Best way to transfer money from South Africa to Mauritius?

Hi Paul

You'd obviously need to open up a bank acc with a Mauritian bank. Then if you are a registered ZAR tax payer you can transfer up to ZAR 1mill annually as your single discretionary allowance.  Any amount over that will require you to get a tax clearance certificate from SARS.  I hope this helps.

cant really comment on the tax side of things as Im not South African, but for cost of banking transactions I use my off island HSBC account. They charge me USD 15 per transfer. I have other accounts in different countries and they have always charges a lot more.

Once the $ has transferred to my MCB (i think the most common bank here), and as long as you convert MUR 300K or more, then you will get the preferred market exchange rate and not what they post on their site/branches.

Hi,

Open account with Investec Bank Mauritius (Online from South Africa)

Use Exchange4free to transfer your funds. 

Easy.

Regards,

Jackie

Thank you Jackie, will definitely look at that.

Do you live in Mauritius? Are you enjoying it?

Paul

Hi Paul,

We only visit Mauritius maybe once a year for a month or so after visiting Thailand and Singapore.

Very different to Asia - very laid back and most shops and venues close quite early in the evening.

We keep some funds at Investec Bank Mauritius as they pay interest on funds.

You may contact me at *** for contact details.

Kind Regards,
Jackie

Hi Paul

We have used  Exchange4free 3 times instead of the traditional banks. Have saved quite a sum doing this. Inbox me and I'll give you their details.

Cheers

hi @jackie pretorius @nimpit00
somewhat along the same lines as original poster’s question:

are there any of the big banks in Mauritius (MCB, SBM, Bank One, ABSA, Standard Bank. Investec) at which Expats can open an account online before they are physically in Mauritius, submitting KYC (Know Your Client) documents via email ?

(I submitted application documents to infomru@investec.co.mu but didn’t even receive a confirmation of receipt - does anyone know an alternative e-mail address where they can be contacted ?)

the effect of yesterday’s 2021 Budget in South Africa on South Africans Emigrating:



New exchange control measures coming

With regards to proposed Exchange Control changes, the Minister confirmed that much work has already been done and the new Capital Flow Management Framework is to be largely completed this year.

In addition to the measures announced for companies with a primary or dual listing offshore, it is likely that the proposed emigration changes will be published by the Reserve Bank shortly and then implemented from 1 March.

This will see the concept of ‘emigration’ and the accompanying Reserve Bank approval process fall away, to be replaced by the concept of an individual ‘ceasing to be a resident for tax purposes’.

Hi Ceresiet.
I used ABAS Mauritius. Very efficient.

Hi Paul, I am currently thinking of moving out to Mauritius soon. How did it go for you , and which route did you eventually use to get your money out. Also how is life in the tropical island? Any regrets per say?
Regards, Mark

Hi there.

Did you ever find a good solution to this?

I am curious, as I am now wanting to open an account in Mauritius from SA.

I have an MCB account, but I'm no longer happy with their fees etc.
So I am looking at using a different bank in Mauritius.

Any advice would be deeply appreciated.
Thank you!