How to open a foreign currency account in Mauritius
The exact process depends on whether you’re currently living on the island or if you’re overseas. Either way, you have some options and the overall process is fairly straightforward.
If you live in Mauritius
Most of the big banks here offer foreign currency accounts. Pretty much all of them let you hold US dollars (USD), euros (EUR) and British pounds (GBP). Where they differ is the extra currencies that they support, the fees, and the little extras that they throw in… That’s why it’s worth comparing a couple before you pick one.
| Bank | USD, EUR & GBP | Other currencies* |
|---|---|---|
| MCB | ✔ | AUD, ZAR |
| SBM | ✔ | — |
| AfrAsia | ✔ | ZAR, CHF, JPY |
| Bank One | ✔ | — |
| MauBank | ✔ | AUD, ZAR, CHF |
| Absa | ✔ | AUD, ZAR |
| ABC Banking | ✔ | CHF, JPY |
| BCP | ✔ | AUD, ZAR |
*The table doesn't cover every currency available. Banks can offer others on request and their options can change over time… So if you have a bank in mind, it's always worth double-checking with them.
What do you usually need to apply?
Requirements vary a bit from bank to bank, but you’ll usually need:
a valid Mauritian passport or national identity card
proof of address (something recent like a utility bill)
anything else the bank asks for
If you already bank with them, it’s often simpler (they’ve already checked a lot of your details).
Can you apply online?
In many cases, yes. Some banks let you open an account (or start the signing-up process) online, but some might still ask you to visit a branch for a couple of checks.
If you already bank with them, the process can be even simpler… You might be able to open (or request) a foreign currency account directly through your existing online or mobile banking app without starting from scratch again.
How do you fund the account?
Once your account has been approved, you’ll need to put some money in it. There's no single minimum amount though… It depends on both the bank and the type of account that you're opening. Some regular accounts have little or no minimum; fixed deposits can ask for a few thousand of that currency.
As for the funding itself, if your salary is in Mauritian rupees, you can just convert some MUR at the bank. You might also be able to transfer foreign currency from another account or receive it directly from overseas… Your options ultimately depend on your bank's policies.
If you live abroad
Living overseas doesn’t stop you.
Mauritian banks generally accept people from the diaspora (you’re treated as a non-resident). Just know that it usually involves a few extra checks compared with opening one while you’re here.
| Bank | Accepts non-residents | Fully remote onboarding* | Online banking (after onboarding) |
|---|---|---|---|
| MCB | ✔ | Yes (existing customers) | ✔ |
| SBM | ✔ | Yes (non face-to-face available) | ✔ |
| AfrAsia | ✔ | No (in-person KYC required) | ✔ |
| Bank One | ✔ | Yes | ✔ |
| MauBank | ✔ | No (digital onboarding is resident-only) | ✔ |
| Absa | ✔ | No (offshore private banking only) | ✔ |
| ABC Banking | ✔ | Yes | ✔ |
| BCP | ✔ | No | ✔ |
*Private banking and business clients can sometimes have different onboarding options (as you'd probably expect)… So the table above refers to new regular individual customers.
Do you need to travel to Mauritius to open an account?
No, a fully remote process is very possible. But ‘fully remote’ doesn't always mean zero hassle. As a non-resident you’ll often face extra identity and background checks, certified copies, or a bit more back-and-forth… And if something can't be verified remotely, finishing the process from overseas can take longer than expected.
So always check the exact process for new non-resident customers with the bank that you’re considering.
What documents do you need?
Besides proving who you are, they’ll usually want to know where you live now and where you’re a tax resident.
Depending on the bank, they might need things like:
a valid Mauritian passport or national identity card
proof of your current address overseas
your tax ID or tax residency details
info on your job, income or where the money is coming from
They normally want certified copies or originals. The exact list changes from bank to bank, so it's always worth finding the bank's non-resident document checklist before sending anything over.
How do you fund the account from abroad?
If you already have the same currency overseas (say USD to a USD account), you can usually just transfer it straight across… no conversion needed. If it’s a different currency (for example CAD into a USD account), someone has to convert it. Check which bank is doing the conversion and what rate they’re giving you. Banks post indicative rates online… but the real rate is the one applied to your actual transfer.
Fees matter too… Your bank publishes its international transfer fees, but intermediary banks can sometimes add extra charges. So even a same-currency transfer isn’t always free.
Before you send anything, just check two things: the exchange rate (if there’s a conversion) and the total fees. The bank’s exchange-rate page and tariff guide are the best places to look.
Can you manage the account without being in Mauritius?
Once your account is open, day-to-day stuff is usually easy. All the banks that we’ve looked at have online banking, so checking balances, statements or moving money from abroad is rarely a problem.
The slightly trickier bit is when your personal details change (new address, phone number, passport, name, or tax residency). You’ll need to update the bank. Sometimes you can do it online; sometimes they want a form and supporting docs. That's something worth thinking about when you’re choosing a bank from overseas. It's not just about whether you can open the account remotely, but how easily you can deal with the occasional admin once you have it.
Pou résumé
Opening a foreign currency account is usually a straightforward process, but the exact requirements depend on both the bank that you choose and where you live. Wherever you are, it's worth comparing your options, confirming the bank's requirements and understanding any fees first. Once your account is set up though, you'll have a practical way to hold, receive and manage US dollars (or a different currency) whenever you need them.