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Mashreq

WikiFX | 2024-08-21 11:51

Abstract：Mashreq is an unregulated service provider of premier brokerage and financial services, which was founded in the United Arab Emirates in 1996. It offers products and services for cards, loans, transfers, investments, equities, and insurance.

Mashreq Review Summary
Founded	1996
Registered Country/Region	United Arab Emirates
Regulation	No regulation
Products & Services	Cards, loans, transfers, investments, equities, insurance
Demo Account	❌
Trading Platform	Mashreq Mobile App, Mashreq Web
Minimum Deposit	AED 5,000
Customer Support	24/7 support, contact form
	Tel: 04 424 4444
	Email: media@mashreq.com
	Address: Conrad Hotel Dubai Ground Floor, Sheikh Zayed Road - Opposite to the World Trade Centre, Museum of yhe Future, Dubai, UAE
	Facebook, X, Instagram, LinkedIn, YouTube

Mashreq Information

Mashreq is an unregulated service provider of premier brokerage and financial services, which was founded in the United Arab Emirates in 1996. It offers products and services for cards, loans, transfers, investments, equities, and insurance.

Pros and Cons

Pros	Cons
Long operation time	Lack of regulation
Various contact channels	No demo accounts
Various products and services offered	Commission fees charged
Multiple account choices

Is Mashreq Legit?

No. Mashreq currently has no valid regulations. Please be aware of the risk! Besides, its domain status shows that client transferring is prohibited.

Products and Services

Products & Services	Supported
Cards	✔
Loans	✔
Transfers	✔
Investments	✔
Equities	✔
Insurance	✔

Account Type

Account Type		Minimum Deposit
Current Account	NEO Current Account	AED 5,000
Kids Account	Neo NXT Account	/
Savings Account	NEO Savings Account	/
	Mashreq noon Account	/
	Money Multiplier	/
Community Deposits	NEO Groups	AED 5,000
Non-Resident Account	Non-Resident Egyptian Account	EGP 50,000
Multi Currency Account	Multi Currency Account	/
Deposits	Fixed Deposit Account	AED 10,000 or USD 3,000 or GBP 2,500
	Unfixed Deposit Account	AED 10,000 or USD 3,000
	Step-Up Saver Account	AED 10,000
Mashreq Millionaire	Mashreq Millionaire	AED 1 million

Mashreq Fees

Current Account

Segment	Personal Banking
Initial Deposit	AED 3,000 or equivalent in the case of a foreign currency account
Monthly Minimum average balance requirement (or equivalent in other currencies)	AED 3,000
Fall below fee	AED 21.00 per month or equivalent in the case of a foreign currency account
No of free transactions - other than ATM & Online	Not applicable
Additional transaction fee	AED 10.50 per month
Account closure charges (if closed within 6 months of opening)	AED 105
Cheque book	First cheque book freeand AED 1 per leaf for additional requests
Service fee to update the Emirates ID details from authorities	AED 105

NEO NXT

Minimum monthly balance	0
Monthly fee	❌
Service fee to update the Emirates ID details from authorities*	AED 105

NEO Simple

Minimum balance requirement	0
Fall below fees	Not applicable
Monthly fee	❌
Service fee to update the Emirates ID details from authorities*	AED 105

Cheque Protect Plus

Segment	Interest Rate p.a.	Annual Fees
Personal Banking	19.99% p.a.	Waived

Savings Accounts

Personal Banking Customers	Savings Account	Easy Saver	Noon Savings Account	Money Multiplier	Daily Bonus Account	Neo Plus Saving account	Dream Saver Account
Initial Deposit	AED 3,000	AED 500	AED 3,000	AED 5,000	AED 3,000	/	/
Monthly Minimum average balancerequirement (or equivalent in other currencies)	AED 3,000	/	/	/	AED 3,000	/	/
Fall below fee	AED 21.00 per month	/	❌	❌	AED 21.00 per month	/	/
No of free transactions -other than ATM & Online	Not applicable	Unlimited online transactions	/	6 AED per month	/	/	/
Additional transaction fee	AED 10.50 per month	/	AED 10.50 per month	/	/	/	/
Account closure charges (if closed within 6 months of opening)	AED 105	/	AED 105	AED 105	AED 105	❌	❌
Service fee to update the Emirates ID details from authorities	AED 105	/	/	/	/	/	/

