Payment settlements are required either occasionally or permanently and can be carried out through transfers. In this case, no need for cheque book, a bank card or a correspondence.

A transfer can be used as follows:

• Occasionally – for ad-hoc requirements ;
• Permanently – for recurring or regular needs that require an automatic and repetitive transfer for an identical amount of money, at the same date and towards the same recipient. A permanent transfer can be amended or cancelled and this just requires submitting respective instructions by way of a form duly filled in.
• For practicality – for the settlement of regular expenses of identical amounts, such as payment of rent and salaries of household employees.

Benefits

• Widespread: transfers are a widespread mode of payment because they are simple, secure, inexpensive, fast, flexible, customisable.
• Inexpensive: transactions carried out through internet banking cost less than those effected through a branch (please refer to tariff guide). In addition, in the case of a permanent transfer, you can amend it free of charge.
• Fast: depending on transfer type (Normal or Mauritius Automated Clearing and Settlement System - MACSS) beneficiary’s account can be credited on the same day.
• Flexible: For all multicurrency transactions, you can choose between MUR, EUR, USD, AUD, CAD, CHF, GBP or ZAR.