Mashreq Bank, one of the oldest and most trusted financial institutions in the region, has designed a range of business accounts that cater to freelancers, startups, SMEs, and large corporates alike.
Whether you’re a freelancer needing a simple account or a large company looking for trade finance and FX solutions, Mashreq has options to fit.
Mashreq offers traditional business banking accounts and its modern digital arm – NeoBiz. Here’s more information about the types of products each of them has to offer:
MASHREQ TRADITIONAL BUSINESS ACCOUNTS:
Mashreq under its traditional business accounts, offers products such as First, Premium, and Platinum. Their key features are listed below.
- Business First:
Best suited for startups and small businesses that want a reliable bank account with manageable minimum balance requirements.
Key features:
- A minimum monthly average balance of AED 50,000 or the equivalent in other currencies is required.
- AED 400 shall be charged for not maintaining a minimum monthly average balance.
- AED 35 shall be charged for digital banking.
- Teller transaction fees shall be
0-5 transactions pm: No charges
6-20 transactions pm: AED 20 per transaction
More than 20 transactions per month: AED 40 per transaction
- One free cheque book is provided; from the second cheque book onwards, AED 3 per leaf from branches and no fees if requested online.
- Transferring local funds in AED within the UAE online is AED 3, but through the branches it is AED 30.
- Charges for international or local funds transfer in a non-AED currency are AED 35 through online banking and AED 70 through the branch.
- No relationship manager will be assigned.
- Business Premium:
Best suited for established SMEs that handle higher payment volumes, local and international transfers, or require trade finance.
Key features:
- A minimum monthly average balance of AED 150,000, or its equivalent in other currencies, is required.
- AED 550 shall be charged for not maintaining the minimum monthly average balance.
- AED 35 shall be charged for digital banking services.
- Teller transaction fees shall be as follows:
0–7 transactions per month: No charges
8–20 transactions per month: AED 20 per transaction
More than 20 transactions per month: AED 40 per transaction
- One free cheque book is provided; from the second cheque book onwards, AED 3 per leaf shall be charged at branches, and no fees shall apply if requested online.
- Local fund transfers in AED within the UAE shall be charged at AED 3 if done online and AED 20 if done through branches.
- Charges for international or local fund transfers in a non-AED currency are waived if done online and shall be AED 60 if done through a branch.
- Relationship manager assistance will be available.
- Business Platinum:
Best suited for larger SMEs, corporates, or trading companies with high transaction volumes.
Key features:
- A minimum monthly average balance of AED 350,000, or its equivalent in other currencies, is required.
- AED 650 shall be charged for not maintaining the minimum monthly average balance.
- No additional charges for digital banking services.
- Teller transaction fees shall be as follows:
0–10 transactions per month: No charges
11–20 transactions per month: AED 20 per transaction
More than 20 transactions per month: AED 40 per transaction
- One free cheque book is provided; from the second cheque book onwards, AED 3 per leaf shall be charged at branches, and no fees shall apply if requested online.
- Local fund transfers in AED within the UAE shall be charged at AED 20 if done through branches and at no cost if done online.
- Charges for international or local fund transfers in a non-AED currency are waived if done online and shall be AED 40 if done through a branch.
- Relationship manager assistance will be available.
MASHREQ NEO BIZ ACCOUNTS:
Neo Biz is mostly digital, and Mashreq offers two products under this category- Lite and Prime. Their key features are detailed below.
1. Lite:
Best suited for freelancers and solo entrepreneurs who want a simple, fully digital business account and have low initial transaction volume.
Key features:
- No minimum monthly average balance is required.
- Consequently, no fees shall be charged for not maintaining a minimum monthly average balance.
- AED 200 shall be charged as a monthly maintenance fee.
- No additional charges shall apply for digital banking.
- No teller transaction fees shall apply.
- One free cheque book is provided; from the second cheque book onwards, AED 1 per leaf shall be charged.
- Nine local fund transfers in AED within the UAE are free; AED 2 shall be charged per transfer thereafter.
- One international or local fund transfer in a non-AED currency is free; AED 20 shall be charged per transaction thereafter.
- No relationship manager will be assigned.
Looking for an alternative to Mashreq? Check out our detailed guide on Wio Bank account opening in Dubai for digital-first business banking.
2. Prime:
Best suited for growing small businesses and startups that expect moderate monthly transactions.
Key features:
- A minimum monthly average balance of AED 50,000 is required.
- AED 200 per month shall be charged for not maintaining a minimum monthly average balance.
- No monthly maintenance fees.
- No additional charges shall apply for digital banking.
- No teller transaction fees shall apply.
- One free cheque book is provided; from the second cheque book onwards, AED 1 per leaf shall be charged.
- 11 local fund transfers in AED within the UAE are free; AED 2 shall be charged per transfer thereafter.
- One international or local fund transfer in a non-AED currency is free; AED 50 shall be charged per transaction thereafter.
- No relationship manager will be assigned.
Mashreq’s NeoBiz is one of the top contenders among UAE’s digital banks. You can explore other digital options in our Top 9 UAE digital banks list.
Emirates NBD’s business banking portfolio is trusted by thousands of companies, from startups to large multinationals. Its blend of convenience, robust digital channels, and dedicated support helps businesses operate seamlessly in a competitive market.
Once your Mashreq business account is active, make sure you set up proper accounting and bookkeeping for your Dubai business to stay tax-compliant and financially organized.
We at BCL Globiz provide a one-stop solution including accounting, VAT filings, and corporate tax return filings. For further inquiries, reach out to our experts at punith@bclglobiz.com.
