OPENING A BANK ACCOUNT AS AN EXPAT IN MAURITIUS

OPENING A BANK ACCOUNT AS AN EXPAT IN MAURITIUS

You are a foreigner or expatriate and you want to know if you can open an account with a Mauritian bank? You are at the right place! You will get to know about the procedure to follow whether or not you are established in Mauritius. Certainly, opening a bank account as an expat in Mauritius is essential.

Indeed, resident foreigners as well as non-resident foreigners can undoubtedly open a bank account in Mauritius. However, the procedures and documents required are different in the two cases.

Opening a bank account as an expat in Mauritius is similar to the same process as a Mauritian opening a bank account and the foreign resident will be directed to the local branch of the banking institution. Henceforth, they will be entitled to a savings account, a current account or a fixed deposit account. That is, they benefit from the same services as a Mauritian.

It goes without saying that many banking institutions offer accounts in foreign currencies, such as dollars or euros. However, the bank may ask you to provide a source of fund, if the amount exceeds MUR 500,000 when converted to Mauritian Currency.

Mostly, before opening a bank account as an expat in Mauritius, you will certainly have to submit the following documents:

For a personal account

In case you are a resident in Mauritius:

- Original and copy (color) of your valid passport.

- Original and copy of a bill in your name (CEB, CWA or Mauritius Telecom) dated less than three months. It should be noted that if you are a tenant and the bill is in the name of the owner, you may be required to produce your lease contract.

- A certificate including the source of income or property may be required as proof.

- Your residence permit.

In case you are non-resident in Mauritius:

Opening a bank account as an expat in Mauritius is possible.Non-resident foreigners can also open a bank account in Mauritius. But, for this, they will have to be physically present in Mauritius to be able to do so.

The necessary documents are as follow:

- Original and copy (color) of your valid passport.

-Original and copy (color) of proof of residence in your country of origin.

-Bank reference from the country of origin showing that the account is well managed and contains no anomalies.

- CV with your professional status.

Now, if you are abroad, you wonder if you can open a bank account in Mauritius via the Internet (without having to go to a branch or without a physical intermediary). Indeed, it is possible, the opening of the account can be done remotely provided that the introduction is done through a management company in Mauritius approved by the Financial Services Commission (FSC)

Opening a bank account as an expat in Mauritius is a flexible process. As most banks offer personalized services meeting the criteria of the expatriates and consequently, have departments which are dedicated to expatriates.

You will have lots of choice when opening a bank account as an expat in Mauritius; here is a list of the main banks in Mauritius:

 - The Commercial Bank Limited (MCB)

- The State Bank Mauritius (SBM)

- The 'Absa Bank (Mauritius) Limited'

-  The Afrasia Bank Limited'

-  The  'Bank One Limited'

-  The ABC Banking Corporation Ltd'

- The HSBC Bank (Mauritius) Limited

- The 'Standard Bank (Mauritius) Limited'

- The 'Maubank (Mauritius)'

Given the number of banks available in Mauritius, opening a bank account as an expat in Mauritius can be hectic, when having to make a choice. 

So certain points must be taken into consideration when making your choice.

In particular, it is important to compare and have a look at the international relations of the banks in Mauritius. So, we strongly advise you to find out beforehand about any existing cooperation going on between your banking institution in your country of origin and that of Mauritius. Thus, you will be able to evaluate efficiently certain aspects like the shortest transaction time and most affordable interbank fees. Also, it will be useful to you when you will have to provide your source of fund when doing large sum transactions on a bank account in Mauritius.

We hope to have provided enough clarification and hope that this will help when you are opening a bank account as an expat in Mauritius. Do not hesitate to contact our agency if you have any real estate transactions along the way!

® Fatismet Properties Co LTD