Opening a bank account and moving money to Mauritius

A local bank account is one of the first things to sort out: rent, utilities, school fees and day-to-day payments all go through it. Here is what members have learned, sometimes the hard way.

Choosing a bank

• MCB and SBM are the largest, with the widest network of branches and ATMs
• AfrAsia, Bank One, ABC Banking and the local subsidiaries of international banks are also popular with expats, especially for foreign-currency accounts

Compare international transfer fees, account fees, currency conversion and card costs. If you receive euros, rand or dollars regularly, a foreign-currency account avoids unnecessary conversions. Mobile apps matter too: MCB's Juice app, for example, is widely used for instant transfers and QR payments in shops.

The documents you will need

Opening an account is fairly simple, but anti-money-laundering checks have tightened. Prepare a complete file to avoid going back and forth:

• A valid passport
• Your residence permit or visa, or proof of your status
• Proof of address in Mauritius: lease, electricity or water bill
• Sometimes proof of address in your home country
• Proof of income: payslips, pension statements, bank statements, tax return
• Source of funds for large amounts
• A reference letter from your current bank, often recommended

Some banks require a minimum first deposit or a minimum balance to avoid fees. Opening can take from a few days to several weeks, so start early. Some banks also offer non-resident accounts that can be opened before you arrive, useful for a property purchase or a rental deposit.

Moving money to Mauritius

Mauritius has no exchange control, and the rupee (MUR) floats. The costs come from fees and exchange rates, which add up quickly through traditional banks.

• Specialised transfer services and fintech accounts, such as Wise or Revolut where they are available in your country, are usually much cheaper than bank transfers. Open them before you leave
• For large amounts (a property, a business), a currency specialist can offer better rates than your bank and fix the rate in advance
• Check what your Mauritian bank charges to receive a transfer

South Africans: your side of the transfer is subject to South African exchange control and SARS rules. See the South Africa section of our permits guide.

Everyday tips

• Choose a bank with ATMs near where you live
• Pay by card or app rather than withdrawing cash repeatedly
• Keep a small amount of cash for markets, small shops and tips
• Keep an eye on your exchange rate when you convert: small differences add up on a monthly budget

Key takeaways

• Prepare a complete file: passport, permit, proof of address, proof of income
• Expect a few days to a few weeks to open an account
• Use a specialised service rather than your bank to move money
• Open your fintech accounts before you leave