February 10, 2023

How to Establish a Bank Account in Mauritius?

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How to Establish a Bank Account in Mauritius?

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Opening a bank account in Mauritius is a crucial financial move for all residents. We always recommend having a minimum of one bank for savings, deposits, and withdrawals for reasons of financial security. Implementing a substantial financial strategy is facilitated by a bank’s assistance.

When considering how to open a bank account in Mauritius, ensure that you have access to all fundamental banking services as well as various supplementary offers.

Consequently, below is a detailed checklist you might use:

  • What are the key services of the bank?
  • How competitive are their rates and fees?
  • Can I use remote services like mobile banking and round-the-clock customer support?
  • What further banking products do they provide? These include loans, insurance, banking packages for businesses, etc.
  • What languages do they primarily speak?
  • Once these requirements are met, your “how to open a bank account in Mauritius” trip will officially commence.

Locals have the option of opening an account either online or in-person. Not all banks give mobile banking; therefore, if it is important, check that you can remotely and easily access their website.

When considering how to open an offshore bank account in Mauritius, the aforementioned considerations continue to apply, with the addition of the following:

  • Can I remotely access and manage my account?
  • What foreign currencies do banks in Mauritius accept?
  • Is my business activity eligible for opening a bank account in Mauritius?
  • What types of accounts may I use?
  • Do I have all the required documentation to open an account with a bank in Mauritius?

  1. What do you need to open a bank Account in Mauritius

    1. National ID card or Passport
    2. To open the Account bring Rs. 1,000 with you
    3. Proof of address with a Central Electricity Board (CEB), Central Water Authority (CWA), or Mauritius Telecom (MT) invoice. If the invoice is in the name of another person, bring a letter of authorization from that person and a copy of their ID card or Passport.

Our example here is based on the Mauritius Commercial Bank in Mauritius (MCB), which is very established on the island and is probably one of the best.

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