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What are the best banks in Mauritius?
Mauritius is a popular destination for expatriates who want to enjoy a pleasant living environment, advantageous taxation and a dynamic economic environment. But to settle in Mauritius, you also need to choose a bank that is adapted to your needs and profile. What are the best banks for expatriates in Mauritius? Here are some answers.
Local banks
Local banks are essential for daily life in Mauritius. They allow you to receive your salary in Mauritian rupees, pay your rent, bills or purchases. They also offer credit, savings, investment or wealth management services. Among the most reputable local banks, we can mention:
- The Mauritius Commercial Bank (MCB), the country's strongest and oldest bank, offering a full range of banking products and services to individuals and businesses.
- The State Bank of Mauritius (SBM), the country's second largest bank in terms of assets, which also offers diversified and innovative banking solutions.
- The Bank of Mascarenes, a subsidiary of the French BPCE group, which stands out for its expertise in the fields of SMEs, corporate, global business and international.
- AfrAsia Bank, a bank specializing in private banking and wealth management, targeting high net worth clients from Africa, Asia and the Middle East.
Neo-banks
Neobanks are 100% online banking institutions that offer undeniable advantages for expatriates who travel a lot or have specific exchange needs. They are characterized by low fees, ease of use and total transparency. Among the most popular neobanks, we can mention:
- Revolut, a British neo-bank that allows you to hold and convert money in 56 different currencies, at the real exchange rate and without hidden fees. It also offers money transfer, contactless payment, cashback or cryptocurrency services.
- N26, a German neobank that offers a free current account, a Mastercard with no fees abroad, real-time notifications and full control from your smartphone. It also offers premium options with travel insurance, free withdrawals in all currencies or partner offers.
- TransferWise, a money transfer platform that allows you to send and receive money in more than 50 currencies, at the real exchange rate and with minimal fees. It also offers a multi-currency account with a Mastercard that automatically adapts to the local currency.
International banks
International banks are banking institutions present in several countries around the world, which offer services tailored to expatriates who have specific needs in terms of investment, financing or wealth management. They are distinguished by their expertise, their network and their security. Among the international banks established in Mauritius, we can mention:
- HSBC, the world's largest bank by assets, offering personal and corporate banking, global business, trade finance and asset management solutions.
- Standard Chartered, a British bank that offers personal and business banking services, as well as global business, corporate finance, financial markets and private banking solutions.
- Deutsche Bank, a German bank that offers corporate finance, global transaction banking, asset management and private banking services.
Private banks
Private banks are banking institutions that are exclusively dedicated to wealth management for high net worth clients. They offer personalized, confidential and tailor-made services, based on the objectives, risk profile and preferences of each client. Some of the private banks present in Mauritius include:
- Warwyck Private Bank, the first private bank in Mauritius, which offers investment advisory services, discretionary management, financial planning and wealth structuring.
- Fleury Private Bank, a subsidiary of the Swiss group Fleury & Associés, which offers wealth management, investment advice, discretionary management and family office services.
- Banyan Tree Bank, a private bank targeting clients from Africa, Asia and the Middle East, offering tailor-made and Sharia-compliant products.
Do you want to expatriate to Mauritius and benefit from personalized support in your efforts? Call on Expatriation-Maurice, the expatriation specialist in Mauritius. We help you find the best banking institution for your needs, open a bank account in Mauritius, transfer your money securely and optimize your taxes. We also provide you with all the information you need to successfully settle in Mauritius. Contact us now to benefit from a free, no-obligation quote.
