Methods of Payment

Mauritius has a well-developed financial system.  Payments for import transactions are generally made through letters of credit, depending on the exporter’s payment experience with the buyer.  The terms of payment as well as the currency of payment should be clearly specified.  An open account can be a convenient method of payment if the buyer is well established and has a favorable payment record.  For new customers, it is advisable to do a credit check through the U.S. Department of Commerce’s International Company Profile service.  To apply for this service, interested U.S. firms should contact their nearest Export Assistance Center.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

To access Mauritius’ ICS section on financing, visit the U.S. Department of State Investment Climate Statement website.

Banking Systems

Banks in Mauritius provide a wide range of services.  Besides traditional banking facilities, they also offer card-based payment services, such as credit and debit cards, internet banking and phone banking facilities.  Banks also offer specialized services such as fund administration, custodial services, trusteeship, structured lending, structured trade finance, international portfolio management, investment banking, private client activities, treasury, and specialized finance.  The international banks offer a wide range of global banking and financial services to corporate, institutional, and private clients.

A list of banks operating in Mauritius, including their profiles and the latest edition of the Code of Ethics and Banking Practice, is available at the website of the Mauritius Bankers Association.

Foreign Exchange Controls

There are no foreign exchange controls in Mauritius.

US Banks & Local Correspondent Banks

There are no U.S. banks in Mauritius, although several of the leading banks have a large network of correspondent banks based in major cities around the world, including New York.