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Accounts
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Foreign Exchange and International Transfers
Foreign Exchange and International Transfers
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Terms and conditions
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About Us
Schedule of Charges
Disclaimer: With effect from Jan`19, all fees & charges mentioned below are inclusive of 5% Value Added Tax unless stated not applicable.
Current Account
| Current Account | Current Gold | |
| Initial Deposit | AED 3,000 or equivalent in the case of a foreign currency account | AUM * |
| Monthly Minimum Balance requirement or equivalent in the case of a foreign currency account | AED 3,000 | AUM* |
| Membership Fee** | N/A | AED 1050 per quarter |
| Fall below fee | AED 26.25 per month or equivalent in the case of a foreign currency account | N/A |
| No of free transactions - other than ATM & Online | 6 per month | Unlimited |
| Additional transaction fee | AED 10.50 | N/A |
| Account closure charges (if closed within 1 year of opening) | AED 105 | |
| Account Balance Letter | AED 52.50 | |
| No Liability Certificate
Turnaround time 7 working days |
AED 63 | |
| Liability Letter
Turnaround time 7 working days |
AED 63 | |
| Reference Letter | AED 52.50 | |
* Maintain a monthly salary transfer of AED 50,000 and/or monthly average relationship balance of AED 300,000 in deposits or investments and/or a home finance relationship balance of AED 2,500,000. T&C apply.
**To be charged only if the minimum balance criteria of Mashreq Al Islami Gold is not met.
Savings Account
| Savings Account | Easy Saver | |
| Initial Deposit | AED 3,000 | AED 500 |
| Monthly Minimum Balance requirement | AED 3,000 | N/A |
| Fall below fee | AED 26.25 per month | N/A |
| No of free transactions - other than ATM & Online | 6 per month | Unlimited online transactions |
| Additional transaction fee | AED 10.50 | N/A |
| Account closure charges (if closed within 1 year of opening) | AED 105 | AED 105 |
| Account Balance Letter | AED 52.50 | AED 52.50 |
| No Liability Certificate
Turnaround time 7 working days |
AED 63 | AED 63 |
| Liability Letter
Turnaround time 7 working days |
AED 63 | AED 63 |
| Reference Letter | AED 52.50 | AED 52.50 |
Bank Statements
| All Other Accounts | MashreqGold | |
| Regular Statement | Free Quarterly | Free Monthly |
| Additional Statement | AED 26.25 | Free |
Term Deposits
| Description | Term Investment A/c (Mudarabah) | Wakala |
| Minimum Amount | AED 10,000 | AED 100,000 |
| Maximum Amount | No limit | No limit |
| Tenor | 1 month to 1 year | 1 month to 1 year |
| Premature Withdrawal Rate | Rate of last completed tenor | Rate of last completed tenor |
| Partial Withdrawal | Not allowed | Not allowed |
| Profit Rate | As disclosed by Bank every quarter | As per Wakala Contract |
Cheques
| All other Account holders | Mashreq Gold | ||
| Additional Cheque book request (First Cheque book complimentary) | AED 1 per leaf | Free | |
| Local Cheque Clearing - Normal | Free | Free | |
| Special Clearing | AED 215.25 | AED 215.25 | |
| Foreign Currency Cheque collection | AED 52.50* | AED 52.50* | |
| Stop payment (per instrument/cheque) | AED 52.50 | AED 52.50 | |
| Cheque returned - Drawn on own account | AED 105 | AED 105 | |
