Mashreq Forex Broker

Mashreq Review SummaryFounded1996Registered Country/RegionUnited Arab EmiratesRegulationNo regulationProducts & ServicesCards, loans, transfers, investments, equities, insuranceDemo Account❌Trading PlatformMashreq Mobile App, Mashreq WebMinimum DepositAED 5,000Customer Support24/7 support, contact formTel: 04 424 4444Email: media@mashreq.comAddress: Conrad Hotel Dubai Ground Floor, Sheikh Zayed Road - Opposite to the World Trade Centre, Museum of yhe Future, Dubai, UAEFacebook, X, Instagram, LinkedIn, YouTubeMashreq 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 ConsProsConsLong operation timeLack of regulationVarious contact channelsNo demo accountsVarious products and services offeredCommission fees chargedMultiple account choicesIs 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 ServicesProducts & ServicesSupportedCards✔Loans✔Transfers✔Investments✔Equities✔Insurance✔Account TypeAccount TypeMinimum DepositCurrent AccountNEO Current AccountAED 5,000Kids AccountNeo NXT Account/Savings AccountNEO Savings Account/Mashreq noon Account/Money Multiplier/Community DepositsNEO GroupsAED 5,000Non-Resident AccountNon-Resident Egyptian AccountEGP 50,000Multi Currency AccountMulti Currency Account/DepositsFixed Deposit AccountAED 10,000 or USD 3,000 or GBP 2,500Unfixed Deposit AccountAED 10,000 or USD 3,000Step-Up Saver AccountAED 10,000Mashreq MillionaireMashreq MillionaireAED 1 millionMashreq FeesCurrent AccountSegmentPersonal BankingInitial DepositAED 3,000 or equivalent in the case of a foreign currency accountMonthly Minimum average balance requirement (or equivalent in other currencies)AED 3,000Fall below feeAED 21.00 per month or equivalent in the case of a foreign currency accountNo of free transactions - other than ATM & OnlineNot applicableAdditional transaction feeAED 10.50 per monthAccount closure charges (if closed within 6 months of opening)AED 105Cheque bookFirst cheque book freeand AED 1 per leaf for additional requestsService fee to update the Emirates ID details from authoritiesAED 105NEO NXTMinimum monthly balance0Monthly fee❌Service fee to update the Emirates ID details from authorities*AED 105NEO SimpleMinimum balance requirement0Fall below feesNot applicableMonthly fee❌Service fee to update the Emirates ID details from authorities*AED 105Cheque Protect PlusSegmentInterest Rate p.a.Annual FeesPersonal Banking19.99% p.a.WaivedSavings AccountsPersonal Banking CustomersSavings AccountEasy SaverNoon Savings AccountMoney MultiplierDaily Bonus AccountNeo Plus Saving accountDream Saver AccountInitial DepositAED 3,000AED 500AED 3,000AED 5,000AED 3,000//Monthly Minimum average balancerequirement (or equivalent in other currencies)AED 3,000///AED 3,000//Fall below feeAED 21.00 per month/❌❌AED 21.00 per month//No of free transactions -other than ATM & OnlineNot applicableUnlimited online transactions/6 AED per month///Additional transaction feeAED 10.50 per month/AED 10.50 per month////Account closure charges (if closed within 6 months of opening)AED 105/AED 105AED 105AED 105❌❌Service fee to update the Emirates ID details from authoritiesAED 105//////Bank StatementsSegmentPersonal BankingStatement print out (from branch)AED 26.25LettersSegmentPersonal BankingAccount Balance Letter/Balance Confirmation Letter –through Mashreq Online/Mashreq Mobile❌Account Balance Letter/Balance Confirmation Letter -BranchAED 52.50No Liability LetterTurnaround time 7 working daysAED 63Liability LetterTurnaround time 7 working daysAED 63Term DepositTypeFixed DepositUn-fixed DepositStep up DepositMinimum AmountAED 10,000AED 10,000AED 10,000Maximum AmountNo limitNo limitNo limitTenor7 days to 5 years6 months to 5 yearsFixed for 18 monthsPremature