Simply put, NEOBiz is a Digital Business Bank for startups, entrepreneurs, freelancers and SMEs in the UAE.
Easy! Companies registered in the UAE with an annual turnover of up to AED 30 million are eligible to apply for a NEOBiz account. At least one signatory should be a UAE Resident.
NEOBiz offers three product variants: Trader Pro, Basic and Advance. Depending on your business needs you can select the account that best suits you. Isn’t that awesome!
Do note, that the Trader Pro account is available only for companies with a DED- e-Trader License.
Here are the basics you need to remember; while submitting your NEOBiz account application online. You will need to provide information about yourself, your business, and any other signatories, owners of the business. These are the standard and necessary requirements for opening a business bank account.
Don’t worry, during your application process, we will reach out to you if we require any further documents.
To make things easy, we provide a list of documents necessary to apply for an account at the beginning of your application process. Just remember, any delay in submitting these documents could lead to a delay in your application being approved.
The common set of documents would include Trade License, Memorandum of Association, Board Resolution or Power of Attorney which provides authority to open and operate the account, UAE address proof, Identity Documents of owner and signatories – Passport, VISA, Emirates ID as applicable.
An initial deposit isn’t required to open a NEOBiz account. And that’s the best part!
We’re equally upset when that happens. Let’s ensure we avoid that by noting some of the most common reasons:
Subject to all documents submitted and finalized, the process takes approximately 5 business days only. Once we receive your application and required documents, we will review internally and if everything is complete - your account will be opened.
Our representative will then meet you in person to verify all original documents and request for your signature on the application. Voila - once this is complete your account will be activated.
That’s easy! In case you were unable to complete your application, click on "Track application” on the NEOBiz website, a pop up window will appear where you can submit your application number. After submission, you will receive a One Time Password (OTP) on your registered mobile number; and you’ll be well on your way again.
To view the status of your application, simply click on ‘Track Application’ on the NEOBiz website, and submit your application number. Easy!
There is no monthly average balance required for Trader pro and Basic accounts. The monthly average balance required for an Advance account is AED 50,000.
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A Debit Card is only issued only accounts operated singly. However, if the account is operated jointly, a Debit Card will not be issued.
You can use your NEOBiz Debit Card at any ATM. Charges will apply for using a non Mashreq ATM.
Only one Debit Card per NEOBiz account is issued.
The NEOBiz Debit Card is free for life and there are no annual maintenance charges.
Once your account has been activated, your debit card will be sent to the business mailing address that you entered in your application. Please note that we will be unable to deliver your debit card to a P.O. Box.
To replace your lost or stolen debit card, go to NEOBiz online http://www.mashreqneobiz.com/login, after successfully logging in follow the steps below:
After completing the above steps your existing Debit Card will be Blocked automatically. A new Debit Card will be delivered to the Registered Company Address of the Individual authorized to receive the Debit Card.
To activate your debit card go to NEOBiz online http://www.mashreqneobiz.com/login, after successfully logging in, follow the steps below:
To change your debit card go to NEOBiz online http://www.mashreqneobiz.com/login, after successfully logging in follow the steps below:
Or You may visit any Mashreq ATM to change your Debit Card PIN.
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Yes. You can use the online money transfers which is available 24/7 on NEOBiz Online.
You can visit any Mashreq ATM or a Cash and Cheque Deposit Machine to deposit cash or cheques into your NEOBiz Account. You can also visit our Interactive Teller Machines that are available to do cash and cheque deposits & withdrawals.
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You can make any changes to your accounts, such as updating company information or user account information. Please login to NEOBiz Online, go to ‘Profile Update’ and submit your request and documents to update your Personal or Business Information.
To reset your NEOBiz Online password write to us at letstalkbiz@mashreqneobiz.com from registered email ID.
NEOBiz is a Digital Business Bank and primarily operates through digital channels like Online Banking, Mobile Banking. You get one free cheque book on your account. Additional cheque books are charged at AED 1 per leaf. To request for a cheque book, login to NEOBiz Online and click on Cheque Book Request
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