As a foreigner, are you going to Mauritius for fun, work, or investment? Whichever it is, it will be very beneficial to open a bank account as it will help you manage your finances better.
Foreigners can choose among many banking institutions in Mauritius. And to improve their competitive appeal, Mauritius banks are quite competitive for each client, as they offer the most convenient and beneficial terms of cooperation.
When you open a bank account in Mauritius, you get access to a vast number of banking and other financial services. A lot of Mauritian banks offer features such as mobile payments and online banking services that enable foreigners to manage their accounts online and proceed with transactions.
What to know before opening a bank account in Mauritius
To open a bank account in Mauritius as a foreigner, you should take into account the following:
- In Mauritius, foreigners from several countries with a dysfunctional political situations or military conflicts are restricted from opening a bank account.
- Mauritius banks do not impose restrictions on their customers’ types of activities and sources of income but they do not work with clients involved in the financing of terrorism and illegal money laundering.
- Before choosing a bank, it’s recommended to check if there are any international relationships between your home country and the Mauritian bank of your choice since it is required to show proof of your source of funds for large deposits in a Mauritian bank account. Damalion offers you support to open your bank account in Mauritius.
Also, you can open an account online as long as the application is made via a management company in Mauritius which needs to be authorized by the Financial Services Commission.
Requirements for opening a non-citizens bank account in Mauritius
Non-citizens of Mauritius can open a bank account in Mauritius but are commonly allowed to open a savings account for formal transactions, internet banking, transfers, and withdrawals. As a Mauritius non-citizen, you may also open a current account with local or foreign currencies.
If you decided to open a savings account in Mauritius, you will be provided with a debit card for withdrawal from ATMs, as well as direct debit payments. Also, a bank account in Mauritius allows a foreigner to make regular transactions in the world’s most popular currencies and save on fees.
To open an account as a resident in Mauritius, you must provide the following:
- a copy of your passport and relevant visa
- proof of address that is less than 3 months old
- a certificate stating the origin of income or assets
- your approved residence permit
A checkbook, debit card, and access to internet banking will be provided to you. Note that you must also make a minimum deposit which varies from bank to bank.
Non-Resident bank account in Mauritius
To open a non-resident account in Mauritius, you must fulfill a number of conditions set out by the bank.
First of all, you have to be physically present and pre-approval will be carried out. To open a bank account as a non-resident will be required to present the following:
- a copy of your passport
- your proof of residence in the country of origin
- a bank reference from your country of origin declaring that the account is properly managed and presents no irregularities whatsoever
- a CV mentioning your professional status
Mauritius non-residents can have access to current accounts in foreign currencies, but, foreign currency accounts are only authorized to receive funds via domestic and international bank transfers. Although in Mauritius, foreign accounts can only receive funds, special arrangements can be made regarding investments within the same banking institution.
If you want to open a bank account in Mauritius without delay, let’s go ahead and contact your Damalion expert now.
