GSL / Offshore and International Law. Offshore companies registration. / Offshore Banking / Mashreqbank

How to open a bank account in Mashreqbank

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

September, 2019

Last contact

November, 2024

Last update

August, 2024
  • the UAE’s oldest private bank;
  • the bank opens savings (deposit) and business accounts;
  • the bank only opens accounts to local companies: LLC, Free Zone Company, UAE offshore companies; personal accounts for residents and non-residents;
  • the minimum average monthly balance in the account is AED 500 000 (~ USD 136 000) for business banking;
  • the beneficial owner must visit the UAE for account opening;
  • the bank issues bank cards;
  • pre-approval procedure: a positive answer means that the account is most likely to be opened;
  • 5 any transactions per month are free of charge, each subsequent up to 20 transactions – AED 20 (~ USD 5), over 20 transactions – AED 40 (~ USD 11)*;
  • the account maintenance fee is charged if the account drops below the minimum balance and is AED 210 (~USD 57)* per month;
  • online banking in English

* These fees are indicative and may vary depending on the banking package chosen by the client

GSL rating
rating
Beginning of cooperation
September, 2019
Last contact
November, 2024
Last update
August, 2024
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General information and rating
General information and rating

Not rated
Global rating
Not rated
Countrywide rating
—
Countrywide rating of the head bank
—
Global rating of the head bank
Year of foundation
1967
History
Founded in 1967. One of the leading banks in the UAE with a growing presence in the region, including Egypt, Qatar, Kuwait and Bahrain. Twelve overseas offices in nine countries, including Europe, USA, Asia and Africa
Personnel
The staff speak English
Bank’s shareholders
Bank’s shares are listed on the Dubai Financial Market (stock exchange)
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements
    Minimum requirements

    126 500
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    126 500
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum average monthly balance in the account is AED 500 000 (~ USD 136 000)
    Transactions permitted per month
    There are no restrictions on the number of transactions
    Initial deposit of funds, €
    The initial deposit equals the minimum balance
    Deadline for the initial deposit, month
    The initial deposit is made at the time of opening the account
    How fast payments are executed
    The payments are executed same day

    Tariffs and services
    Tariffs and services

    5
    Outcoming transfer, €
    5
    Incoming transfer, €
    0
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    5 any transactions per month are free of charge, each subsequent up to 20 transactions - AED 20 (~ USD 5), over 20 transactions - AED 40 (~ USD 11)
    Incoming transfer, €
    5 any transactions per month are free of charge, each subsequent up to 20 transactions - AED 20 (~ USD 5), over 20 transactions - AED 40 (~ USD 11)
    Account maintenance, €/year
    The account maintenance fee is charged if the account drops below the minimum balance and is AED 210 (~ USD 57) for business banking per month
    Distant access to the account
    Online banking in English
    Financial products
    The bank offers a wide range of banking and financial services, including bank accounts for corporate and individual clients, private banking, asset management, investments, and loans

    Account opening procedure
    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    The beneficial owner must visit the country for account opening
    Required
    For a corporate account: completed bank questionnaires for the company and owner; bank statements from the company account for the last 6 months (if the company is new, then bank statements from the owner’s other company account); copies of existing contracts with partners; office lease contract, cash flow chart, ownership structure chart, etc.

    For a personal account: proof of identity (passport); proof of address (not older than 3 months); Resident Visa; CV; bank reference letter + bank statements for the last 6 months.

    The list is not exhaustive. The bank may request any other documents and information
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable
    Offers
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    USD 4 500

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    3 250
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