You can save a lot when sending money to Mauritius if you choose an online money transfer service because you can avoid hidden fees being charged by banks. Also, moving money in the local currency means avoiding the fees being charged by forex exchange bureaus.
Best ways to make a money transfer
The best way to make a transfer is online because the rates are fantastic. The process is fast, safe and it is free to use.
Types of options to send money
You can send money to Mauritius through World First Money Transfer and EasyFX, which both charge 0.7% to provide the service. You can also use Aston Currency Management which charges 2% or Adam and Company Bank which charges 6% for the service. Barclays Bank is also available, and it charges 5% for the service.
Restrictions on receiving money
If you're a person or business that is considered high-risk, you can be barred from receiving international wire transfers. For instance, you may be blacklisted for money laundering or being associated with terrorism.
Restrictions on sending money
Financial institutions are required to implement internal controls and other procedures to combat money laundering and financing of terrorism. You can't send money to Mauritius from a country without such internal controls.
Process to send money
The process starts with choosing the money transfer service you wish to use. You will then fill up an online form with your full names, email, phone number and the amount you want to transfer. You also need to indicate the currency you're sending and which currency your recipient will receive. You will then get an instant quote online before you use a particular service.
Brief economic trend
The country's economy is projected to grow by 4% in 2017. The economic growth is driven by the information and communications technology and financial and insurance sectors, which grew by 6.3% and 5.6% respectively in 2016. The country also enjoys economic development because of its strong textile sector.
Mauritius Commercial Bank
Online transfers are cheaper than bank to bank in Mauritius?
You might not know this but online transfers via an exchange broker are much cheaper than bank to bank transfers. Often bank to bank transfers have hidden fees are many people are not aware of until they complete a money transfer to Mauritius. So if you want to keep your fees very low you should look towards a method of transfers that helps you to avoid them.
Foreign currency is expensive to exchange in Mauritius?
The unit of currency that is used in Mauritius is the Mauritian rupee. While there are many places that you can exchange foreign currency into the Mauritian rupee it can be incredibly expensive. This means that your recipient will not get the amount of money that they initially expected. So once again to avoid fees you should look towards a currency transfer to Mauritius.
Send the Mauritian rupee directly to your recipient?
To pay minimal fees you should send money via the internet to your recipient in Mauritius. While you are doing this you can take a look at the currency rate Mauritius is following. By doing this you can see how many Mauritian rupees you will be able to send to your recipient by converting your currency. You will not have to pay any fees to do this and the entire process just takes a few seconds. It is easy to find a currency converter if you are using an online exchange broker as they have these on their websites ready for you to use whenever you need to.