Banks in Seychelles

There are plenty of bank options to choose from if you want to open a bank account in Seychelles. This copy will review some of the bank options you can select from depending on the type of account you would like to have.

List of Banks in Seychelles

Listed below are the commercial banks in Seychelles


SBM Bank Seychelles Limited

State Bank of Mauritius (SBM) is Mauritius’ second-largest bank, and it has about 25% market share of domestic banking assets. SBM has subsidiary businesses in India, Madagascar, Mauritius, and Kenya, known as SBM Group. The company has around 35 ATMs and 45 networked branches in Mauritius.


Bank Al Habib Limited

This is a Pakistani multinational bank, which became the first commercial bank in Pakistan and was founded by the Habib family. The bank is in more than 25 countries across four continents and has over 1700 branches.


Bank of Ceylon

This is commercial bank based in Sri Lanka with a 24/7 call center and it is owned by the state. It has 689 ATMs, 15 regional loan centers, 123 CDM networks, and 628 branches. Bank of Ceylon also has an offshore bank in Colombo, their head office, an around-the-clock unit. Additionally, it has three branches in Seychelles, Chennai, and Malé, plus a subsidiary in London.



Al Salam Bank Seychelles Limited

This is an Islamic banking institution that aims to help improve everyone’s quality of life. They offer their customers a range of banking solutions. While the bank started operating in 2016, they have strong support from their shareholders and aim to introduce the latest technology to the banking sector in Seychelles.


Seychelles Commercial Bank

Initially known as the Seychelles Savings Bank, the Seychelles Commercial Bank carries out commercial bank activities. Its branches and ATMs are spread across Seychelles.


Nouvobanq

Nouvobanq is based in Seychelles but has international experience and has been operating since 1991. They offer a range of services, including online banking. The Seychelles International Mercantile Banking Corporation trades under Nouvobanq and has five branches in Seychelles.


Bank of Baroda

This is an Indian financial service and nationalized banking company owned by the Ministry of Finance, Government of India. It has a global presence with one hundred overseas offices and is the fourth largest Indian nationalized bank. Besides its presence in India, the Bank of Baroda has 107 branches in 24 countries. It has an equally great presence in Mauritius, with around nine branches across the country.


MCB Seychelles Limited

It is worth mentioning that this commercial bank in Mauritius is not the same as the MCB Group. Bank of Mauritius, the central bank in the country, licensed the Mauritius Commercial Bank (MCB). The bank operates in Seychelles, Mozambique, Maldives, and Madagascar and is the oldest banking institution in Mauritius, with 150 ATMs and 40 branches.


Absa Bank Seychelles

Absa Group Limited should not be confused with Absa Bank Limited. This is a financial services group that is South African-based. Amalgamated Bank of South Africa (Absa) was formerly known as Barclays Africa Group Limited. They offer bank assurance, wealth and investment management, corporate and investment banking, credit cards, and business and personal banking.


They are the majority shareholder of eleven banks located in Zambia, Uganda, Tanzania, South Africa, Seychelles, Mozambique, Mauritius, Kenya, Ghana, and Botswana. They have an international office in New York and London and representative offices in Nigeria and Namibia.

List of Offshore Banks in Seychelles

Since the cold war, Seychelles has had a long history as an offshore banking hub. While the country is currently popularly known for tourism, most people still seek Seychelles for offshore banking for themselves or their businesses.

Below is a list of offshore banks in Seychelles.

  • BMI Offshore Bank Limited
  • MCB Seychelles
  • Bank of Baroda
  • Nouvobanq
  • HBL
  • Absa Bank Limited (Seychelles)


African Banks Seychelles

Some of the African banks in Seychelles include:

  • Absa Bank Seychelles
  • SBM Bank Seychelles Limited
  • Bank of Baroda
  • MCB Seychelles Limited


International Banks in Seychelle

There are plenty of international banks in Seychelles. This includes:

  • SBM Bank Seychelles Limited
  • Bank Al Habib Limited
  • Bank of Ceylon
  • Bank of Baroda
  • MCB Seychelles Limited
  • Absa Bank Seychelles

Central Bank of Seychelles Exchange Rates

While the Central Bank of Seychelles aims to maintain a sound financial system and promote price stability, there are no standard exchange rates since the rates vary daily. Below is the consolidated average rate of exchange rates.

