The Mauritian rupee (MUR) is the currency used by Mauritians. Introduced on the island in 1877, it replaced the old Mauritian dollar and the pound sterling. The first banknotes are still in circulation today. From the 25 rupee note to the 2,000 rupee note, a portrait is printed on the front, and each back bears the vignette of a Mauritian district. In addition, the Central Bank of Mauritius has minted three Mauritian coins.
Currency Exchange
The Mauritian rupee can be exchanged for foreign currency almost everywhere on the island, from the counters of exchange bureaus to Mauritian banks. Exchange bureaus are located in several major cities on the island and offer exchange services for all currencies (euro, US dollar, Canadian dollar, dinar, Chinese yuan, etc.). Due to the significant volume of tourism activity in Mauritius, the exchange bureau at Sir Seewoosagur Ramgoolam International Airport in Port Louis is open 24/7.
Converting from euros to Mauritian rupees isn’t always convenient, as it’s possible to pay in euros in some hotels and some businesses (large retailers and brand-name boutiques) that also accept payment cards. The best currency conversion rate is offered by banks.
Banks in Mauritius
Banking services
In the era of electronic money, Mauritian banking institutions are adapting while maintaining their traditional activities (opening current accounts, savings accounts, insurance contracts, credit, ATM withdrawals, etc.). If you are planning to settle there permanently, you should know that you will have the choice between around twenty establishments to open a current account.
Opening a bank account is very simple and very advantageous for purchasing foreign currency. All you need is a complete application including an identity document (passport for foreigners, resident or not) and proof of address. This Mauritian current account can therefore hold foreign currency.
The main banks and how they work
Under the supervision of the Central Bank of Mauritius, banks are located in major Mauritian cities such as Flic en Flac, Grand Baie, and Port Louis. In addition to payment cards that allow online and in-store purchases, bank branches offer consumer loans and property loans for your investments in Mauritius.
The Bank of Mauritius ensures the stability of the Mauritian rupee in order to preserve the volume of investments recorded in the country since its opening. It regulates the foreign exchange market by monitoring, for example, the euro exchange rate applied by various banking institutions. Foreigners can now acquire real estate under strict conditions.
Bank opening hours in Mauritius: 9am to 3pm (all day) Monday to Friday and Saturday morning from 9am to 11am.
Some Mauritian banks:
- ABC Banking Corporation Ltd
- Bank of Mascarenes
- Barclays Bank Mauritius
- Deutsche Bank Mauritius
- Bank International Indonesia
- SBM (State Bank of Mauritius)
- Hong Kong and Shanghai Banking Corporation
- Mauritius Commercial Bank (MCB)
Currency conversion tools
Using an online currency converter, the current exchange rate is €1 = Rs 50.86 (August 2024). There are various websites offering calculators and currency conversion tables. The answer is instant and can be obtained in just a few clicks.
The advantage of this online currency converter is that it is very accurate. You can directly enter the value of the local currency in euros that you want to convert to rupees.
Currency risk exists when purchasing foreign currency, especially when the host country’s currency fluctuates. To minimise this risk, it’s best to monitor the Mauritian rupee exchange rate in real time using websites that display the opening and closing rates, as well as the specific quote.
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