fbpx

Expat guide

Your Guide to Opening a Bank Account in Mauritius as a Foreigner (UPDATED)

Opening a bank account in mauritius as a foreigner

Photo credit : Nick Pampoukidis on Unsplash

If you are staying in Mauritius for more than 6 months, chances are, you will need to open a bank account for transactions like house or vehicle rental/purchase. Fret not, opening a bank account in Mauritius as a foreigner is easy if not fast, and we have laid down all the steps you need to know.

Your step by step guide to opening a bank account in Mauritius as a foreigner


Before you proceed to read, a word of caution: As per MRA (Mauritius Revenue Authority) all remittances into the country are liable to be taxed at 15%. This is only not applicable if you are a tax resident in your country and if your country has a DTAA (Double Taxation Avoidance Agreement) with Mauritius. Payments via card are however not considered remittance into the country, and an effective way to not be liable for the tax. Most of your expenses can be managed via card, but items like house or vehicle rent/purchase cannot be made via card, which brings us to the article below.

The steps detailed below are based on experience of opening an account with MCB (Mauritius Commercial Bank) and under the assumption that the process for account opening remains the same more or less across banks. Some actions can only be done at the branch, and MCB is the only bank with a branch in Black River / Tamarin hence highly recommended.

1. Call for an appointment

Strange as it may sound, opening an account requires you to call the branch and fix an appointment. In the case of MCB we got an appointment 2 weeks down the line, so if you intend to open an account, stop now and call first. Hotlines of some commonly used banks are mentioned below.

2. Prepare your documents


These are all the documents you will need for opening account: 

  • Passport
  • House lease agreement for address proof 
  • Utility bill like electricity or telecom bill (strangely, even if it’s not in your name)
  • Source of funds : last 6 months bank statements of your existing home country bank, with name matching the one in your passport
  • A letter of good standing from your bank (this is the bank certifying that you have a good relationship with them). In some cases, if it’s very difficult to get this letter from your bank, the bank will be willing to forego. 
 

What to expect during the appointment: 

The account opening process will take around 30 to 40 mins. At the end of it, you will have an account number and internet banking access.

Things to keep in mind:

  • Ask for a debit card without your name printed so that you can get it the same day
  • Ask for a higher transfer limit. Anything above this limit will need two factor authentication via hard token which is cumbersome to manage and comes at an extra cost. Two factor authentication for transfers under the limit can be managed via soft token which is via an app setup on your mobile.
  • Ask for a USD or Euro account setup along with your MUR account. This comes at no extra cost, and helps make remittance significantly cheaper


Hotlines:

MCB: +230 202 5010.
Absa (Barclays): +230 402 1000
SBM: +230 207 0111
HSBC: 800 1234
Afr Asia Bank: +230 403 5570

That’s it, you can now use your bank account. We hope this helped. 

More Reads
Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Receive the latest Posts

Subscribe To Our Weekly Newsletter

Get notified about new articles and meetups. No ads, just good content!