolut is ok but keep away from Monese. And ignore the comment above regarding MCB. You can thank me later.

Do not touch any government banks.They are geared for mauritian locals who are used to painfully slow system.If you are not from Mauritius you will go bald scratching your hair. MCB is full of clowns who should be selling sea shells along the beach side or maybe cleaners on the public streets as they are so slow.

HSBC. I have just opened a GBP and MUR account with them. It took over 1 month and hundreds of emails and 7 visits to my UK branch, but it works. If you have Première banking with HSBC it will be much easier going forward as you won't need to use forex company at all, you just do online banking and transfer your money to whichever account in whichever currency you have accounts in. Saves you time and huge expense.

Find a UK credit card that charges 0% on foreign transactions (I have santander, but don't know if it is available for new customers)

Also been using HiFX for money transfer years (now called XE) can very highly recommend.
Hope that helps.

You do realise that HiFx now XE offers a crappy rate than Tor Fx.

Thank-you maisonmaurice for your comment. I guess that depends on what level customer you are. In my experience I always get preferential rates. Perhaps it depends on how much you transfer and how often.
However, it always pays to shop around, so you are right, do your research before you choose who to use.

Well to put things in perspective for you here you go

XE: Anything under £2k you get same rate like everyone else. Nothing special about it despite the nonsense they spout and gullible people fall for it.

Anything over £2k you will get a rate slightly better but sill poor.

Tor Fx : No minimum amount. You get same whether it is £1k or £100k. Also lets you fix market rate so if you think that currency will rise you can fix that rate and you get that rate. XE does not offer this. Try for yourself and you will be surprised. I generally transfer £2k from my UK property rent to Mauritius every month and have used them for the last few years with no problem. Recently got Rs 62 for £1 Gbp, and laughing all the way to bank.

maisonmaurice wrote:

but keep away from Monese.

Interested to understand why?

Thanks

i moved from hifx when they sold out to XE as XE arent what they are cracked up to be. Tor Fx so far, a much better experience.