Mauritius allows non-residents to open a savings account in rupees or foreign currency in the country without requiring a minimum stay in the country. Please note that some banking institutions automatically redirect them to the private bank.
The Mauritian rupee savings account allows its non-resident holder to receive funds by installments or transfers. The account holder also benefits from a debit card for withdrawals and payments, as well as the possibility to make regular transactions, withdrawals and transfers of funds.
Foreign currency accounts are authorized to receive funds only by bank transfers, national or international. They also bear interest at fixed rates (term account) or variable rates (interest on the amount available). Ask your Mauritian bank about the procedure to follow.
Important:
Any cash deposit of foreign currency is possible in a foreign currency account, provided that the currency, once converted, does not exceed Rs 500,000. The bank is allowed to ask for proof of origin of the funds depending on the amount to be deposited.
Good to know:
Foreign currency current accounts in major foreign currencies are available to residents and non-residents (Euro, Dollar, Rand).
The list of documents to present, if you wish to open a non-resident bank account while being in Mauritius:
To open a remote account:
Contact the management company located in Mauritius, which is approved by the Financial Services Commission (FSC), or contact the bank of your choice and ask about the possibility of opening a remote account for foreigners.
Rupee Current Account
To open a rupee current account as a resident in Mauritius, you need to present:
In general, a minimum deposit of Rs 1,000 to Rs 5,000 is required. Ask for confirmation from the bank you have chosen, as the amount may vary from one bank to another.
Good to know:
According to the 2022-2023 budget, the Bank of Mauritius will ensure that a bank account can be opened within one week.
The Mauritius Commercial Bank Limited
Head-office:
Sir William Newton Street, Port Louis
Phone: (230) 202 50 00
Fax: (230) 208 7054
E-mail: [email protected]
Web: www.mcb.mu
Opening hours of the banks
Monday to Thursday: 9 am to 3:15 pm
Friday: 9am to 5pm
SBM Bank (Mauritius) Limited
Head-office:
1, Queen Elizabeth II Street, Port-Louis
Phone: (230) 202 11 11
Fax: (230) 202 12 34
Email: [email protected]
Absa Bank (Mauritius) Limited
Head-office:
Wall St, Ebene
Phone: (230) 402 10 00
Abby on WhatsApp: 230 5919 00 01
Email: [email protected]
Web: www.absabank.mu/en/personal/
AfrAsia Bank Limited
Head-office:
Bowen Square 10, Dr Ferriere Street, Port Louis
Phone: (230) 208 55 00
Fax: (230) 213 88 50
Email: [email protected]
Web: www.afrasiabank.com
ABC Banking Corporation Ltd
Head-office:
WEAL HOUSE,
Duke of Edinburgh Street,
Place d'Armes, 11328, Port Louis
Phone: ( 230) 206 80 00 / ( 230) 208 00 88
Email: [email protected]
Web: https://www.abcbanking.mu/
Swift Code: ABCKMUMU
Bank One Limited
Head-office:
BANK ONE
16 Sir William Newton Street, Port Louis, Mauritius
Phone: 230 202 92 00
Fax: 230 212 88 83
Cards Hotline: 230 467 19 00
MauBank Ltd
Head office:
25 Bank Street, Ebène
Phone: 405 9400
Email: [email protected]
HSBC Bank (Mauritius) Limited
Head-office:
6th Floor, HSBC Centre
18, Cybercity, Ebene
Phone: (230) 403 83 33
Fax: (230) 403 09 99
Email: [email protected]
Web: www.hsbc.co.mu
Standard Bank (Mauritius) Limited
Head-office:
Level 9, Tower A 1
Cyber City Ebene,
72201, Mauritius
Phone: 230 402 52 00
Email: [email protected]
Web: https://www.standardbank.mu/
Standard Chartered Bank (Mauritius)
Head-office:
Level 15, Newton Tower,
Sir William Newton Street, Port Louis
Email: [email protected]
Phone: (230) 213 23 90, (230) 213 23 91
Fax: (230) 213 09 68
Before choosing your bank, check the relationship between your country of origin and the Mauritian bank. It will be imperative to justify the origin of funds for large deposits in Mauritian accounts.
