Mashreq Bank International Transfers & Exchange Rates

Mashreq Bank was founded in 1986, by CEO Ahmed Abdelaal, making it one of the most established banks in the United Arab Emirates. The bank has 45 domestic branches and 20 international ones, including offices in London, UK. In this review we will be running through the details of Mashreq Bank’s international transfer services, to discover whether it holds up to the standards set by leading money transfer operators.

About Mashreq Bank

Mashreq Bank is an innovator of new products in the United Arab Emirates and has won several awards. However, they have a broad focus by offering products in the US, Asia, Africa and Europe. They continue to grow every year and focus on providing value-added products. For example, it was the first bank in the UAE to provide ATM cash dispensers and consumer loans.

Mashreq Bank offers different services such as retail banking, asset management and investment banking, in addition to loans, credit cards and insurance services. There is enough variety here for all customer types.

Can I use Mashreq Bank for international bank transfers?

Mashreq Bank allows customers to send money internationally to 35 destinations which include the US and Europe. The somewhat limited number of destinations means you may need to use alternative services like InstaRem and WorldRemit, both of whom support payments to over 150 countries worldwide.

Exchange Rates and Fees

In this section we will evaluate the transfer fees and currency exchange rates charged by Mashreq Bank.

Exchange Rate

At banks like Mashreq you’re typically dealing with a lower rate than the true mid-market rate in order for the bank to make a profit from the margin. How much you receive after your funds are converted, will depend on the specific currencies involved in the transfer.

Transfer Fees

There is a flat fee of 25 AED ($6.80 USD) when executing Mashreq international bank transfers. There is flexibility regarding who pays the fee; it can be paid for by the sender, receiver or split 50/50.

Additional Costs

There are no added costs when sending money. Overall, the flat fee structure is ideal for larger transfers but not for smaller ones.

How do Mashreq Bank transfer fees compare to using a money transfer provider?

The flat fee of 25 AED ($6.80 USD) is high compared to what alternative money transfer services can offer. Most of the leading money transfer operators offer lower fees or do not have one at all. They tend to charge a percentage of the transfer amount with a cap. If you want to save money while transferring internationally, then consider using companies like TorFX who offer plenty of flexible overseas payment options.

Mashreq Bank Pros and Cons

In this section we will consider the pros and cons of Mashreq for a balanced overview of their international money transfer service.

How to open an account and transfer money with Mashreq Bank

Next we will run through the process of opening an account and transferring funds at Mashreq Bank.

Opening an account

You don’t need to visit a branch to open a Mashreq bank account. You can open an account online. To create one, you’ll need to provide proof of address in the UAE and upload a photo ID. Once the information is submitted, you’ll need to wait for a few days to confirm the account.

Transferring money

• Step 1: Log into your account using the desktop or mobile app.

• Step 2: Enter the recipient details and the amount you wish to transfer.

• Step 3: Decide on who will pay the flat fee for the transfer. You, the recipient, or will it be shared.

• Step 4: Review the transaction before confirming the transfer. You can check the currency conversion rate at this point.

Additional information

• Business and corporate accounts are available for commercial use.

• Has 12 overseas offices in 9 countries. It includes the United States, Europe, Asia and Africa.

• There are 20 international branches if you need help while traveling.

• Public company that is traded on the Dubai Financial Market.

What customer support options are available?

Click on the Help & Support button to access customer support. You can contact them using +9714 424 4444. Also, submit a form to leave feedback or make a complaint.

Alternatively, use the email address media@mashreq.com, or visit a branch for face-to-face help.

Summary

Mashreq Bank is an established and trusted bank located in Dubai. They offer important services that customers need, such as traditional banking, investments, loans and commercial banking. They also have branches internationally if you need support.

However, intentional money transfers are limited to UAE residents with only 25 sending destinations. To overcome these limitations, consider using one of the leading money transfer companies in the market, such as TorFX or WorldRemit, both of whom can send money to over 100 countries. They allow account registration in hundreds of countries and offer low fees.

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