How to open a bank account in Mashreqbank
Cross reference about the bank
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- 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 bank does not open accounts for non-Emirati companies;
- the minimum average monthly balance in the account is AED 500 000 (~ USD 136 000);
- 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;
- 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 250 (~USD 68)* per month;
- online banking in English
* These fees are indicative and may vary depending on the banking package chosen by the client
Cross rating
3.5/5
Beginning of cooperation
September, 2019
Last contact
November, 2023
Last update
October, 2023
Success based fee
2500 USD
Mohammed
Lead Consultant “cross-border-capital-advisors” UAE Banking
- 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
- Minimum requirements
124 000
Minimum balance, €
No restrictions
Transactions permitted per month
124 000
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
Order a consultation
- 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 250 (~ USD 68) 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
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
Cross rating
Dubai Islamic Bank
2 500
N/A
N/A
3/5
Arab African International Bank
2 500
N/A
N/A
2.5/5
Sharjah Islamic Bank P.J.S.C
2 500
N/A
N/A
2.5/5
Commercial Bank of Dubai (CBD)
2 500
N/A
N/A
3.5/5
Banque Misr
2 500
N/A
N/A
3/5
Emirates Islamic Bank
2 500
N/A
N/A
3.5/5
Abu Dhabi Islamic Bank (ADIB)
2 500
N/A
N/A
3/5
RAKBANK
2 500
N/A
N/A
3.5/5
Abu Dhabi Commercial Bank (ADCB)
2 500
N/A
N/A
3/5
Mashreqbank
2 500
N/A
N/A
3.5/5
Ajman Bank
2 500
N/A
N/A
2.5/5
Emirates NBD PJSC
2 500
239
1
3.5/5
- Banks of UAE
Bank
The cost of opening an account, $
Dubai Islamic Bank
2 500
Arab African International Bank
2 500
Sharjah Islamic Bank P.J.S.C
2 500
Commercial Bank of Dubai (CBD)
2 500
Banque Misr
2 500
Emirates Islamic Bank
2 500
Abu Dhabi Islamic Bank (ADIB)
2 500
RAKBANK
2 500
Abu Dhabi Commercial Bank (ADCB)
2 500
Mashreqbank
2 500
Ajman Bank
2 500
Emirates NBD PJSC
2 500
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