Stand: 14 October 2021

Selling of GBP is 20.4779, and the buying is 19.6837, making the mid-rate 20.0808

Selling of EUR is 17.2639, and the buying is 16.8086, making the mid-rate 17.0363

Selling of USD is 14.9624, and the buying is 14.2936, making the mid-rate 14.6280

Open Seychelles Bank Account Online

There are no special formalities to opening a banking account in Seychelles, and the process is not time-consuming. However, it helps to do your due diligence before you open a bank account in Seychelles.

This ensures that you meet the requirements of the chosen bank. Whether you would like to open an account for corporate or personal matters in Seychelles, you can easily do that without necessarily having to travel to Seychelles.

Generally, opening a bank account in Seychelles takes about two to three weeks, regardless of the type of account. All banks offer confidentiality. If you want to open a personal bank account, you will need to provide a recommendation letter from a different financial institution, documents of your address, and a copy of your passport.

To open a bank account for your company in Seychelles, you will need to provide the following documents:

  • A board resolution to open the bank in Seychelles
  • A recommendation letter issued by a different bank or signed by your accountant
  • Information about the managers and identification document copies of the owners
  • Documents giving details on the activities and status of your company
  • Copies of the documents from the company like a certificate of incorporation and articles of association
  • Bank statements or residential addresses on a utility bill
  • Drafting a minimum of $10,000 within four weeks of setting up your account

It is worth stating that all the provided documents must be translated into English. The best part is that you can access online banking services at any time, regardless of whether it is a corporate or personal account. You can view your account balance, verify transactions, and transfer money whenever you want to.

MCB Seychelles Online Banking

You can easily do it if you have not already registered for the MCB Seychelles online banking since the process is pretty fast. They recommend individual clients to personally register for MCB online banking at the MCB Seychelles branch closest to them.

With the MCB internet banking, you can easily make payments, transfer money to a phone or bank account, pay your bills, manage your cards, refill your mobile, check your recent transactions, and balance at any time from the convenience of your mobile phone.

Seychelles Company Formation with Bank Account

There are several benefits of Seychelles company formation with a bank account for foreign investors. They will equally enjoy powers that residents do, and this is also ideal if you want tax efficiency, low maintenance fees, and privacy. Of course, it would be best to do your due diligence. Otherwise, this whole process can get frustrating.

Some of the benefits of Seychelles company formation with a bank account are:

  • No audit requirements
  • No reporting requirements
  • Asset protection
  • Zero taxes on income that is foreign-sourced
  • Privacy
  • Low-cost set up

A Seychelles company can meet your goals depending on what benefits you are looking for. It is worth noting that what you do with your company and where you operate it from is equally vital. Therefore, it is essential to check that you are not creating a tax liability.

Carryout extensive research and consult a qualified advisor before venturing into a Seychelles company formation with a bank account to avoid tax implications.

Seychelles company formation with a bank account comes with its fair challenges. Essentially, there is nothing wrong with the company, except that this is a high-risk jurisdiction and is not well-perceived by the rest of the world. Listed are some of the problems that could affect your company when you set it up in Seychelles.

  1. It poses a huge future risk than it does opportunities. Therefore, you may also want to have other backup accounts set up if your account gets closed.
  2. Seychelles’ poor reputation internationally, from its track record of catering to distasteful characters and history of political instability, has hindered its growth from becoming a respected offshore financial center.
  3. It is not the most highly rated offshore jurisdiction option.

While Seychelles is small and found in a remote location, it has plenty of banks for locals and foreigners alike. They have enough options to choose whether they are interested in banking locally or internationally, and they also offer different types of accounts. Suppose you plan to open a personal or corporate account in Seychelles. It would help to do extensive research to make an informed decision.

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