Mauritius Banks the How to List 2021
Mauritius has always been a great option for foreigners who want to have fun, work, or invest in different lucrative opportunities. Being one of the best international financial hubs, its banking system has also been streamlined to accommodate both locals and foreigners.
Banking in Mauritius has been a recommended option for years to both residents and foreigners. Non the less, you should never take opening a bank account lightly, whether you choose to use local or offshore accounts. The most basic step is ensuring that you go through an operational bank list Mauritius on the Bank of Mauritius website.
For inland options, go through the list of local banks in Mauritius. Sometimes you might need to verify further information by taking a site-to-site exploration to shortlist the best options. Suppose you desire to work with international banks. In that case, you can list international banks in Mauritius and take time to verify each bank and identify the best fit.
This process will be different for everyone, but I prefer to use an outlined detailed list to fill out all pros and cons per bank. I will then narrow down my top two or three to make customer support calls. This way, I do not waste too much time on banks that won’t serve my needs from the beginning. You can use the same procedure when opening an account in Mauritius, for it works for me all the time.
That said is a list of main banks found in Mauritius:
- ABC Banking (opens in a new tab)
- Absa Bank Limited (opens in a new tab)
- AfrAsia Bank (opens in a new tab)
- Bank of Mauritius (opens in a new tab)
- Bank of Baroda (opens in a new tab)
- Bank One Mauritius (opens in a new tab)
- BCP Bank (opens in a new tab)
- HSBC (opens in a new tab)
- Investec Bank (opens in a new tab)
- Mauritius Commercial Bank (opens in a new tab)
- MauBank LTD (opens in a new tab)
- State Bank of Mauritius (opens in a new tab)
- SBI International Mauritius (opens in a new tab)
- Standard Chartered Bank (opens in a new tab)
- SBM Bank (opens in a new tab)
- Standard Bank (opens in a new tab)
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 in 2021.
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 checklist 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.
Bank Documents and Requirements
You will need to gather documents to open a bank account in Mauritius and upload your application as per the country’s and bank’s regulations.
For a corporate or business account, you will need:
- 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
You will need to meet the following requirements to open a bank account in Mauritius for a private account:
- 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
To open a Offshore Bank Account
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.