How to open a bank account in Mashreqbank

GSL reference about the bank What is it?

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

Beginning of cooperation

September, 2019

Last contact

June, 2022

Last update

September, 2020

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

Beginning of cooperation

September, 2019

Last contact

June, 2022

Last update

September, 2020

Поиск консультанта...

+44 0 207 822 85 90

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

AML legislation is strictly observed

Compare banks

Minimum requirements

12 195

Minimum balance, €

No restrictions

Transactions permitted per month

12 195

Initial deposit of funds, €

Deadline for the initial deposit, month

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

Outcoming transfer, €

Incoming transfer, €

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

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

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

Personal; Corporate; Savings; Current

Chances to open an account

Predictable