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MCB Private Banking, SBM, ABC Private Banking, Afrasia Bank

JustinJamesBeckwith

Does anybody have any feedback GOOD or BAD on their experience with MCB Private Banking, SBM, ABC or Afrasia and their investments and portfolios?


Asking for a friend! :)

See also

Banking services in MauritiusClarity on CurrencyOpening a Bank Account in MauritiusStuck in legal rigmaroleTransfer of funds from South Africa
Waheeda. J

@JustinJamesBeckwith Hello,I think MCB is better and SBM ,service slow motion.I don't know other Bank.

zurtle

In terms of account opening ABSA was fastest for me. MCB had a much longer appointment waiting time.

oshudofsky

@zurtle do they have as many branches throughout the island as MCB?

the_expert

Hello. Depends on what you require - is it only premium banking or wealth management?

AussieInMauritius

I checked out most of the banks 3 years ago & went with MCB because they suited my purposes. I just walked in there & opened the account in the branch. Took about 1 hour & I had card & internet banking set up. No fee on savings account either.

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Ceresiet

As a non-resident, I found it much more difficult to open an account.

First account (with ABSA) took 9 months (sic) to open. I also contacted MCB, ABC, Investec and AfrAsia.


While the EBD currently has a USD 375k minimum on purchasing expat property through one of the approved schemes, it seems that ever since the grey listing, the central bank (Bank of Mauritius) has imposed a USD 500k minimum in order to open a bank account as a (not yet resident) expat - MCB and all the other banks will tell you this.


Trying to secure a loan for a USD 375k property, the Mauritian banks all require a USD 500k investment - this is unheard of anywhere else on the planet - it makes no sense - why take a loan at all then ?


ABSA only has about 7 branches around Mauritius with MCB having much more with at least an ATM in every town across the island.