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Currency Exchange GBP to MUR - Where can I get the best rate ?

karibi

I need to convert GBP from the UK to MUR for a land purchase. My question is, what is the most cost-effective solution? Normally, I would use somebody like Wise, but unfortunately, they don't support MUR. I assume I will get a better rate using a specialist broker rather than my bank in Mauritius. What have other people used? Thanks.

See also

Banking services in MauritiusDoes Mauritius have a monetary authority?MCB Private Banking, SBM, ABC Private Banking, Afrasia BankBank account opening on a premium visaClarity on Currency
Julien

Try Thomas Cook, I can send you their contact in private if needed.


I use them regularly

karibi

Thanks, Julian. I am slightly surprised. Have you used them for large transfers, and did you compare their rate with that obtained by asking for a commercial rate at your local bank?


I have struggled to find any FX brokers in the UK that deal with MUR.

Alan9121

@karibi

Check out TorFX. I used them and got a good rate.

Julien

Thanks, Julian. I am slightly surprised. Have you used them for large transfers, and did you compare their rate with that obtained by asking for a commercial rate at your local bank?
I have struggled to find any FX brokers in the UK that deal with MUR. - @karibi

Yes, I transfer large transfers every 3 months and I compare them to other providers. I'll send you my contact by PM

karibi

@Alan9121

Thanks Alan. TorFX was on my list. Unfortunately, I have struggled with their compliance requirements, as they require a letter from a utility or bank to confirm my physical address. I live in South Africa, and the postal system has almost collapsed which makes things difficult. Even if I managed to get a letter, it would have a postal address rather than a physical address.

karibi

@Julien - I did contact them on Monday using the details you provided but so far there has been no response.

the_expert

Hello.


Contact your local bank and ask for a preferential rate for the conversion. If happy, book the deal and close the transaction

Malgun9

@karibi

I recently needed a similar service. I rang my bank and asked for a preferential rate. They said I needed to go to my local branch in person, which I did. All very straight forward, they spoke to the HQ in PL, got the preferential rate and all was sorted within an hour.

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karibi

I got a couple of rates today based on selling £18K and buying MUR.


  1. AfrAsia gave me a rate of MUR 60.90 to the GBP
  2. TorFx, on the same basis, gave me 62.7311, not sure if that includes the cost of the transfer


Nevertheless, that is 3% improvement over AfrAsia.