| PDC custodial service | AED 5.25 per cheque | AED 5.25 per cheque | |
| Request for copy of Old Cheques/ Documents | < = 1 year | AED 10.50 | AED 10.50 |
| > 1 year | AED 21 | AED 21 | |
| *Plus Clearing/ Drawee bank charges and courier charges, if any. | |||
Remittance
| All other Account holders | Mashreq Gold | ||
| Drafts / PO | |||
| Issuance | Branch | AED 36.75 | AED 36.75 |
| Electronic* | AED 21 | AED 21 | |
| Cancellation | Free | Free | |
| Wire Transfer | |||
| Outward | Branch | ||
| International | AED 78.75** | AED 78.75** | |
| Domestic | AED 5.25** | AED 5.25** | |
| Electronic* | |||
| International | AED 26.25** | AED 26.25** | |
| Domestic | |||
| Transfers through IPI | AED 0.5 | AED 0.5 | |
| Transfers through UAEFTS | AED 0.5 ** | AED 0.5 ** | |
| Recall of TT Funds/ TT Return/ Investigation of TT Status | AED 52.50 | AED 52.50 | |
| SWIFT copy charges | AED 15.75 | AED 15.75 | |
| Inward Remittance (AED or Foreign Currency) | Free | Free | |
| *Transactions originating from Online and Mobile Banking | |||
| **Plus beneficiary bank and intermediary bank charges | |||
Processing Fees for Foreign currency withdrawal & deposit to customers
| Minimum of AED 50 or the fees below, whichever is higher: | |||
| Type of Transaction | Personal Banking | Mashreq Gold | Private Banking |
| Same Currency FCY Withdrawal / Deposit of Cash <= AED 1,000,000 Eqvt | 1.00% | 1.00% | 1.00% |
| Same Currency FCY Withdrawal / Deposit of Cash > AED 1,000,000 Eqvt | 1.50% | 1.50% | 1.50% |
| Cross Currency FCY Withdrawal / Deposit | Waived | Waived | Waived |
Standing Instruction Order
| All other Account holders | Mashreq Gold | |
| Set-up Charges | AED 52.50 | AED 52.50 |
| Amendment Charges | No charge | No charge |
| Account to Account Transfer (within Mashreq UAE) | Free | Free |
| SI not effected due to insufficient funds | AED 26.25 | AED 26.25 |
| Fund transfer through DD or PO or Wire Transfer | Please refer to "Remittance Charges" section | |
Mashreqonline/Mashreq Mobile Banking - Retail
| All other Account holders | Mashreq Gold | |
| Access and Usage Fee | Free | Free |
| Bill Payment Fee | Free | Free |
| Enquiries and Online Statements Fee* | Free | Free |
| Mobile Alerts Fee | Free | Free |
UAEDDS PAYING BANK Charges
| Description | Charges |
| Lodgment of Direct Debit Authority Request | 200 |
| Direct Debit Authority Amendment | 200 |
| Direct Debit Authority Cancellation | 200 |
| Processing of Stop Payment Requests | 200 |
| DDR Return Due to insufficient funds | 100 |
Bill Payment
| Bill Payment | All other account holders | Mashreq Gold | |
| Utility (DEWA, SEWA, ADDC), Phone (Etisalat, Du) and Salik | Branch | Not available | Not available |
| Electronic* | Free | Free | |
| Non-Mashreq credit card Payments** | Branch | Not available | Not available |
| Electronic* | AED 10 | AED 10 | |
| *Transactions originating from Internet Banking, Mobile Banking, SMS Banking and ATM | |||
Debit Card
| All other Account holders | Mashreq Gold/Private Banking* | ||
| Debit Card (initial) | Free | Free | |
| Supplementary Card | Free | Free | |
| (including Supplementary Card for Joint Accountholder) | |||
| Debit Card Replacement Charge (inclusive of VAT) | AED 26.25 | Free | |
| Debit Card Currency Conversion Fee*** | ~ 2.00% | ~ 2.00% | |