Bank Statements

Segment	Personal Banking
Statement print out (from branch)	AED 26.25

Letters

Segment	Personal Banking
Account Balance Letter/Balance Confirmation Letter –through Mashreq Online/Mashreq Mobile	❌
Account Balance Letter/Balance Confirmation Letter -Branch	AED 52.50
No Liability LetterTurnaround time 7 working days	AED 63
Liability LetterTurnaround time 7 working days	AED 63

Term Deposit

Type	Fixed Deposit	Un-fixed Deposit	Step up Deposit
Minimum Amount	AED 10,000	AED 10,000	AED 10,000
Maximum Amount	No limit	No limit	No limit
Tenor	7 days to 5 years	6 months to 5 years	Fixed for 18 months
Premature Withdrawal Rate	Premature penalty of 2% will apply. No interest will be paid if the interestof the completed tenure of the deposit is 2% or less.	In case of partial withdrawal, premature penalty of 2% will apply on withdrawnamount while the remaining balance will continue to earn interest at the agreed rate. In case of full withdrawal, premature penalty of 2% will apply. No interest will be paidif the interest of the completed tenure of the deposit is 2% or less.	Interest applicable for the total period for which the deposit has run, less 0.5%.
Partial Withdrawal	Not allowed	Allowed in units of AED 1,000 & USD 250	Not allowed

Mashreq Millionaire

Segment	Personal Banking
Issuance Fee	AED 36.75
Pre-encashment Fee within 90 days of issuance	AED 26.25 per certificate

Cheques

Segment	Personal Banking
First Cheque book – 10 leaves	❌
Additional Cheque Books (10, 25, 50 leaves)	AED 1.05 per cheque leaf
Local Cheque Clearing - Normal	❌
Partial Cheque Payment (per withdrawal against cheques issued by you)	AED 5.25
Special Clearing	AED 215.25
Foreign Currency Cheque collection	AED 52.50
Stop payment (per instrument/cheque)	AED 52.50
Cheque returned - Drawn on own account	AED 105
PDC custodial service	AED 5.25 per cheque
Request for copy of Old Cheques/ Documents < = 1 year	AED 10.50
Request for copy of Old Cheques/ Documents > 1 year	AED 21

Standing Instruction Order

Segment	Personal Banking
Set-up Charges	AED 52.50
Amendment Charges	No charge
SI not effected due to insufficient funds	AED 26.25
Fund transfer through DD or PO or Wire Transfer	Please refer to “Remittance Charges” section

Remittance

Segment	Personal Banking
Account to Account Transfer (within Mashreq UAE)	❌
Drafts/PO
Issuance - Branch	AED 36.75
Issuance - Electronic	AED 21
Cancellation	❌
Outward Wire Transfer - Branch
International	AED 78.75
Domestic	AED 5.25
Outward Wire Transfer - Electronic
International	AED 26.25
Domestic - Transfers through IPI	AED 0.5
Aani instant payments	❌
Domestic - Transfers through UAEFTS	AED 1.05
Recall of TT Funds/TT Return/Investigation of TT Status	AED 52.50
SWIFT copy charges	AED 26.25
Inward Remittance (AED or Foreign Currency)	❌

Processing Fees

Type of Transaction	Personal Banking
Same Currency FCY Withdrawal/Deposit of Cash <= AED 1,000,000 Eqivalent	1.00%
Same Currency FCY Withdrawal/Deposit of Cash > AED 1,000,000 Eqivalent	1.50%
Cross Currency FCY Withdrawal/Deposit	Waived

Debit Card

Type of Card	Platinum Debit Card
Debit Card (initial)	❌
Supplementary Debit Card(including Supplementary Card for Joint Accountholder)	❌
Debit Card Replacement Charge	AED 26.25
Spread on International Transactionsin non AED Currency (VAT not applicable)	2.50%
Spread on International Transactionsin AED Currency (VAT not applicable)	1.25%
Cash Withdrawal
Mashreq ATM's (in UAE)	❌
Other banks ATM (in UAE)	AED 2.10
Other banks ATM (in GCC)	AED 6.30
Other banks ATM (Internationally)	AED 21
Balance Enquiry and Declined transactions
Mashreq ATM's (in UAE)	❌
Other banks ATM (in UAE)	AED 1.05
Other banks ATM (in GCC)	AED 3.15
Other banks ATM (Internationally)	AED 3.15
Retrieval of sales slip	AED 26.25