Withdrawal RatePremature 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 WithdrawalNot allowedAllowed in units of AED 1,000 & USD 250Not allowedMashreq MillionaireSegmentPersonal BankingIssuance FeeAED 36.75Pre-encashment Fee within 90 days of issuanceAED 26.25 per certificateChequesSegmentPersonal BankingFirst Cheque book – 10 leaves❌Additional Cheque Books (10, 25, 50 leaves)AED 1.05 per cheque leafLocal Cheque Clearing - Normal❌Partial Cheque Payment (per withdrawal against cheques issued by you)AED 5.25Special ClearingAED 215.25Foreign Currency Cheque collectionAED 52.50Stop payment (per instrument/cheque)AED 52.50Cheque returned - Drawn on own accountAED 105PDC custodial serviceAED 5.25 per chequeRequest for copy of Old Cheques/ Documents < = 1 yearAED 10.50Request for copy of Old Cheques/ Documents > 1 yearAED 21Standing Instruction OrderSegmentPersonal BankingSet-up ChargesAED 52.50Amendment ChargesNo chargeSI not effected due to insufficient fundsAED 26.25Fund transfer through DD or PO or Wire TransferPlease refer to “Remittance Charges” sectionRemittanceSegmentPersonal BankingAccount to Account Transfer (within Mashreq UAE)❌Drafts/POIssuance - BranchAED 36.75Issuance - ElectronicAED 21Cancellation❌Outward Wire Transfer - BranchInternationalAED 78.75DomesticAED 5.25Outward Wire Transfer - ElectronicInternationalAED 26.25Domestic - Transfers through IPIAED 0.5Aani instant payments❌Domestic - Transfers through UAEFTSAED 1.05Recall of TT Funds/TT Return/Investigation of TT StatusAED 52.50SWIFT copy chargesAED 26.25Inward Remittance (AED or Foreign Currency)❌Processing FeesType of TransactionPersonal BankingSame Currency FCY Withdrawal/Deposit of Cash <= AED 1,000,000 Eqivalent1.00%Same Currency FCY Withdrawal/Deposit of Cash > AED 1,000,000 Eqivalent1.50%Cross Currency FCY Withdrawal/DepositWaivedDebit CardType of CardPlatinum Debit CardDebit Card (initial)❌Supplementary Debit Card(including Supplementary Card for Joint Accountholder)❌Debit Card Replacement ChargeAED 26.25Spread on International Transactionsin non AED Currency (VAT not applicable)2.50%Spread on International Transactionsin AED Currency (VAT not applicable)1.25%Cash WithdrawalMashreq ATM's (in UAE)❌Other banks ATM (in UAE)AED 2.10Other banks ATM (in GCC)AED 6.30Other banks ATM (Internationally)AED 21Balance Enquiry and Declined transactionsMashreq ATM's (in UAE)❌Other banks ATM (in UAE)AED 1.05Other banks ATM (in GCC)AED 3.15Other banks ATM (Internationally)AED 3.15Retrieval of sales slipAED 26.25Bill PaymentBill PaymentPersonal BankingChannelBranchElectronicUtility (DEWA, SEWA, ADDC), Phone (Etisalat, Du) and SalikNot available❌Non-Mashreq credit card PaymentsNot available❌UAEDDS paying bank chargesTypeChargesDDS Return Due to insufficient funds26.25DDS Return Due to insufficient funds(repeat DDS with the same reference number)❌InvestmentsExchange HouseCurrencyCommission Per TradeMinimum CommissionBME Spanish Exchanges (SIBE)EUR0.76%30Duetsche Borse (FSE) (XETRA )EUR0.76%30Duetsche Borse (XETRA_STARS)EUR0.76%30Euronext Amsterdam (AMS)EUR0.76%30Euronext Brussels (BRU)EUR0.76%30Euronext Paris (PAR)EUR0.76%30Hong Kong Exchange (HKEX)HKD0.60%150Irish Stock Exchange (ISE)EUR0.76%30London Stock exchange (IOB) (LSE_INTL)USD0.75%30London Stock exchange (SEAQ) (LSE_SEAQ)GBP0.92%50London Stock Exchange (LSE_SETS)GBP0.75%30NASDAQ OMX Copenhagen (CSE)DKK0.76%50NASDAQ OMX Helsinki (HSE)EUR0.76%30NASDAQ OMX Stockholm (SSE)SEK0.76%65NASDAQ OMX Stockholm (First North) (SSE_FN)SEK0.76%65Olso Børs/Oslo Stock Exchange (OSE)NOK0.76%65Swiss Exchange (Blue-Chip) (VX)CHF0.76%50SIX Swiss Exchange (SWX)CHF0.77%50Wiener Börse/Vienna Stock Exchange (VIE)EUR0.78%30Share ValueUS MAIN Exchanges (AMEX; NASDAQ; NSC; NYSE_ARCA; NASDAQ SC)> USD 10 share21.25 cents/share30US MAIN Exchanges (AMEX; NASDAQ; NSC; NYSE_ARCA; NASDAQ SC)< USD 10 share5 cents/share30Trade SizeUS OTC Exchange (OOTC)< USD 50,000 tradeUSD 100/US OTC Exchange (OOTC)> USD 50,000 trade0.50%30LoansLoansPersonal LoansCar LoansReducing 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 Fees1.05% of the loan amount1.05% of the loan amountLoan top up processing fee1.05% of the loan amount/Life Insurance fee for Expatriate - Neo CreditNo Insurance coverageLife 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 230.01911% of the outstanding loan amount per month/Postponement feesAED 105 per postponementAED 105 per postponementLate Payment Fee2% of the delayed amount2% of the delayed amountMinimumAED 52.50AED 52.50MaximumAED 210AED 210Early Settlement FeeThrough other Banks1.05% of settled amount or AED 10,500, whichever is lower1.05% of settled amount or AED 10,500, whichever is lowerFor repeat Loan1.05% of settled amount or AED 10,500, whichever is lower/Through own Sources1.05% of settled amount or AED 10,500, whichever is lower1.05% of settled amount or AED 10,500, whichever is lowerPartial settlement of all sources including EOSB1.05% of settled amount or AED 10,500, whichever is lower1.05% of settled amount or AED 10,500, whichever is lowerTemporary/Permanent Release/Clearance Letter Turnaround time 7 working days//Liability Letter addressed to other Bank Turnaround time 7 working daysAED 63AED 63Change of Number Plate/NIL (security deposit of AED 200 for individuals & AED 500 for companies)Change of due date on standing instruction/AED 26.25Change of PDC/Recovery Account//Loan rescheduling feeAED 262.50AED 262.50Loan cancelation feeAED 105AED 105Other (Loan copy, Issuing redemption statement, audit confirmation, etc)AED 26.25/LoansHome LoansRate of Interest for Expatriate (VAT not applicable)Interest Rates linked to EIBORRate of Interest for Emirati (VAT not applicable)Interest Rates linked to EIBOREIBOR RatesMashreq 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 FeesSubject to offerLoan top up processing fee1.05% of the top up amount/Subject to offerLife Insurance Charges (VAT not applicable)0.165% p.a. of the loan outstanding amountLate 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 Banks3.15% of outstanding for first 5 years and 2.10% post 5 years.For repeat Loan/Through own SourcesIn 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 amountPartial settlement of all sources including EOSBFixed 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 amountRe-validation FeeAED 525Property Evaluation FeeAED 2625Pre-approval ChargesAED 1050Temporary/Permanent Release/Clearance Letter Turnaround time 7 working daysAED 99.75Liability Letter addressed to other Bank Turnaround time 7 working daysAED 89.25Property Insurance ChargesUp to 0.063% per annum of the property value /Subject to offerIssuance of NOCAED 157.5Property Swap admin fee- Including ValuationAED 1386Non-standard statement production/copy of original documentationAED 105Request of other lettersAED 94.5Other CertificateAED 78.75Revolving OverdraftAnnual FeesAED 210Revolving Overdraft Terms and Conditionshttps://www.mashreq.com/-/jssmedia/pdfs/neo/soc/Revolving-overdraft-tnc-en-ar.ashxIPO FinncingSubscription/Interest RatesThe charges applicable are subject to market conditions and may change without prior noticeLeverage MultiplesMashreq offers up to five multiples for IPO FinancingMashreq Prime Rate (MPR)AED MPR6.50%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 PlatformTrading PlatformSupportedAvailable DevicesMashreq Mobile App✔MobileMashreq Web✔PC, Tablet, LaptopDeposit 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.