| Cash Withdrawal | Mashreq ATM's (in UAE) | Free | Free |
| Other banks ATM (in UAE) | AED 2.00 | Free | |
| Other banks ATM (in GCC) | AED 6.00 | Free | |
| Other banks ATM (Internationally) (inclusive of VAT) | AED 21.00 | Free | |
| Balance Inquiry transactions | Mashreq ATM's (in UAE) | Free | Free |
| Other banks ATM (in UAE) | AED 1.00 | AED 1.00 | |
| Other banks ATM (in GCC) | AED 3.00 | AED 3.00 | |
| Other banks ATM (Internationally) (inclusive of VAT) | AED 3.15 | AED 3.15 | |
| Declined transactions | Mashreq ATM's (in UAE) | Free | Free |
| Other banks ATM (in UAE) | AED 1.00 | AED 1.00 | |
| Other banks ATM (in GCC) | AED 3.00 | AED 3.00 | |
| Other banks ATM (Internationally) (inclusive of VAT) | AED 3.15 | AED 3.15 | |
| Retrieval of sales slip | AED 25 | AED 25 | |
| International Transaction Fee (DCC) | 1.25% | 1.25% | |
| *Applicable only to Mashreq Gold & Private Banking Platinum Debit card members | |||
| *** Excludes processing fee charged by the Association. | |||
Finance
With effect from January 2019 all fees & charges mentioned below are inclusive of 5% Value Added Tax unless stated not applicable in the bank SOCs as per taxation regulations
| Finance | Personal Finance | Car Finance | |
| Profit Rate for Expatriate (VAT not applicable) |
3.45% to 19.61% (Equivalent Reducing rate 6.49% to 31.99%) |
3.45% to 5.50% (Equivalent Reducing rate 6.49% to 10.01%) |
|
| Profit Rate for Emirati (VAT not applicable) |
3.18% to 7.19% (Equivalent Reducing rate 5.99% to 10.01%) |
3.45% to 5.50% (Equivalent Reducing rate 6.49% to 10.01%) |
|
| Processing Fee | 1.05% of the finance amount | 1.05% of the finance amount | |
| Processing Fee for Additional Finance | 1.05% of the finance amount | N/A | |
| Life (Takaful) Insurance charges for Finance up to 48 months (60 months for Armed Forces) | 1.3125% of the finance amount | N/A | |
| Life (Takaful) Insurance charges for Finance greater than 48 months (60 months for Armed Forces) | 1.8375% of the finance amount | N/A | |
| Property (Takaful) Insurance charges | N/A | N/A | |
| Postponement Fee | AED 105 per postponement | AED 105 per postponement | |
| Late Payment Fee (Charity) | 2% of the delayed amount | 2% of the delayed amount | |
| Minimum | AED 52.50 | AED 52.50 | |
| Maximum | AED 210 | AED 210 | |
| Pre-termination Compensation* | |||
| 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 |
|
| Additional Finance Facility | 1.05% of settled amount or AED 10,500, whichever is lower |
NA | |
| 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 from 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 |
N/A | Nil | |
| Liability Letter addressed to other Bank
Turnaround time 7 working days |
AED 63 | AED 63 | |
| Change of Number Plate | N/A | NIL (security deposit of AED 200 for individuals & AED 500 for companies) | |
| Change of due date on standing instruction | Nil | AED 26.25 | |
| Change of PDC / Recovery Account | Nil | Nil | |
| Finance rescheduling fee | AED 262.50 | AED 262.50 | |
| Finance cancelation fee | AED 105 | AED 105 | |
| Agency Fee | AED 525 | N/A | |
| Other (finance copy, Issuing redemption statement, audit confirmation etc) | AED 26.25 | Nil | |
(*) Pre-termination fee is not applicable (full/ Partial settlement) to Armed Forces staff chooses to prepay the facility.
