Open Mashreq Bank Account in UAE

Mashreq stands out as the oldest private bank in the United Arab Emirates and one of the most enduring banking establishments in the Middle East. The extensive Mashreq branch network covers the entirety of the country, catering to half of the nation’s households. Whether you are willing to open Mashreq Bank personal account in UAE or open Mashreq Bank business account in UAE, the bank’s customer service hubs, conveniently situated within all major retail outlets, are at your disposal. The bank also boasts the most extensive network of ATMs within the country.

Beyond its strong presence in the UAE, the bank maintains 12 foreign offices across nine countries, spanning Europe, the USA, Asia, and Africa. In the present day, Mashreq operates as a universal bank, offering a diverse range of products and services, supported by multiple streams of income, centered around five key areas:

• Commercial and investment banking.
• Retail banking.
• Treasury and capital markets.
• International banking services.
• Shariah-compliant banking services

The bank offers corporate and investment services to customers who open Mashreq bank account in UAE. The main components of this segment are:

• Trade finance.
• Contract finance.
• Project finance.
• Investment banking.
• Corporate banking.
• Cash management.
• Wealth management.
• SME banking and private banking.

Key Features of Mashreq Bank

• Account management method: Internet banking (in English).
• Language of communication: English.
• Account currencies: AED, USD, EUR, GBP, CNY.
• Plastic cards: VISA, MASTERCARD.
• Types of accounts: personal and corporate (current, savings, investment) accounts.
• Account opening time: from 6 weeks.

Mashreq Bank Commission Rates

• Monthly account maintenance – free of charge.
• Internet banking subscription fee – from AED 0 to AED 35 depending on the package.
• Online banking token fee (single payment) – AED 750.
• Incoming payments – AED 100.
• Outgoing payments – from AED 40 to AED 70 depending on the service package.
• Account closure:
  – less than 6 months of account usage – from AED 400 to AED 500 depending on the service package;
  – more than 6 months of account usage – free of charge.

Account Opening Procedure at Mashreq Bank

To open Mashreq Bank Business Account in UAE, it is required to provide the following documents:

• Articles of Incorporation of the company registered in the UAE.
• Incorporation Certificate.
• Shareholders’ Certificate.
• Good Standing Certificate – for companies operating in the market for more than 1 year.
• If the owner of the company is a legal entity, information must be provided/disclosed up to the ultimate beneficiary.
• If the shareholder of the company is a legal entity, it is necessary to provide the company’s constitutional documents certified at the level of the UAE Ministry of Foreign Affairs (full consular/embassy legalization).
• Copies of contracts and invoices of at least 3 suppliers and customers of the shareholder’s home company, as well as their addresses, emails and websites must be attached to the document package.
• Original passport of the shareholder/account manager.
• For UAE onshore companies: copy of UAE resident visa + Emirates ID.
• Document confirming the residence address of the account manager.
• Extended resume of the account manager in English.
• Corporate documents of the home company with a similar business in the country where the client is a resident (the required minimum ownership in the said business is 10%).
• Bank statements of the corporate bank account of the home company for at least the last 6 months, in English, with details of the purpose of payments and the amounts of daily debits/credits.
• A detailed statement from the shareholder’s personal account for at least the last 6 months (in English).
• Source of funds, including documented information on the operations from which the capital was generated (dividends, salaries, borrowed capital, sale of assets, etc.).
• Completed application form to open an account with a UAE bank

Mashreq Bank Account Opening Timelines

It takes at least 6 weeks, from the day the bank receives all the documents and information, to open Mashreq Bank account in UAE. Please note that personal presence of the client is required to open an account. The bank does not open accounts for offshore companies.