How to open a bank account in Mashreqbank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

September, 2019

Last contact

March, 2023

Last update

February, 2023
  • 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

GSL rating
Beginning of cooperation
September, 2019
Last contact
March, 2023
Last update
February, 2023
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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

    12 195
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    12 195
    Initial deposit of funds, €
    0
    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

    18
    Outcoming transfer, €
    25
    Incoming transfer, €
    0
    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
    Savings; Current
    Chances to open an account
    Predictable

    Banks of UAE

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    239
    1
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