Offshore Bank Account Formation – Mauritius
Overview of the banking system in Mauritius
Banking industry of Mauritius comprises over 20 banks and provides a range of services from traditional to latest banking. All the banks of Mauritius are licensed by the Bank of Mauritius to provide local and international banking services in the region.
Apart from providing the traditional banking services, banks are providing latest and specialised services as well such as card-based payments, like debit and credit cards, internet banking and mobile banking facilities, fund administration, custodial services, structured trade finance, structured lending, investment banking, trusteeship, private client activities, international portfolio management, treasury, and other specialised services.
The international banks offer an extensive variety of global banking and financial services to corporate, institutional and private clients. Some of the greatest and most respectable global banks are available in Mauritius and effectively provides international cross-border activities.
- Acceptance of money
- Payment and settlement services
- Domestic and international funds transfer
- Currency exchange
- Safe deposit lockers
- SWIFT transfers
- Provider of Trade Finance Transactions (Bills for Collection, Documentary Credits, Guarantees, Indemnities, and Performance Bonds)
One can open the bank account in currency as well as the local Mauritius currency such as the Mauritius Rupee. As the competition in the banking business is rising highly in Mauritius, this hike is helping the country to shape up the banking services from a new level with continuous improvement in meeting customer relation.
GDP (Gross Domestic Product)
Gross Domestic Product (GDP) is the final value of all the completed goods and services created inside a nation's boundaries in a particular time period. GDP is also used to define the economic performance and national income and output of a country.
The GDP of Mauritius relates to 0.20% of the Global economy. In December 2011, the GPD in Mauritius was estimated at 11.31 billion US Dollars (USD) which is the most elevated recorded up to now. Its least record was 0.7 USD in December 1976.
The banking sector in Mauritius provides a lot of amenities to its account holders. There are multiple services that they offer in addition to traditional banking – online services, credit and debit card, loan facilities. The banking industry in Mauritius is very large and has 5 local banks, 10 foreign associated banks and 4 banks of foreign branches. All the banks are licensed by Bank of Mauritius which directs and sets regulations for them.
Banks Available at Mauritius
ABC was earlier listed as a leasing company which successfully migrated to bank. Minimum balance required is USD 5000 to sustain an account. This bank provides credit and debit card options which can also be used as a traveling card. The bank does not charge any maintenance fee or any fee for online banking. Debit card fees are also very less. It charges usually 1% for every transaction done from some other bank. Personal visit is not required to open an account.
For opening an account you need not require any minimum balance or any starting fee/initial deposit. Most of its online banking is also free of charge. They provide multilingual services and are financially very stable. They also provide debit and credit card which can be used worldwide. Both active and dormant accounts are free of charge. The transactional charges are very less. USD 20 is charged for bank reference letter.
It accepts all major currencies and provides a range of services to its client like retail, corporate, insurance and international banking. Personal visit is not mandatory to open your account. There is no minimum balance required to keep your account running as well as no initial capital is required to start an account. Online banking is mostly free. However the bank does not offer any credit/debit card
Documents Required For Opening Bank Account
Banking Benefits in Mauritius
- No personal visit to the bank or country required
- Minimum banking balance required is USD 5000 to USD 7000
- 24X7 online banking
- Minimum time required to open an account is around 72 hours
- Access to debit and credit cards
- Secured banking
- No annual fee
- High rate of interest on some banks
- Mauritius is a popular zone for tourists
- Less currency conversion fee of up to 5%
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.