How to open a bank account in Mashreqbank

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September, 2019 December, 2021 September, 2020

GSL reference about the bank

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Key information and main requirements:
- 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 50 000;
- 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;
- incoming transfer ~ USD 27*, outgoing ~ USD 20*;
- the account maintenance fee is charged if the account drops below the minimum balance and is AED 300 (~USD 82)* per month;
- online banking in English

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

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
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    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 AML legislation is strictly observed

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    12 195 No restrictions 12 195 0 No restrictions
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    Minimum balance, € Minimum average monthly balance in the account is AED 50 000 (~USD 2 722)
    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    18 25 0 N/A N/A
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    Outcoming transfer, € The incoming transfer fee is AED 75 (~USD 20)
    Incoming transfer, € The outgoing transfer fee is AED 100 (~USD 27)
    Account maintenance, €/year The account maintenance fee is charged if the account drops below the minimum balance and is AED 300 (~USD 82) 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

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    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 Personal; Corporate; Savings; Current
    Chances to open an account Predictable
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