Mashreq Bank

Mashreq is one of the UAE’s most trusted banks, and it’s not just in the Middle East – you’ll find it in Asia, the United States, and Europe too. Thinking about opening an account with this financial institution? You’re in the right place. We’ve laid it all out in simple steps to make things easy. But first, here’s a quick look at the bank and why it’s worth your attention.

Order a service

History

Short Bank History and Services

Mashreq is one of the oldest banks in the UAE. It first opened its doors in 1967 and was initially known as the Bank of Oman. A few years later, it rebranded and became the Mashreq we know today.

Today, the bank operates in over 14 countries and employs more than 6,000 people from 70 nationalities. Mashreq offers a wide range of retail and corporate banking services in Egypt, and it’s also active in currency exchange across countries like Pakistan, Nepal, and Bangladesh. Additionally, the bank has an international presence, with branches in major global cities, including London, Hong Kong, and New York.

Furthermore, Mashreq offers a wide range of services, including Mashreq current account opening, credit and debit card management, investment opportunities, initial public offerings (IPOs), and more.

Get free consultation

Services

Mashreq Bank Account Types

Before opening a new Mashreq Bank account, choose a suitable option. We have created a list of the most popular accounts that are available in this bank, describing their features:

NEO’s Current Account

This account is an excellent option for receiving your salary and making free international transfers online. You can also use a digital wallet to pay for services and send money abroad. The minimum deposit to open an account is AED 3,500 (approximately $1,000).

Neo NXT Account

This account is designed for children and teenagers aged 8 to 18, helping them learn how to manage their digital money. It takes just 2 minutes to set up, with no fees for making payments, and each child receives a free debit card.

Mashreq NOON Account

This account type offers an annual interest rate of 0.50%, along with up to 2% cashback on your spending. You’ll also get a Noon VIP membership, which gives you access to exclusive discounts at the bank’s partner outlets.

NEO PLUS Saver Account

This savings account offers one of the highest interest rates on the market – 6.25% per year. However, this account is best suited for those who can maintain an annual balance of $135,000 or more. If your balance is lower, you’ll still earn interest, but at a rate of 5%.

NEO Savings Account

This is a standard savings account that earns 0.15% interest every six months. It also comes with a Visa debit card for everyday spending.

Mashreq Easy Saver Account

It offers an annual interest rate of 0.70%, with no minimum balance required to open it. There’s also no monthly maintenance fee. It’s a simple and convenient way to save money, with helpful guidance available from bank staff.

Multi Currency Account

This account allows you to perform transactions in foreign currencies if needed. You’ll get access to multi-currency global banking with unlimited daily transactions. There’s no minimum deposit required to open the account.

Mashreq non-Resident Egyptian Account

This account is ideal for individuals who wish to open a bank account in Egypt while residing in the UAE. It gives you easy access to your funds, allows commission-free transfers, and helps you save money with ease.

Happiness Account

This one is great for saving your salary and earning a monthly bonus. You can get up to AED 2,000 (around $500) if your minimum credited salary is $2,700. You’ll also receive an Al Islami Visa Debit Card, which gives you extra rewards for shopping, dining, and entertainment.

Benefits

Benefits of Company or Personal Account Opening at Mashreq Bank

Having a Mashreq Bank account offers plenty of benefits for account holders. You’ll get fast access to payment services, the chance to earn cashback and bonuses, and enjoy competitive interest rates that help you grow your savings. With the Mashreq Al Islami Debit Card, you can also unlock discounts on dining and entertainment. Here’s why banking with Mashreq is a great move:

Easy access. You can handle everything from the mobile app, and there’s a vast ATM network around the world when you need cash.
Solid rewards. Their cashback and perks are pretty impressive, frequently surpassing what other banks offer.
Seamless with digital wallets. It’s super easy to connect your account to Apple Pay, Google Pay, or Samsung Pay.
Strong security. Mashreq prioritizes your safety with top-rated fraud protection, biometric authentication, and real-time alerts.

Additionally, you can manage your finances from anywhere, which is ideal if you travel frequently or lead an international lifestyle.

Requirements

Requirements of Mashreq Bank for Account Opening

The first step to opening a bank account is to get your documents in order. Here’s what you’ll need:

UAE ID. You will need a valid Emirates ID to demonstrate your residency. The bank will also request a copy of your passport to verify your nationality and ensure compliance with their requirements.
Proof of address. This could be something like a recent utility bill or your rental agreement, which shows your current address in the UAE.
Proof of employment. You will need to show a salary certificate or your work contract to confirm your income. If you’re self-employed, you may need to provide additional documents, such as your trade license or proof of income.

In addition, there are specific requirements for opening a Mashreq Bank business account. Applicants must provide a valid trade license, company formation documents, and information about the business owners.

Steps

How to Open a Mashreq Bank Account?

So, now we’ve reached the most critical part – opening your account. First, explore the available account types, choose the one that best fits your needs, and gather all required documents. Then, follow these steps:

Go to the official bank website or download a program on your smartphone. You will find the online application form without any hassle. Be sure that you are to open the desired account (double-check this).
Simply fill out the application with your info and follow the prompts on the screen – it’s pretty straightforward. Input your personal details, including name, age, employment information, etc.
You’ll need to upload your documents too. Since you’re applying online, make sure the photos are clear and easy to read.

Once that’s done, it usually takes about 3 to 7 business days for the bank to review your info and give you the green light.

As soon as you’re approved, the bank will send you a confirmation to let you know that your account is ready to go. Final activation typically occurs after verification, when managers provide your Mashreq account number. After that, you’re all set to start using your account and take advantage of all the perks that come with it.

Our services

Quick Tips for Opening Your Bank Account the Right Way

Since we’ve helped many clients open Mashreq Bank accounts, we would like to share a few helpful tips. First, ensure that all your documents are ready and complete – having the correct paperwork makes everything run more smoothly. It’s also worth checking out the different account options. Once you know what each one offers, it’ll be easier to choose the one that fits you best.

It’s also a good idea to check the bank’s terms, fees, and charges upfront so there are no surprises later. Be sure also to consider the minimum deposit requirements, as they vary depending on the account type. Some options, such as the Mashreq Current Account, don’t require a deposit to open. Others, like the Mashreq Easy Saver, do require a minimum balance.

And if you’d rather not handle it all yourself, no worries – our team can take care of the entire process for you.

Viktoriia Pustovoit

Chief Sales Officer & Partner

View Profile