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Mashreq Bank, UAE

History:

The oldest private bank in the United Arab Emirates, as well as one of the first financial institutions in the Middle East. Mashreq is also a leader in the UAE in digitalisation, actively implementing new technologies (such as blockchain) and developing digital banking. This is represented by divisions Mashreq NEO and Mashreq NEO Biz.

Fitch rating A, Standard & Poor’s A, Moody’s Baa1.

Account Types:

Personal and corporate banking accounts in various currencies: primarily AED and USD, others upon request.

The easiest to open are personal banking accounts in Mashreq NEO and corporate in Mashreq NEO Biz; legal entities can also use Mashreq Business Banking, and wealthy individuals Mashreq Private Banking.

Account Opening Cost (Bank Tariff):

Free for both individuals and legal entities.

The minimum balance for individual accounts is 3000 AED, and for corporate accounts from 50000 to 350000 AED depending on the chosen service plan. In some cases, the bank may require a much larger amount, especially if the company is engaged in high-risk activities.

Account Management: Through online banking, mobile app, or Business Online service, as well as personal visits to the bank’s office.
Maintenance Fees:

Mashreq does not charge account maintenance fees if the minimum balance is maintained, except for corporate accounts for companies in Free Zones and UAE offshore: in this case, the fee is 250 AED monthly.

Fees for personal accounts (Mashreq NEO): the bank does not charge for receiving incoming payments in dirhams or other currencies.

Outgoing payments:

  • To Mashreq bank clients: free;
  • Transfers within the Emirates: from 0.5 AED depending on the transaction type;
  • International transfers: from 26.25 AED.

Fees for corporate accounts (Business Banking, service plans First, Premium, Platinum): the bank does not charge for receiving incoming payments in dirhams or other currencies.

  • Transfers in AED within the Emirates: 3 AED or free depending on the service plan;
  • Transfers in foreign currency: 35 AED or free depending on the service plan.

The fee for access to Mashreq Business Online: 750 AED for token issuance, 120 AED for annual renewal, plus a 35 AED monthly commission.

For more details on banking service costs, see the links above. The current size of commissions and other payments should also be verified on the bank’s website.

Staff: English-speaking / Arabic-speaking
Credit/Debit Cards:

Mashreq issues Visa payment system debit cards for free, as well as credit cards for an additional fee.

For individuals (NEO Debit Card) cash withdrawals:

  • At Mashreq ATMs in the Emirates: free;
  • At other UAE ATMs: 2.1 AED;
  • In other countries (excluding GCC countries): 21 AED.

The commission for processing international transactions is 2%. It is applied in addition to the standard processing fee charged by Visa or MasterCard payment systems.

For corporate clients cash withdrawals:

  • At Mashreq ATMs in the Emirates: free;
  • At other UAE ATMs: 2 AED;
  • In GCC countries: 6 AED;
  • In other foreign countries: 20 AED.

The commission for processing international transactions is 2%. It is applied in addition to the standard processing fee charged by the Visa and MasterCard payment systems. The commission for depositing or withdrawing cash in foreign currency is 1% of the transaction amount (minimum 50 AED).

For more details on banking service costs, see the links above. The current size of commissions and other payments should also be verified on the bank’s website.

Other Banking Products: Mashreq offers a range of ancillary financial services: opening deposits and deposits, lending for individuals and businesses, access to investments in assets inside and outside the UAE, as well as insurance. Wealthy individual clients are offered special service options, and legal entities gain access to additional financing tools coupled with Mashreq’s developed e-commerce infrastructure.
Documents for Account Opening:

For individuals:

  • Passport;
  • Emirates ID;
  • Resident visa;
  • Mobile number in the Emirates;

In some cases, the bank may require confirmation of employment from the employer or statements from other bank accounts if the person owns a company. The latter also needs a lease agreement for an apartment or other residential property in the UAE; sometimes it is also requested from ordinary employees of the company.

For legal entities:

  • Main incorporation documents of the company: certificate of registration, licence, articles of association, memorandum of association or other documents;
  • Documents proving the directors, shareholders, and beneficiaries of the company;
  • Copies of passports of the directors, shareholders, and beneficiaries, as well as account operators and secretaries of the company (if any);
  • If another legal entity acts as a director, shareholder, or secretary of the company, then all of the aforementioned documents are also required for it;
  • Statement for the last 6 or 12 months on corporate accounts of the company in banks outside the UAE;
  • For newly registered companies: a statement from the shareholder(s) account, proving the availability of sufficient funds to start the business.

The bank may also require any other documents it deems necessary for carrying out KYC/AML procedures.

Account Opening Procedure:

A personal visit to a branch in the UAE or online, however, even the latter option will require a personal presence in the UAE to sign documents. The bank is known for its meticulous compliance and attentive approach to AML/KYC, especially when there are connections of beneficiaries to sanctioned jurisdictions.

We are ready to assist in opening a bank account in Mashreq, accompanying the process at every stage.

Account Opening Duration: From 30 days to several months depending on the bank’s compliance.
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The purpose of the initial consultation is to introduce you to our services, as well as to discuss your individual needs related to company registration (maintenance) and opening a bank account.