As an expatriate living in Mauritius with my family, one of the first steps towards establishing financial stability and convenience for us, was opening a bank account in Mauritius as a foreigner.
However, navigating the process as a foreigner did seem daunting at first. In this comprehensive guide, I will walk you through the steps I followed to successfully open a Mauritian bank account as an expat.
From choosing the right bank to understanding the necessary documentation, I’ll cover everything you need to know to make the process smooth and hassle-free.
The bank I chose to open an account with was ABSA Bank Mauritius, but there are also many other good banks that you may choose from, in order to open your Mauritian Bank account as an expat.
Can a foreigner open a bank account in Mauritius?
Yes, a foreigner can open a bank account in Mauritius, and the process is relatively straightforward.
Many banks in Mauritius, such as Mauritius Commercial Bank (MCB), SBM Bank, and ABC Banking, welcome non-residents and expatriates.
To open an account, you will typically need to provide identification documents such as a valid passport, proof of residence (such as a utility bill), and possibly a reference letter from your home bank. Some banks may also require details about the purpose of the account, like whether it’s for personal savings, business use, or investment.
It’s worth noting that different banks may have varying requirements, so it’s a good idea to check with the specific bank beforehand or seek assistance from a relocation service to streamline the process.
Having a local bank account is especially useful for managing everyday expenses, paying bills, and even facilitating rental payments in Mauritian rupees.
1. Researching Banks in order to Open a Bank Account in Mauritius
The first step in my journey was researching and comparing the different banks available on the island.
I considered factors such as reputation, services offered, fees, and branch locations to determine which bank best suited my needs as an expat. I also chatted with locals and expats about what they thought was the best bank to use in Mauritius as an expat.
From my research, popular banks in Mauritius to be the State Bank of Mauritius (SBM), Mauritius Commercial Bank (MCB) and ABSA Bank Mauritius.
This is a list of the banks in Mauritius that you can choose from, to open your bank account with as an expat:
- AfrAsia Bank: afrasiabank.com
- Absa Bank (Mauritius): absabank.mu
- The Mauritius Commercial Bank: mcb.mu
- State Bank of Mauritius: sbmgroup.mu
- BCP Bank (Mauritius): bcpbank.mu
- Bank One: bankone.mu
- Investec Bank (Mauritius) Limited: investec.com
- SBI International (Mauritius) Ltd: sbimauritius.com
- HSBC Bank (Mauritius): hsbc.co.mu
2. Choosing the Right Bank and Account Type for Your Needs
I decided to open an account with ABSA Bank, as I am familiar with this bank, where there are also branches in South Africa (my home country).
ABSA Bank also seems to have an easy-to-use online profile and a user-friendly mobile app, which is what I was looking for to suit my banking needs. Additionally, their dedicated customer service team has been attentive and responsive, providing assistance whenever required.
Once I selected a bank, the next step was choosing the right type of account for me to use.
Mauritian banks typically offer a variety of account options, including savings accounts, current accounts, and foreign currency accounts.
I considered factors such as account fees, interest rates, and additional services (such as online banking and debit cards) when making my decision to open a bank account in Mauritius.
3. Opening the Bank Account
I was able to apply for and open my Mauritian Rupee current account quite easily online.
While the exact requirements may vary depending on the bank, these were the documents that I needed to upload in open to open my bank Mauritian rupee current account:
- Valid passport
- Resident permit/occupational permit
- Proof of address (such as a utility bill or rental agreement)
I ensured that all my documents were up-to-date and in compliance with the bank’s requirements to avoid any delays in the account opening process.
My details were verified and my account opened the very next day! I could then set up my online banking and mobile app immediately.
I was very impressed with the quick and efficient process of opening my bank account as an expat here in Mauritius!
Please remember that the requirements to open a Mauritian bank account as an expat who has a residence/occupational permit is different from that of an expat who does not yet have Mauritian residency.
If you do not yet have residency, then the process of opening a Mauritian bank account is more onerous. Please see my article on How to get a Mauritian Residency Permit in order to apply for and obtain a Mauritian residency permit.
4. Depositing Funds
After my account was successfully opened, I deposited funds to activate it.
You can deposit the funds into your new Mauritian bank account in these ways:
- Visit the bank to deposit cash into your account
- Online Banking
- Mobile App
- International transfer using your account number and the bank SWIFT code
Depending on the bank, you may be required to make an initial deposit to start using your account.
Before finalizing my account opening, I made sure to understand the fees and charges associated with my chosen bank account.
These included monthly maintenance fees, transaction fees, ATM withdrawal fees, and international transfer fees.
By carefully reviewing the fee schedule provided by the bank, I was able to avoid any unexpected charges.
Final Thoughts…
Opening a Mauritian bank account as an expat may seem intimidating at first, but with the right information and preparation, it can be a straightforward process.
By researching banks, understanding documentation requirements, and choosing the right account type, I was able to successfully open an account that met my needs.
I hope that my experience and insights will help other expats navigate the process with confidence and ease.