Foreign accounts are structurally credit accounts. However, special arrangements can be made for term deposits within the same institution.
All banks in Mauritius offer their customers online services and mobile applications from which they can manage their personal finances.
Here is an overview of the solutions available to date.
The MCB - Internet banking
The MCB offers internet banking to its customers, who can manage their accounts at any time. To access it, you will have to request a login and password from one of the many branches across the island. MCB online banking allows:
On the mobile side, the bank offers "Banking by SMS", which allows you to:
Important:
The bank by SMS is a paid service.
Still on the mobile side, the bank has a popular application called "MCB Juice", which allows a variety of services.
The SBM
Internet banking
The banking institution presents its internet banking as offering a "360° view". Indeed, this option allows customers to reset their password online, pay their bills (CEB, CWA, MyT, etc.) remotely, transfer funds and verify deposited checks.
All local and international SBM accounts are now available on the same page.
Mobile app
SBM also has a banking app called "SBM Mobile Banking App" accessible to both iOS and Android devices, which can be downloaded for free from App Store or Play Store. It allows you to:
MauBank
Another popular bank in Mauritius, MauBank also offers an internet banking service, through which it is possible to transfer funds between MauBank accounts or to other local banks, to manage one's accounts (balances, transactions made), to fund one's credit cards.
Mobile app
The mobile application of MauBank (MauBank With Me) allows:
ABSA Bank (Mauritius) Limited
Through its internet banking services, ABSA Bank allows its customers to:
Mobile App
Absa Bank's mobile app allows you to:
AfrAsia Bank Limited
AfrAsia Bank's internet banking allows users to access their accounts and manage their money online 24/7 through the user-friendly online banking interface, equipped with a 2-step authentication and one-time password for login and transactions.
Once logged in, users can:
Mobile App
The AfrAsia Cards app allows you to:
ABC Banking Corporation Ltd
ABC's internet banking allows you to:
Bank One Limited
Bank One's internet banking allows you to:
Mobile app
The app allows you to:
HSBC Bank (Mauritius) Limited
Through HSBC Mauritius' internet banking platform, customers can:
Mobile app
It allows you to:
The International Trade Administration describes e-commerce in Mauritius as still limited, although its use is increasing, especially since the COVID-19 pandemic.
With the country's transition to fiber optics, a number of companies have invested in e-commerce platforms for services such as searching for tourism offers or finding gardeners or housekeepers (deals.mu, marideal.mu, priceguru.mu, mychauffeur.mu, etc.). These platforms allow their customers to pay for their purchases by credit card or even debit card or PayPal.
While in the past many Mauritians used websites more to gather information than to shop, this has changed with the lockdowns as more businesses have shifted to online shops or have an online option. However, many small Mauritian businesses still prefer to use social media to reach their target market.
Like internet banking, mobile payment applications are increasingly being used by consumers, driving the major Mauritian banks, but also other companies, to invest heavily in mobile banking since 2011.
My.t money by Mauritius Telecom
Mauritius Telecom offers "my.t money", a mobile payment application that boasts itself as "a reliable and secure alternative to cash transactions". It is linked to all commercial banks in Mauritius, namely ABC Banking Corporation, Absa, Afrasia, Bank of Baroda, Bank One, BCP Bank (Mauritius), HSBC, MCB, SBI and SBM.
As a virtual wallet with a card, it eliminates the need to use cash and allows the following transactions:
The use of my.t money requires registration with Mauritius Telecom.
Blink by Emtel
Blink by Emtel is authorized by the Bank of Mauritius and works with all MauCas approved QR codes. This mobile payment application allows consumers to make transactions directly from their Mauritian bank account(s), send money instantly to any local Mauritian bank account, receive money, make payments at shops, pay all utility and online bills, top up their cell phone (voice and data), and set usage limits.
Because of its highly secure environment, Blink can be used from a smartphone or tablet, on all available networks and from anywhere.
Application features: