Get the Essential Mauritius Banks List
Mauritius is known for its robust banking sector, which offers a range of services to both local and international clients. There are several banks in Mauritius that have established a strong reputation for providing high-quality financial services. If you are looking to open a bank account in Mauritius, here is a list of some of the top banks in the country.
Top banks in Mauritius
- Standard Bank: Standard Bank is one of the largest banks in Africa and has a strong presence in Mauritius. The bank offers a wide range of financial products and services, including personal banking, business banking, and investment services. Standard Bank is known for its excellent customer service and innovative products.
- MCB Bank: MCB Bank is one of the oldest and largest banks in Mauritius. The bank offers a wide range of financial products and services, including personal banking, business banking, and investment services. MCB Bank is known for its strong commitment to customer service and its innovative products.
- HSBC Bank Mauritius: HSBC Bank is a global bank with a strong presence in Mauritius. The bank offers a range of financial services, including personal banking, corporate banking, and investment services. HSBC is known for its robust online banking platform and its strong commitment to customer service.
- State Bank of Mauritius: State Bank of Mauritius is one of the largest banks in Mauritius and has a strong reputation for providing high-quality financial products and services. The bank offers a range of services, including personal banking, business banking, and investment services. State Bank of Mauritius is known for its strong focus on customer service and its innovative products.
In conclusion, Mauritius has a thriving banking sector that offers a range of financial products and services to both local and international clients. Whether you are looking for personal banking, business banking, or investment services, there are several top banks in Mauritius to choose from. With their excellent customer service, innovative products, and strong commitment to quality, these banks are well-positioned to meet your financial needs.
List of all Local and International Banks found in Mauritius
- ABC Banking Corporation Ltd
- Absa Bank (Mauritius) Limited
- AfrAsia Bank Limited
- Bank of Baroda
- Bank One Limited
- BCP Bank (Mauritius) Ltd
- Habib Bank Limited
- HSBC Bank (Mauritius) Limited
- Investec Bank (Mauritius) Ltd
- MauBank Ltd
- SBI (Mauritius) Limited
- Silver Bank Limited
- Standard Bank (Mauritius) Limited
- Standard Chartered Bank (Mauritius) Ltd
- SBM Bank (Mauritius) Ltd
- The Hongkong and Shanghai Banking Corporation Limited
- The Mauritius Commercial Bank Ltd
Banking services in Mauritius
Mauritius has a well-established banking sector, offering a range of services to both domestic and international clients. Here are some of the banking services available in Mauritius:
- Personal banking: This includes a range of services such as savings and current accounts, credit cards, personal loans, and mortgages.
- Business banking: Banks in Mauritius also provide a range of services to businesses, including business loans, trade finance, cash management, and foreign exchange services.
- Investment banking: Investment banking services in Mauritius include mergers and acquisitions, capital raising, and corporate advisory services.
- Private banking: Mauritius is known for its private banking services, which cater to high net worth individuals. These services may include wealth management, estate planning, and tax advisory services.
- Offshore banking: Mauritius is a popular offshore banking destination due to its favorable tax policies and regulatory framework. Offshore banking services in Mauritius include company formation, investment funds, and trust and fiduciary services.
- Online banking: Many banks in Mauritius offer online banking services, allowing clients to access their accounts, make payments, and manage their finances from anywhere in the world.
- Islamic banking: Some banks in Mauritius offer Islamic banking services, which comply with Islamic principles and are designed for clients who prefer Shariah-compliant products and services.
Overall, the banking sector in Mauritius offers a diverse range of services to cater to the needs of both domestic and international clients, and is regulated by the Bank of Mauritius to ensure stability and security.
Offshore banking in Mauritius
Offshore banking in Mauritius is a popular choice for individuals and businesses looking to manage their finances in a tax-efficient and regulated environment. Here are some key aspects of offshore banking in Mauritius:
- Favorable tax policies: Mauritius has a favorable tax policy for offshore companies, with no capital gains tax, no withholding tax on dividends, and no inheritance or gift tax.
- Regulatory framework: The Financial Services Commission (FSC) in Mauritius regulates offshore banking activities to ensure compliance with international standards and to maintain the country’s reputation as a secure and trustworthy financial center.
- Types of offshore entities: Mauritius offers a range of offshore entities, including Global Business Companies (GBCs), Limited Life Companies (LLCs), and Protected Cell Companies (PCCs). These entities can be used for a variety of purposes, including holding investments, managing intellectual property, and facilitating international trade.
- Access to global markets: Offshore banking in Mauritius provides access to global markets, with a wide range of investment options available, including stocks, bonds, and mutual funds.
- Professional services: Mauritius has a well-developed professional services industry, with a range of legal, accounting, and financial services available to support offshore banking activities.
Overall, offshore banking in Mauritius offers a tax-efficient and regulated environment for managing finances, with access to global markets and a range of professional services to support business activities.
Online banking in Mauritius
Online banking is becoming increasingly popular in Mauritius, with many banks offering a range of digital services to their customers. Here are some key aspects of online banking in Mauritius:
- Convenience: Online banking allows customers to access their accounts and perform transactions from anywhere, at any time. This convenience has made online banking an attractive option for many customers, especially younger generations.
- Services offered: Most banks in Mauritius offer a range of online services, including checking account balances, transferring funds between accounts, paying bills, and applying for loans. Some banks also offer additional services, such as mobile banking and online investment platforms.
- Security: Online banking in Mauritius is highly secure, with banks using the latest encryption technology and two-factor authentication to protect customer data and prevent fraud. Customers are also advised to use strong passwords and avoid using public Wi-Fi networks when accessing their accounts.
- Adoption rate: While online banking is growing in popularity in Mauritius, the adoption rate varies depending on factors such as age, income, and education level. Some customers, particularly older customers and those in rural areas, may prefer traditional banking methods.
- Future of online banking: With the COVID-19 pandemic accelerating the shift towards digital banking, it is likely that online banking will continue to grow in Mauritius. Banks are expected to invest more in digital services and customer experience, with a focus on providing seamless, secure, and user-friendly online banking experiences.
Overall, online banking is a convenient and secure option for customers in Mauritius, with many banks offering a range of digital services to meet the evolving needs of their customers.
Foreign & Private banking in Mauritius
Private banking is an important aspect of the financial sector in Mauritius. Private banking refers to banking services offered to high-net-worth individuals (HNWIs) who require specialized services and personalized attention. And Foreign banks operate in Mauritius alongside domestic banks, offering a range of banking services to individuals and businesses. Here are some key aspects of private banking and Foreign banking in Mauritius:
- Regulatory framework: The Bank of Mauritius regulates private banking in Mauritius to ensure compliance with international standards and maintain the country’s reputation as a secure and trustworthy financial center.
- Services offered: Private banking services in Mauritius typically include deposit-taking, lending, wealth management, investment advice, and estate planning. Private banks in Mauritius also offer specialized services, such as family office services and philanthropic services.
- Access to global markets: Private banks in Mauritius provide access to global markets, with a wide range of investment options available, including stocks, bonds, and mutual funds. Private banks in Mauritius also offer services such as offshore investment structures and tax planning to help clients maximize their wealth.
- Reputation: Mauritius has a reputation as a stable and well-regulated financial center, which has attracted many private banks to set up operations in the country. This reputation, along with Mauritius’ favorable tax regime, makes it an attractive destination for high-net-worth individuals.
- Competition: Private banking in Mauritius is a competitive industry, with many domestic and international private banks offering services to HNWIs.
Overall, private banking is an important component of the financial sector in Mauritius, providing specialized services to high-net-worth individuals and contributing to the country’s reputation as a stable and well-regulated financial center.
Can I Open a Bank Account in Mauritius?
Mauritius is listed as one of the top offshore investment destinations in Africa and globally. However, whether you are thinking to invest or for residency, you’ll want to know; can I open a bank in Mauritius?
The country has been running its banking structure since the 19th century, using the European banking system. The Bank of Mauritius regulates all banks. However, it is your responsibility to certify that this is the case for any bank you consider when opening an account.
Most banks in Mauritius have no intrusive restrictions in opening a private account. However, corporate accounts demand more involving processes for security purposes. This is not to mean that private accounts are taken any less seriously. It only means that opening one takes less time and is quite straightforward.
Non-Resident Bank Account in Mauritius
You might be thinking, this sounds alright, but can a foreigner open a bank account in Mauritius?
The answer is, yes, they can.
Since the country is ideally located between the African and Asian coastal regions, many tourists opt to open accounts with Mauritius banks.
Foreigners prefer opening bank accounts in the country since such accounts don’t have inflated or overstated requirements. Other European banks could derail one’s financial goals due to such requirements. Therefore, if you are wondering, can a non-resident open a banks account in Mauritius, then you do not have much to worry about. If you are interested in the resident permit, read my post on, How to get a residence permit in Mauritius.
A question posed by non-residents closer to home is; can a South African open a bank account in Mauritius? And yes, South Africa is one of the countries whose citizens are eligible to open a private or company account with Mauritius banks.
Due to military disputes and other political dysfunctions in some countries, the Mauritius government and financial sector are restrictive to these countries:
- North Korea and
- The disputed territory of the Peninsula of Crimea
Many other countries can open offshore accounts in Mauritius as long as their laws and financial regulations allow.
How to Open Bank Account in Mauritius?
Opening a bank account in Mauritius is a significant financial step for all locals. I always recommend having at least one banking institution for savings, deposits, and withdrawal services for financial security reasons. Employing significant financial strategies is easier with a supportive bank.
When thinking of how to open a Mauritius bank account, ensure that you have access to all basic banking services plus other supportive offers.
That said, here is a very specific check-list you can use:
- What are the bank’s primary services?
- How are their rates and fees competitively?
- Can I access remote services such as mobile banking and 24/7 customer support?
- What other banking products do they offer? These include loans, insurances, business banking packages, etc.
- Is the support reliable?
- What primary languages do they use?
Once all these tick your satisfactory range, your ‘how to open a bank account in Mauritius journey officially begins.
For locals, one can either choose the online or physical way to get an account. Not all banks offer mobile banking; therefore, if it is a priority, ensure that you can access their site remotely and do so easily.
When looking through how to open an offshore bank account in Mauritius, all the above considerations still apply, plus these extensions:
- Is my country eligible to opening an offshore account in Mauritius?
- Can I access and operate my account remotely?
- What currencies do the banks in Mauritius accommodate?
- Is my business activity acceptable for opening a Mauritius bank account?
- What account types can I use?
- Do I have all the necessary documents to apply for an account with a Mauritius bank?
How to open a bank Account as a Foreigner
Opening a Mauritius bank account is one of the most Straightforward offshore financial services globally. However, you still need to ensure you give accurate information to avoid any federal issues or service restrictions.
For example, the following business activities take any foreigner out of the eligibility category even if their resident country is clear to open accounts in Mauritius:
- Business for adults
- Online dating
- Gambling and online casinos
- Trading derivatives, hedging, options, or FOREX
- Online trading
These terms apply whether you are looking at how to open a foreign bank account from South Africa or any other country. As long as your application meets all eligibility terms and conditions, you will be able to open an account in Mauritius as a foreigner.
Open a Bank Account
With the checklist done and dusted, you can now open a bank account either as a resident or a foreigner. Opening a bank account in Mauritius will require that you first understand your banking goals and then ensure the bank is in a position to meet them. This applies when you open a non-resident bank account in Mauritius as well.
You also need to ensure that you verify all your information so your application is not denied severally, costing you a lot of time. Otherwise, setting up a bank account in Mauritius should be a smooth process. If you choose to do it physically, you can easily walk into your selected banks and fill in the needed documents and attach other requirements.
Setting up a business bank account in Mauritius often needs several signatories, depending on the type of business you plan to operate. You also need to deposit at least $5,000 with chosen banks or an equivalent amount in local currency to activate the account. Business accounts can either be term deposits or call deposit accounts. Both are different from a trading account, and the set-up process will differ.
Once you are done opening a business bank account in Mauritius, you can choose to use a debit master card or a union pay card. Both residents and non-residents are eligible for these cards. You use them to withdraw money through ATMs and pay for other services.
Open Mauritius Bank Account Online
When opening a bank account in Mauritius as a foreigner, you will often go online, especially if you are not visiting the country for a while. Most banks have an online application process on their websites which is self-directory. Some demand video calls for specific accounts and transactions to reduce fraudulent activities.
As the account holder who seeks to open offshore banks account in Mauritius, you need to confirm that you have total access to the account remotely. This is more so in terms of deposits and withdrawals. You also want to have access to support relatable to your time zone, meaning the bank should offer 24/7 support.
Thanks to technology, mobile banking is the most flexible way to enjoy online banking. Therefore, my most recommended banks are those that can offer such services other than transacting on their web pages. However, security should never be compromised.
Questions & Answers
What do I need to open a business account?
- An incorporation certificate or official registration certificate
- Current company status certificate
- Articles and Memorandum’s of Associations
- Directors and shareholders with more than 20% shares
- Identity cards or passports for all signatories
- Certified business plan
- Global license where applicable
- Business data and detailed information of beneficial owners and ultimate shareholders
- Proof of residency at most six months old
What are requirements for opening a personal account in Mauritius?
- A relevant visa or copy of passport
- Proof of address in terms of a utility bill image
- Minimum deposit between Rs1,000 and 5,000 depending on the bank
How to open a Offshore Bank Account in Mauritius?
Opening a personal offshore bank account in Mauritius only needs a few proofs of current residency and identity documents.
- Referral letters
- Proof of business
- Bank statements
- Certificate of good standing
- Passport and recent address certified copies
- Other company documents
Note that some Mauritius offshore bank account requirements could differ as per the bank you choose. However, the standard terms remain consistent. Anyone can choose offshore banking services in Mauritius to enjoy asset protection, diversification, and sound banking advantages.
And don’t miss my post on, The reasons to invest in Mauritius.