Bill Payment

Bill Payment	Personal Banking
Channel	Branch	Electronic
Utility (DEWA, SEWA, ADDC), Phone (Etisalat, Du) and Salik	Not available	❌
Non-Mashreq credit card Payments	Not available	❌

UAEDDS paying bank charges

Type	Charges
DDS Return Due to insufficient funds	26.25
DDS Return Due to insufficient funds(repeat DDS with the same reference number)	❌

Investments

Exchange House	Currency	Commission Per Trade	Minimum Commission
BME Spanish Exchanges (SIBE)	EUR	0.76%	30
Duetsche Borse (FSE) (XETRA )	EUR	0.76%	30
Duetsche Borse (XETRA_STARS)	EUR	0.76%	30
Euronext Amsterdam (AMS)	EUR	0.76%	30
Euronext Brussels (BRU)	EUR	0.76%	30
Euronext Paris (PAR)	EUR	0.76%	30
Hong Kong Exchange (HKEX)	HKD	0.60%	150
Irish Stock Exchange (ISE)	EUR	0.76%	30
London Stock exchange (IOB) (LSE_INTL)	USD	0.75%	30
London Stock exchange (SEAQ) (LSE_SEAQ)	GBP	0.92%	50
London Stock Exchange (LSE_SETS)	GBP	0.75%	30
NASDAQ OMX Copenhagen (CSE)	DKK	0.76%	50
NASDAQ OMX Helsinki (HSE)	EUR	0.76%	30
NASDAQ OMX Stockholm (SSE)	SEK	0.76%	65
NASDAQ OMX Stockholm (First North) (SSE_FN)	SEK	0.76%	65
Olso Børs/Oslo Stock Exchange (OSE)	NOK	0.76%	65
Swiss Exchange (Blue-Chip) (VX)	CHF	0.76%	50
SIX Swiss Exchange (SWX)	CHF	0.77%	50
Wiener Börse/Vienna Stock Exchange (VIE)	EUR	0.78%	30
Share Value
US MAIN Exchanges (AMEX; NASDAQ; NSC; NYSE_ARCA; NASDAQ SC)	> USD 10 share	21.25 cents/share	30
US MAIN Exchanges (AMEX; NASDAQ; NSC; NYSE_ARCA; NASDAQ SC)	< USD 10 share	5 cents/share	30
Trade Size
US OTC Exchange (OOTC)	< USD 50,000 trade	USD 100	/
US OTC Exchange (OOTC)	> USD 50,000 trade	0.50%	30

Loans

Loans	Personal Loans	Car Loans
Reducing Rate of Interest for Expatriate (VAT not applicable)	5.99% to 31.99%	5.99% to 9.99%
Reducing Rate of Interest for Emirati (VAT not applicable)	5.99% to 12.99%	5.99% to 9.99%
Processing Fees	1.05% of the loan amount	1.05% of the loan amount
Loan top up processing fee	1.05% of the loan amount	/
Life Insurance fee for Expatriate - Neo Credit	No Insurance coverage
Life Insurance fee for Expatriate Covers outstanding loan amount of the customer in case of death. The beneficiary of the insurance cover will be the bank and bank will use the claim amount to settle customer`s outstanding loan. w.e.f 1st January 22	❌	/
Life Insurance fee for Emiratis Covers outstanding loan amount of the customer in case of death. The beneficiary of the insurance cover will be the bank and bank will use the claim amount to settle customer`s outstanding loan. w.e.f 20th January 23 for loans/finance tenor up to 60 months.	❌	/
Life Insurance Fee for Emiratis- Debt Consolidation Loan Covers outstanding loan amount of the customer in case of death. The beneficiary of the insurance cover will be the bank and bank will use the claim amount to settle customer's outstanding loan. w.e.f 1st January 22 till 20th January 23	0.01911% of the outstanding loan amount per month	/
Postponement fees	AED 105 per postponement	AED 105 per postponement
Late Payment Fee	2% of the delayed amount	2% of the delayed amount
Minimum	AED 52.50	AED 52.50
Maximum	AED 210	AED 210
Early Settlement Fee
Through other Banks	1.05% of settled amount or AED 10,500, whichever is lower	1.05% of settled amount or AED 10,500, whichever is lower
For repeat Loan	1.05% of settled amount or AED 10,500, whichever is lower	/
Through own Sources	1.05% of settled amount or AED 10,500, whichever is lower	1.05% of settled amount or AED 10,500, whichever is lower
Partial settlement of all sources including EOSB	1.05% of settled amount or AED 10,500, whichever is lower	1.05% of settled amount or AED 10,500, whichever is lower
Temporary/Permanent Release/Clearance Letter Turnaround time 7 working days	/	/
Liability Letter addressed to other Bank Turnaround time 7 working days	AED 63	AED 63
Change of Number Plate	/	NIL (security deposit of AED 200 for individuals & AED 500 for companies)
Change of due date on standing instruction	/	AED 26.25
Change of PDC/Recovery Account	/	/
Loan rescheduling fee	AED 262.50	AED 262.50
Loan cancelation fee	AED 105	AED 105
Other (Loan copy, Issuing redemption statement, audit confirmation, etc)	AED 26.25	/

