With today’s announcement that Mauritius Telecom will waive off any commission charges on transactions for fuel purchase in petrol stations as compared to commercial banks which charge 30% commission on the profit made, I think it is high time to publish this informative article, written several months back.
As a myT Money user, you have probably noticed small amounts of money being deducted from your bank accounts if you regularly use the “Cash In” feature? Labelled as “myT Money Charges” (“IPS Charges” at some time in the past) for SBM and “Account Transfer Charges” on MCB, these deductions are made immediately after you transferred money from your banks to your myT wallet and sometimes, the charges can be applied much later…
Update ( 24 April 2022) :
When I had a look at my bank transactions, I noticed that the MauCas charges are now included in the transferred amount itself, unlike months ago, at least, for SBM customers.
In fact, this is a service fee being charged by your bank in favor of the Bank Of Mauritius, for usage of the Mauritius Central Automated Switch (MauCAS). When you request money to be transferred from your retail bank (SBM, MCB etc), this money goes through the MauCas of the Bank Of Mauritius (BOM) before it lands into your myT wallet.
How is this fee calculated?
After confirmation with myT, SBM and MCB,
The fee is set as 0.2% of the amount of the transaction, with a maximum value of Rs 5.
As you noticed, any amount above Rs 2500 will have a maximum service fee of Rs 5.00
Thankfully, the banks do not operate like some retailers whereby if a bread costs you Rs5.40 and you hand over Rs5.50 to them, they will never give you the remaining cents back.
Also note that at the time being, the daily transaction limit on myT money is Rs 5, 000.
Charged above Rs 5.00?
Yes, it happened a few times to me.
This is because the system ( I do not know who to blame) sometimes do not charge you for a transaction and the next time they will cumulate the amount and throw it at your face 😛
Why this post?
While this post’s might look petty to you, it actually links the four entities altogether :
You (user) <=> Service Provider( MyT Money) <=> Retail Bank (SBM, MCB, etc) <=> Central Bank (BOM)
You can go on any of the web sites of the above mentioned, they will only be publishing part of the information available in this single post. As usual, posts here allow anyone to look at the whole picture, without messing around with technical jargon.
Congrats, you now know how to save a few rupees monthly 😉
Before ending, it is good to summarize by saying that myT Money does not cost anything to the customers, like you and me. The only charges are those of BOM… Worth mentioning the other few competitors for mobile and cashless transactions : MCB Juice and more recently, POP launched by Bank One…