TRANSFERRING FUNDS TO MAURITIUS
Category Investment
TRANSFERRING FUNDS FROM OTHER COUNTRIES TO MAURITIUS
Institutions charge a % fee for the transfer service. The difference between small fee increments like 0.25% & 0.5% can substantial when you're transferring amounts from EUR 150 000 for a home purchase. RE/MAX 24 can put you in touch with globally accredited currency transfer specialists, who offer excellent rates.
WHICH BANKS CAN I SEND FUNDS TO IN MAURITIUS?
You can send transfers to all major banks in Mauritius, to cheque, current, savings and business accounts. Funds should be credited to bank accounts in Mauritius within 2 working days, depending on the source. The maximum amount one can send to bank accounts in Mauritius is dependent on the country where you are sending from and the payment method used to fund the transfer.
The following recipient information is required for bank transfers to Mauritius, and MUST be accurate to avoid delays.:
1. Recipient's full name (should match the name on their bank statement exactly).
2. Address including the recipient's city.
3. Account details:
Recipient's bank name and bank IBAN number (containing 34 characters) - or account number, sorting code and recipient bank SWIFT code.
4. Some banks request a mobile number to send an SMS notification to a recipient informing them that their funds have been credited.
5. Email (optional) - to send a transaction notification email to a recipient. This is particularly useful in case they have issues receiving the SMS notifications.
6. Sending reason. Indicate whether it is 'family or friend support', 'purchase of services', 'property payment' or 'sending funds to self'. Once the transaction is made, it is difficult to amend or stop the transfer.
GUIDE TO OPENING A BANK ACCOUNT IN MAURITIUS
If you are living in Mauritius, it might be beneficial to open a bank account.
· Non-residents in Mauritius and Non-Mauritian citizens can open a savings bank account in Mauritius for regular transactions, internet banking, transfers, and withdrawals. A savings account will provided with a debit card for withdrawal from ATMs, as well as direct debit payments.
· Foreign Residents Current Account in Rupees To open a current account in the local currency, you are required to provide: a copy of your passport and the relevant visa, utility bill in your name (CEB, CWA, etc.) to show proof of address You will then be given a cheque book, a debit card, and access to internet banking.The minimum deposit required tends to vary and depends on the bank. In general, it is between Rs. 1,000 and Rs. 5,000.
· Foreign Currency Accounts Both residents and non-residents can have access to current accounts in foreign currencies. Foreign currency accounts are only allowed to receive funds via domestic and international bank transfers. Foreign currency accounts also bear interests at fixed rates (term account) or variable interests (remuneration of the available amount).
· Overdrafts As mentioned above, foreign accounts can only receive funds, but special arrangements can be made regarding investments within the same banking institution.
Author: RE/MAX 24