With effect from 19th June`18, all fees & charges mentioned below are subject to additional 5% Value Added Tax (except the fee & charges where stated explicitly they are exclusive of VAT
| Finance | Home Finance | ||
| Profit Rate for Expatriate (VAT not applicable) |
Profit Rates linked to EIBOR | ||
| Profit Rate for Emirati (VAT not applicable) |
Profit Rates linked to EIBOR | ||
| Processing Fee | 1.05% of the Finance Amount for Residential Financing | ||
| Processing Fee for Additional Finance | 1.05% of the additional amount/Subject to offer | ||
| Life (Takaful) Insurance charges (VAT not applicable) |
0.35% p.a. of the finance amount/Subject to offer | ||
| Property (Takaful) Insurance charges (Service Agency Agreement) | Up to 0.063% per annum of the property value /Subject to offer | ||
| Postponement Fee | N/A | ||
| Late Payment Fee (Payable to Charity) | AED 735 | ||
| Pre-termination Compensation (Residential) |
Lower of
|
||
| Pre-termination Compensation (Commercial) |
|||
| Through other Banks |
3.15% of outstanding for first 5 years and 2.10% post 5 years. | ||
| Additional Finance Facility | NIL | ||
| Through own Sources |
In case of settlement via Own funds/Sale of property
|
||
| Partial Settlement from all sources including EOSB |
NIL |
||
| Re-validation Fee | AED 525 | ||
| Property Evaluation Fee | AED 2625 | ||
| Pre-approval Charges | AED 1050 | ||
| Temporary/Permanent Release / Clearance Letter | AED 99.75 | ||
| Liability Letter addressed to other Bank | AED 89.25 | ||
| Change of PDC / Recovery Account | Nil | ||
| Issuance of NOC | AED 157.5 | ||
| Non-standard statement production / copy of original documentation | AED 105 | ||
| Request of other letters | AED 94.5 | ||
| Other Certificate | AED 78.75 | ||
Credit Cards
| Credit Cards | Mashreq Al Islami Platinum | Mashreq Al Islami Solitaire |
| Principal Annual Fee | AED 682.5**** | N/A |
| Monthly Tawarruq Profit rate (VAT not applicable) | 3.45%**** | 2.45%**** |
| Monthly Tawarruq Profit Rate – Cash Advance (VAT not applicable) | 3.75%**** | 3.75%**** |
| Cash Advance Fee | AED 105 | AED 105 |
| Supplementary Annual Fee | AED 156.45**** | AED 0 |
| Card Replacement Fee (Primary or Supplementary) | AED 78.8 | AED 78.8 |
| Minimum Payment | At least 5% of the outstanding balance or AED 50 | At least 5% of the outstanding balance or AED 50 |
| Auto Payment | 5% or 100% | 5% or 100% |
| Returned Cheque Fee | AED 315 | AED 315 |
| Late Payment Penalty (To charity) | AED 241.5 | AED 241.5 |
| Over Limit Fee | AED 292.95 | AED 292.95 |
| Additional Copy of Statement | AED 15.75 | AED 15.75 |
| Foreign Currency Conversion | Fee ~2.79% (in addition to the standard processing fee charged by MasterCard or Visa on foreign ccy transactions only) | Fee ~2.79% (in addition to the standard processing fee charged by MasterCard or Visa on foreign ccy transactions only) |
| International Transaction Fee | 2.79% | 2.79% |
| Processing Fee for Profit Free EPP Offers | 0% | 0% |
| Profit Free EPP (Installment Plan) Cancellation (only applicable for 0% EPP offers) | AED 262.5 | AED 262.5 |
| Credit Card Payment at Mashreq Branches | AED 26.25 | AED 26.25 |
| International Card Delivery | AED 210 | AED 210 |
| Credit Shield (Takaful) | Charged at 0.93% of Outstanding Amount | Charged at 0.93% of Outstanding Amount |
| Paper Statement Fee | AED 5.25 | AED 5.25 |
| Novo Cinema Subscription Fee***** | AED 315 | AED 315 |
**** Mashreq Al Islami Platinum Credit Card Fee and Tawarruq Profit Rate changes will be effective 1st November, 2018.
*****Novo Cinema Subscription Fee shall be levied only upon the cardholder's request to activate the Novo Cinema Package in the Credit Card.