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 two product variants: Lite and Prime. Depending on your business needs you can select the account that best suits you. Isn’t that awesome!
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:
Once we receive your application and the required documents, you will receive a notification within 2 days regarding the status of your application. We will review your application and if everything is complete - your account will be opened else we will notify you via email in case any additional details are required.
Subject to all documents submitted and finalized, the process takes approximately 7 business days. 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 Lite account. The monthly average balance required for an Prime account is AED 50,000.
This section is not mandatory. POA is applicable if you wish to add any non shareholder to operate the account.
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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.
Quick Remit is a digital solution for Mashreq NEOBiz customers enabling instant or faster remittances to select countries.
Follow the simple steps to access:
1. Login to NEOBiz Online
2. Click on QuickRemit under Money Transfer
3. Select the Destination Country, Beneficiary and amount
4. Submit the transfer and money is on its way.
| Receive Country | Currency Payout | Processing Speed* | Per Transaction Limit |
|---|---|---|---|
| United Kingdom | GBP | Instant | 20,000 GBP |
| Singapore | SGD | Instant | 30,000 SGD |
| Europe | EUR | Instant | 20,000 EUR |
| Philippines | PHP | Instant | 1 mio PHP |
| Sri Lanka | LKR | Instant | 4 mio LKR |
| Indonesia | IDR | Instant | 300 mio IDR |
| Nepal | NPR | Same Day | 2 mio NPR |
| Australia | AUD | Same Day | 30,000 AUD |
| Malaysia | MYR | Same Day | 100,000 MYR |
| Bangladesh | BDT | Next Day | 2 mio BDT |
| Thailand | THB | Next Day | 500,000 THB |
| Canada | CAD | Next Day | 2,500 CAD |
| India | INR | Instant | 100,000 AED |
Minimum transfer amount has to be an equivalent to 1 unit in the receiving currency. For example - 1 FCY = 4 AED (current exchange rate applies)
No, Quick Remit allows transfer local currency transfer to destination country. For transfers in currency different than that of local country, please use ‘International Money Transfer’ Tab under ‘Money Transfer’
It is the same unadvised rate that is levied on any unadvised SWIFT transaction.
No, the rates cannot be discounted. There is no utility for a deal number for QuickRemit.
T&C is available on www.mashreqneobiz.com/qr
You can either select a bene from the already added list in ‘International Money Transfer’ or add a new beneficiary instantly. Feature is limited to new countries as transfers through QuickRemit India will require addition of a new bene even if it exist in SWIFT.
Yes, you send multiple transaction as per the defined daily and monthly limits configured in the channel.
There are no correspondent bank charges for the transfer. The fee charged to the customer is the fund transfer charges which is mentioned in the SOC as per account class www.mashreqneobiz.com/soc
No, standing instruction facility is not yet available on Quick Remit.
QuickRemit transactions are processed instantly therefor cannot be cancelled.
‘Proof of Payment’ can be requested by calling our call center. This facility is available at an additional charge.
Transaction rejected due to incorrect bank details will be credited back into your Mashreq NEOBiz Bank account within 3 working days at applicable exchange rates. There may be deduction or charges levied due to:
1. Incorrect account details,
2. Transfer to closed account
3. Transfer to an account in a currency other than the local currency
QuickRemit transfers are processed instantly, however due to technical reasons your payment could be delayed. We would like to assure you that your money transfer will be processed within 1 working day and funds will be credited to your beneficiary bank account. If your funds are not transferred back after 3 working days to the beneficiary, please contact our call center at +971 4 424 4550.
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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 click on “Online Banking” on the Mashreq NEOBiz website OR visit www.mashreqneobiz.com/login and then click on ‘Reset Password’. Fill in the online form and submit. Your request will be sent for verification and post successful verification, the updated password will be sent on your registered mobile number.
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
Login to NEOBiz Online by visiting www.mashreqneobiz.com/login and click on “Link Account to Online Banking” under the Accounts Tab.
To request for a Bank statement login to NEOBiz Online OR visit www.mashreqneobiz.com/login and click on “Statement Request” under Accounts Tab.
To apply for additional foreign currency accounts login to NEOBiz Online OR visit www.mashreqneobiz.com/login and click on “Other Currency Account Opening” under Accounts Tab.
To request for Balance Confirmation/IBAN & Reference letter, login to NEOBiz Online OR visit www.mashreqneobiz.com/login and click on “Other Services” and go to “Request for Letter” .
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