FOREIGN CURRENCY ACCOUNT
Earn interest when you save (minimum balance to be maintained to earn interest)
Foreign currency can be opened as a sole or joint account
Transfer of funds can be ensued to other accounts maintained in Mauritius or abroad
Withdrawals in local or foreign currency
Standing order for your recurrent payments
Internet Banking to access your account and transact online.
Foreign currency is easily accessible and offers you a wealth of practical options to simplify your life.Ease of Use and accessibility are key aspects of the MauBank Foreign Exchange Accounts. The account is aimed at those customers who deal frequently or wish to save in foreign currency. The MauBank Forex Account offers all the above with less exchange rate charges and risks.
MauBank Foreign Currency Account is available in major currencies:
Great Britain Pound Sterling (GBP), United States Dollar (USD), Euro (EUR), Swiss Franc (CHF), Australian Dollar (AUD) and South African Rand (ZAR). We can also consider opening accounts in other currencies upon request.
- Minimum initial deposit – Term Deposit: GBP: 5,000 – USD: 5,000 – EUR: 5,000 – CHF: 5,000 – AUD: 5,000 – ZAR: 5,000
- Minimum initial deposit – Savings account: GBP: 2,000 – USD: 2,000 – EUR: 2,000
- Minimum amount to earn interest: GBP: 5,000 – USD: 5,000 – EUR: 5,000 – CHF: 5,000 – AUD: 5,000 – ZAR: 5,000
- Commission in lieu of exchange on each debit entry: 0.5% – Minimum MUR 100
- Processing fee levied on deposits in bank note: 1% on amount being deposited in notes
- Processing fee levied in case deposits are in traveler’s Cheque, provided transactions is acceptable to the bank: 0.5%
- Withdrawal of notes from foreign currency account: 1% on USD notes and 0.5% charged on other currencies
- Credit facilities (FCY) – Margin over LIBOR: As per arrangement
- Service fee: 1 unit as per currency /month if balance is below 500
- Commission in lieu of exchange on outward remittances: 0.5% with a minimum of 5 units in the applicable currency
- Deposits uplifted before maturity: 1% on USD notes and 0.5% charged on other currencies
How to open an account?
Visit any MauBank Business Center around the island to open your account. Click here to view a list of MauBank Business Centers.
What do I need to open an account?
- National ID card
- Proof of address (CEB, CWA or MT bill) – less than 6 months
- If the bill is on your parent/spouse’s name, please bring along your birth/marriage certificate
- Business Registration Number, Certificate of Incorporation and any other documents which will be required by the bank.