@UAE_help +971 (4) 894 74 70 (Phone) +971 58 175 1661 (WhatsApp)

How to open an account in Mashreq Bank in Dubai for individuals.individuals or companies

Как открыть счет в банке Машрек (Mashreq) в Дубае для физ.лиц или компании

Mashrek Bank in Dubai is not just a financial institution, it is a symbol of monetary stability and reliability in the United Arab Emirates. A significant part of the country trusts its finances to this bank, which makes it the undisputed leader in its field.

Not only residents of the country can use the card, but also foreigners. This is convenient for Russians who travel to Europe for a short or long term.

A brief history

Since its foundation in 1967, Mashreq Bank has established itself as a reliable and responsible financial institution. Its success is based on innovative solutions, the provision of quality services and an unwavering commitment to meeting the needs of its customers. That is why the Mashrek Bank card is appreciated by customers all over Europe.

Originally known as the «Bank of Oman» (until 1993), the organization has gained a reputation as an undisputed leader.

Please note! The correct spelling of the bank’s name is only Mashreq. Avoid using alternatives such as Mashrek, Mashrec, or Mashreque.

In just half a century, Mashreq Bank has pioneered many important financial innovations in the UAE, introducing it in the country for the first time:

  1. ATMs: A financial institution has introduced an era of convenient banking services in the UAE by being the first to install ATMs in the country.
  2. International cards: Customers in the UAE were the first to have the opportunity to use the convenience of Visa international debit and credit cards.
  3. Payment by card: He was a pioneer in the use of payment terminals.
  4. Consumer lending: introduced the consumer lending system for the first time, which significantly expanded access to financial services.

Today, the organization has offices in nine countries, including European countries, confirming its global scale and success.

Types of bank accounts available to foreigners

The company offers a wide range of banking products. Regardless of whether you are an individual, an entrepreneur, or the owner of a company, employees will provide you with a solution that suits your goals.

Please note that only those citizens who have a resident visa can receive service from this financial institution. Otherwise, the service will be refused immediately.

Options for individuals:

  1. Smart Account. It is ideal for customers looking for a simple and convenient tool with minimal payments.
  2. Premier Account. It offers a wide range of services, including free transfers, access to premium programs and other privileges.
  3. Elite Account. For high-income clients, it offers a personal concierge service, individual financial advice and exclusive benefits.

Options for legal entities:

  1. Standard for small and medium-sized businesses with a user-friendly interface and simple financial management tools.
  2. The second option was developed specifically for large companies with a wide range of financial services, including corporate loans, deposits and investment products.

Documents required to open an account

Opening an account

If you plan to receive a banking product in Dubai and have chosen this organization, it is important to know the requirements for securities so that the process goes smoothly and quickly.

Documents for individuals:

  1. A foreign passport (valid for at least 6 months).
  2. Residence in the Emirate (if applicable).
  3. Confirmation of the address of the place of residence (bank statement or utility statement).
  4. A completed application for services from the organization.

Documents for legal entities:

  • The foreign passport of the founder/ owner of the company.
  • Description of the main activity of the enterprise (indicating the scope of activity, turnover, key partners, regions of operation, etc.).
  • Profile papers of the company (articles of association, certificate of registration, etc.).
  • Bank statement (for the last 3-6 months).
  • Utility bill (for the last 3 months).
  • Confirmation of the reality of the business (contracts, licenses, etc.).
  • Other information at the request of the bank.

Mashreq Bank prefers English when working with foreign clients. This means that you don’t have to worry about the language barrier when submitting documents or receiving support. All necessary papers must be translated into English. They must be certified by a professional translator.

Additional requirements:

  1. Some companies may require an additional set of documents, including information about owners and shareholders.
  2. For foreign enterprises that have been operating for more than a year, a certificate of stable financial position may be required.

Please note that the list of documents may change, therefore, before submitting an application, we recommend contacting Mashreq Bank specialists to clarify the current requirements.

Terms of opening an account with Mashreq Bank for companies and offshore companies

It usually takes from 1 to 3 business days to receive a banking product for an individual. A company with an office will require more time – from 2 to 4 weeks. And offshore organizations can wait up to 8 weeks at all.

There are a number of factors that affect the timing of approval:

  1. A complete and correct package of papers significantly reduces the verification period.
  2. Opening an account for high-risk firms (for example, trading in oil, cryptocurrencies) may take longer.
  3. Mashreq Bank is obliged to comply with all necessary regulatory requirements, which may affect the period of verification of all information.

To speed up the process, it is necessary to quickly provide the banking organization with all the papers in full. This is the primary factor that affects the speed of assigning user status. The time frame for opening an account may increase, so we recommend contacting Mashreq Bank in Dubai in advance to clarify individual conditions and get advice on the necessary securities.

arrow-icon Back
Vladimir Sviridov
Vladimir Sviridov
General Manager RLC Consulting
With a Postgraduate Masters in Finance from The, Moscow State University, Russia. Vladimir started his professional career as an auditor of the financial sector of EY. After that, he worked for several years in senior positions in corporate banking. In 2018-2021, he managed the finances of a large agricultural holding, and is currently responsible for strategic planning, corporate partnership and financial management in the role of General Manager of RLC Consulting GROUP in the UAE.

Fill out the application and we will contact you

What service are you interested in?
Company setup
Obtaining a residence permit
Buying real estate
Opening a bank account
Auditor or accountant services
Trademark registration
Tax support
Notarial Power of Attorney (PoA)
Launching a business

Your application has been submitted. The manager will contact you soon

ООО «Передовые решения» +7 (495) 966-49-52 info@relocate-uae.com
Россия 115191 Москва Малая Тульская 25с38