Loans	Home Loans
Rate of Interest for Expatriate (VAT not applicable)	Interest Rates linked to EIBOR
Rate of Interest for Emirati (VAT not applicable)	Interest Rates linked to EIBOR
EIBOR Rates	Mashreq home loan is based on the 3-month AED EIBOR plus a fixed margin agreed as per contract. 3 month EIBOR will be fixed on 1st of every calendar quarter. EIBOR is the Emirates Interbank Offered Rate, which is the rate at which banks lend to each other. EIBOR rates change daily and can be checked on the Central Bank website here. Rates as published on Central Bank's website are available on T+2 basis, i.e. Rates published on Central Bank's website for 1st of a month will be applied on 3rd of the same month.
Processing Fees	Subject to offer
Loan top up processing fee	1.05% of the top up amount/Subject to offer
Life Insurance Charges (VAT not applicable)	0.165% p.a. of the loan outstanding amount
Late Payment Fee	/
Early Settlement Fee (for Residential properties)	Lower of (a) Fee as per offer letter (b) 1% of the repayment amount. (c) AED 10K.
Early Settlement Fee (for Commercial properties)
Through other Banks	3.15% of outstanding for first 5 years and 2.10% post 5 years.
For repeat Loan	/
Through own Sources	In case of settlement via Own funds/Sale of property • 3.15% of settlement amount during Fixed rate period. • 2.10% of settlement amount within first 5 years post fixed rate period, thereafter 1.05% of the settlement amount
Partial settlement of all sources including EOSB	Fixed Rate period: • 3.15% of settlement amount during Fixed rate period. Post Fixed Rate period: • NIL in case of part settlement up to 25% of loan outstanding during a calendar year. • In case of settlement above 25% of loan outstanding 2.10% of settlement amount within first 5 years post Fixed rate Period, thereafter 1.05% of the settlement amount
Re-validation Fee	AED 525
Property Evaluation Fee	AED 2625
Pre-approval Charges	AED 1050
Temporary/Permanent Release/Clearance Letter Turnaround time 7 working days	AED 99.75
Liability Letter addressed to other Bank Turnaround time 7 working days	AED 89.25
Property Insurance Charges	Up to 0.063% per annum of the property value /Subject to offer
Issuance of NOC	AED 157.5
Property Swap admin fee- Including Valuation	AED 1386
Non-standard statement production/copy of original documentation	AED 105
Request of other letters	AED 94.5
Other Certificate	AED 78.75

Revolving Overdraft

Annual Fees	AED 210
Revolving Overdraft Terms and Conditions	https://www.mashreq.com/-/jssmedia/pdfs/neo/soc/Revolving-overdraft-tnc-en-ar.ashx

IPO Finncing

Subscription/Interest Rates	The charges applicable are subject to market conditions and may change without prior notice
Leverage Multiples	Mashreq offers up to five multiples for IPO Financing

Mashreq Prime Rate (MPR)

AED MPR

6.50%

Changes to Schedule of Charges

Mashreq's fee schedule has been amended. Click https://www.mashreq.com/-/jssmedia/pdfs/neo/soc/PB-SOC-Summary-of-Changes-EN.ashx to view the summary of changes.

Trading Platform

Trading Platform	Supported	Available Devices
Mashreq Mobile App	✔	Mobile
Mashreq Web	✔	PC, Tablet, Laptop

Deposit and Withdrawal

Mashreq accepts payments done via credit, debit cards and bank wire. The minimum deposit is $0, while no minimum withdrawal amount is defined.

Leverage Contract Forex Broker Forex Analysis

Related broker

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Mashreq

Company name：mashreq bank

Score

1.56

5-10 years | Suspicious Regulatory License | Global Business | High potential risk

Score

1.56

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