Foreign Currency Transfer on IB

How much does it cost to make a Foreign Currency Transfer on MCB Internet Banking?

Answer
a) For Local/International Corporates, please access the following link:

b) For Global Business customers, please access the following link:

Did you find this information helpful?

Yes No

Is there a minimum or maximum transfer amount?

Answer
Minimum: MUR 150 equivalent

Did you find this information helpful?

Yes No

What is an IBAN?

Answer
IBAN stands for International Bank Account number and is a standard international numbering system for individual bank accounts around the world.

Banks in Europe originally developed the system to simplify transactions involving bank accounts from other countries.

Did you find this information helpful?

Yes No

When is an IBAN mandatory?

Answer
An IBAN is mandatory whenever transferring funds to the countries listed below:

Countries
European Countries (UEE)    Gibraltar    Netherlands
Albania    Greece    Norway
Andorra    Greenland    Pakistan
Austria    Hungary    Poland
Bahrain    Iceland    Portugal
Belgium    Ireland    Qatar
Bulgaria    Israel    Romania
Croatia    Italy    Saudi Arabia
Cyprus    Jordan    Slovakia
Czech Republic    Latvia    Slovenia
Denmark    Lebanon    Spain
Estonia    Liechtenstein    Sweden
Faroe Island    Lithuania    Switzerland
Finland    Luxembourg    United Arab Emirates
France    Madagascar    United Kingdom
Georgia    Malta
Germany    Netherlands


Care: If the beneficiaries have provided the IBAN for countries not listed above, IBAN or account number in local format should be input in the ‘Account Number’ field (i.e. African countries included Mauritius, Seychelles, etc.).

Did you find this information helpful?

Yes No

What is a SWIFT code?

Answer
A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). It is used to identify banks and financial institutions globally. These codes are used when transferring money between banks, in particular for international wire transfers.

Did you find this information helpful?

Yes No

How do I access my list of recipients?

Answer
When accessing the “Foreign currency transfer” functionality under the “Transfers & Payments” tab, users will be able to directly access the list of beneficiaries created by the company administrator.

Did you find this information helpful?

Yes No

When I am transferring foreign currencies to another local bank, which functionality should I use?

Answer
The functionality “Foreign currency transfer” should be used for transfer of foreign currencies to other local banks.

Did you find this information helpful?

Yes No

What is an “Intermediary Bank”? Is it mandatory?

Answer
An intermediary bank is a bank that acts on behalf of the sender bank (in our case the MCB Ltd).

It is in the Bank’s process to automatically identify the relevant intermediary Bank for the most efficient routing. However, should you wish to provide for a specific intermediary bank, please note that the transmission of the funds might be delayed.

Specifying an Intermediary Bank is not Mandatory.

Did you find this information helpful?

Yes No

What does “Public” and “Private” templates mean?

Answer
When a user saves a template as “Public”, then the payment instruction will be accessible to all users having access to the account of the company that is being debited.

When a user saves a template as “Private” , then the payment instruction will be accessible only to that particular user.

Did you find this information helpful?

Yes No

How do I save a new beneficiary?

Answer
A beneficiary can be saved/created by the company administrator only.

Only the details of the beneficiary will be saved.

Did you find this information helpful?

Yes No

How do I pay a saved beneficiary?

Answer
When accessing the “Foreign currency transfer” functionality under the “Transfers & Payments” tab, users will be able to directly access the list of beneficiaries created by the company administrator and make a payment in favour of that beneficiary.

Did you find this information helpful?

Yes No

How do I modify a saved beneficiary?

Answer
A saved beneficiary (Recipient) can only be amended by the Company Administrator.

Did you find this information helpful?

Yes No

What does the controlling of imported goods mean?

Answer
Restricted/controlled goods subject to an import permit include petroleum oils, rice, flour, syringes, drugs and psychotropic substances, firecrackers, arms and ammunition, among others. A detailed list of restricted imports is available on the website of the Bank of Mauritius.

Did you find this information helpful?

Yes No